SAN DIEGO and INDIANAPOLIS, May 1,
2018 /PRNewswire/ -- Arena Pharmaceuticals, Inc.
(NASDAQ: ARNA), a biopharmaceutical company focused on developing
novel, small molecule drugs across multiple therapeutic areas, and
Outpost Medicine, a biopharmaceutical company focused on the
development of new treatments of urologic and gastrointestinal
disorders, today announced that they have entered into a licensing
agreement to advance an undisclosed, preclinical compound with
potential utility in treating genitourinary disorders. This
compound, targeting an undisclosed G protein-coupled receptor
(GPCR), was internally discovered by Arena.
"As we continue to focus on our potentially best-in-class
pipeline, it is important that we seek opportunities to further
develop and enhance the value of promising assets that do not fit
into Arena's core therapeutic areas," said Amit D. Munshi, President and Chief Executive
Officer of Arena. "This partnership allows us to leverage Outpost's
scientific and disease specific expertise, with the goal of
bringing this novel therapy to patients and is representative of
the caliber of Arena's legacy discovery platform."
"This novel agent from Arena's historical GPCR platform is the
perfect fit to expand our pipeline of potentially breakthrough
urologic treatments. We are thrilled to partner with Arena on this
innovative program and advance our goal of developing and
commercializing medicines that truly advance patient care and
quality of life," said Scott Byrd,
President and Chief Executive Officer of Outpost.
Under the terms of the agreement, Arena has granted Outpost
exclusive, worldwide rights to develop and commercialize the
compound. In return, Arena will receive an upfront fee
comprised of cash and equity totaling $3.0
million and is eligible to receive approximately
$100 million in development and
commercial milestone payments and up to low double-digit tiered
royalties on annual net sales of the compound.
About Outpost Medicine
Outpost Medicine is a
biopharmaceutical company focused on the development of novel
therapeutics for the treatment of urologic and gastrointestinal
disorders. Located in Indianapolis
and London, Outpost is a private
company launched in 2016 and has raised $64
million in Series A venture capital financing from Frazier
Healthcare Partners, Adams Street Partners, Novo Holdings A/S, Vivo
Capital and Takeda Ventures. For more information, visit Outpost's
website at www.outpostmedicine.com.
About Arena Pharmaceuticals
Arena Pharmaceuticals is
focused on developing novel, small molecule drugs with optimized
receptor pharmacology and pharmacokinetics designed to deliver
broad clinical utility across several therapeutic areas. Arena's
proprietary pipeline includes potentially first- or best-in-class
programs. The most advanced investigational clinical programs are
ralinepag (APD811), which will be commencing a Phase 3 program for
pulmonary arterial hypertension (PAH), and etrasimod (APD334),
which will be commencing a Phase 3 program for ulcerative colitis
(UC) and which has potential utility for a broad range of immune
and inflammatory conditions. Arena is also evaluating APD371 in
Phase 2 for the treatment of pain associated with Crohn's disease.
In addition, Arena has collaborations with the following
pharmaceutical companies: Everest Medicines Limited (ralinepag and
etrasimod in Greater China and
select Asian countries), Axovant Sciences GmbH (nelotanserin -
Phase 2), Boehringer Ingelheim International GmbH (undisclosed
target - preclinical), and Eisai Co., Ltd. and Eisai Inc.
(BELVIQ® - marketed product).
Forward-Looking Statements
Certain statements in this press release are forward-looking
statements that involve a number of risks and uncertainties. These
forward-looking statements may be accompanied by words such as
"will," "potential," "look forward to," "intended for,"
"potentially," "focused on," "designed 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, without limitation, statements about Arena's license
agreement with Outpost, including its focus and potential payments
to Arena, Outpost's expertise and goals, the potential of Arena's
legacy platform, and Arena's programs (including their first- or
best-in-class potential and expected clinical development), focus
and other collaborations. 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: risks
relating to working with collaborators, including Arena will have
limited control over the development and, if applicable,
commercialization of the licensed compound, and the potential for
disagreements; clinical programs may not proceed at the time or in
the manner expected or at all; enrolling patients in our ongoing
and intended clinical trials is competitive and challenging;
results of clinical trials and other studies are subject to
different interpretations and may not be predictive of future
results; the timing and outcome of research, development and
regulatory review is uncertain; topline data may not accurately
reflect the complete results of a particular study or trial;
nonclinical and clinical data are voluminous and detailed, and
regulatory agencies may interpret or weigh the importance of data
differently and reach different conclusions than Arena or others,
request additional information, have additional recommendations or
change their guidance or requirements before or after approval;
risks related to unexpected or unfavorable new data; and risks
related to developing and commercializing drugs. Additional factors
that could cause actual results to differ materially from those
stated or implied by Arena's forward-looking statements are
disclosed in Arena's filings with the Securities and Exchange
Commission (SEC), including but not limited to our Annual Report on
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
Outpost Medicine Media Contact:
Theresa Owens
Targeted Communications
Theresa@targetedco.com
317.983.4476
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SOURCE Arena Pharmaceuticals, Inc.