SAN DIEGO, March 20, 2018 /PRNewswire/ -- Arena
Pharmaceuticals, Inc. (Nasdaq: ARNA) today announced that it
intends to offer and sell, subject to market and other conditions,
7,500,000 shares of its common stock in an underwritten public
offering. Arena expects to grant the underwriters an option to
purchase up to an additional 1,125,000 shares of its common stock.
All of the shares are being offered by Arena. There can be no
assurance as to whether or when the offering may be completed, or
as to the actual size or terms of the offering.
Citigroup and Leerink Partners are acting as joint book-running
managers for the offering. Cantor, Credit Suisse and RBC Capital
Markets are also acting as joint book-running managers. Guggenheim
Securities and JMP Securities are acting as co-managers for the
offering.
The shares of common stock described above are being offered by
Arena pursuant to a shelf registration statement filed by Arena
with the Securities and Exchange Commission (SEC) that became
automatically effective on July 11,
2017. A preliminary prospectus supplement and accompanying
prospectus relating to the offering will be filed with the SEC and
will be available on the SEC's website located at
http://www.sec.gov. Copies of the preliminary prospectus supplement
and the accompanying prospectus relating to the offering, when
available, may be obtained from Citigroup Global Markets Inc., c/o
Broadridge Financial Solutions, 1155 Long Island Avenue,
Edgewood, NY 11717, or by
telephone at (800) 831-9146; or from Leerink Partners LLC,
Attention: Syndicate Department, One Federal Street, 37th Floor,
Boston, MA 02110, or by telephone
at (800) 808-7525 ext. 6132, or by email at syndicate@leerink.com;
or from Cantor Fitzgerald & Co., Attention: Capital Markets,
499 Park Avenue, 6th Floor, New York,
NY 10022, or by email at prospectus@cantor.com; or from
Credit Suisse Securities (USA)
LLC, Attention: Prospectus Department, One Madison Avenue,
New York, NY 10010, or by
telephone at (800) 221-1037, or by email at
newyork.prospectus@credit-suisse.com; or from RBC Capital Markets
LLC, Attention: Equity Syndicate, 200 Vesey Street, 8th Floor,
New York, NY 10281-8098, or by
telephone at (877) 822-4089, or by email at
equityprospectus@rbccm.com.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy these securities, nor shall there
be any sale of these securities in any state or other jurisdiction
in which such offer, solicitation or sale would be unlawful prior
to the registration or qualification under the securities laws of
any such state or other jurisdiction.
About Arena Pharmaceuticals
We are a biopharmaceutical company focused on developing novel,
small molecule drugs with optimized receptor pharmacology designed
to deliver clinical utility across multiple therapeutic areas. Our
proprietary, internally-developed pipeline includes multiple
potentially first- or best-in-class programs. Our three most
advanced clinical programs are: ralinepag (APD811), which we are
currently preparing for a Phase 3 program for pulmonary arterial
hypertension; etrasimod (APD334), for which we are planning a Phase
3 program for ulcerative colitis and are continuing to study for
other immune and inflammatory conditions; and APD371 for visceral
pain conditions and which is being studied in a Phase 2 trial for
treatment of pain associated with Crohn's disease. In addition, we
have collaborations with the following pharmaceutical companies:
Everest Medicines Limited (ralinepag and etrasimod in Greater China and select countries in
Asia), Axovant Sciences GmbH
(nelotanserin - Phase 2), Boehringer Ingelheim International GmbH
(undisclosed target - preclinical), and Eisai Co., Ltd. and Eisai
Inc. (BELVIQ®/BELVIQ XR® - marketed products).
Forward-Looking Statements
Certain statements in this press release are forward-looking
statements that involve a number of risks and uncertainties. These
statements may be identified by introductory words such as "may,"
"expects," "plan," "believe," "will," "achieve," "anticipate,"
"would," "should," "subject to" or words of similar meaning, or by
the fact that they do not relate strictly to historical or current
facts. Such forward-looking statements include statements regarding
Arena's expectations with respect to the completion, timing and
size of the proposed public offering. For such statements, Arena
claims the protection of the Private Securities Litigation Reform
Act of 1995. Actual events or results may differ materially from
Arena's expectations. Factors that could cause actual results to
differ materially from the forward-looking statements include, but
are not limited to, risks and uncertainties associated with market
conditions and the satisfaction of customary closing conditions
related to the proposed offering; and those factors disclosed in
Arena's filings with the SEC, including our Form 10-K for the year
ended December 31, 2017. These
forward-looking statements represent Arena's judgment as of the
time of this release. Arena disclaims any intent or obligation to
update these forward-looking statements, other than as may be
required under applicable law.
Corporate Contact:
Kevin R. Lind
Arena Pharmaceuticals,
Inc.
Executive Vice President and
Chief Financial
Officer
klind@arenapharm.com
858.210.3636
Media Contact:
Matt Middleman, M.D.
LifeSci Public Relations
matt.middleman@lifescipublicrelations.com
646.627.8384
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SOURCE Arena Pharmaceuticals, Inc.