SAN DIEGO, Feb. 21, 2020 /PRNewswire/ -- Arena
Pharmaceuticals, Inc. (Nasdaq: ARNA) today announced that on
February 10, 2020 the Compensation
Committee of its Board of Directors granted inducement stock
options to purchase an aggregate of 132,100 shares of its common
stock to 20 new employees. These inducement stock options
have a grant date of February 15, 2020, and were granted as
inducements material to the new employees entering into employment
with Arena in accordance with Nasdaq Listing Rule 5635(c)(4).
The inducement stock options have an exercise price of
$54.00 per share, the closing price
of Arena's common stock on February 14,
2020 (which is the last date preceding the grant date on
which the closing price of Arena's common stock was reported), are
non-qualified stock options, have a seven-year term and vest over
four years, with 25% of the shares vesting on the one-year
anniversary of the vesting commencement date and the remaining 75%
of the shares vesting in equal monthly installments over the
following 36 months, subject to the new employee's continued
service with Arena through the applicable vesting dates. The
inducement stock options are subject to the terms and conditions of
Arena's Amended and Restated 2017 Long-Term Equity Incentive
Plan.
About Arena Pharmaceuticals
Arena
Pharmaceuticals is uniquely positioned to develop
best-in-disease medicines with optimized efficacy and safety for
patients globally. Our drive to deliver a robust pipeline of novel,
transformational medicines is grounded in two decades of world
class G-protein-coupled receptor (GPCR) discovery research.
It is the breadth and depth of our portfolio, prioritization of
drug development to meet unmet patient needs, strong financial
health and growing, bold-thinking world-class team that gives Arena
the ingredients and passion to build a sustainable, vibrant
next-generation pharmaceutical company.
Forward-Looking Statements
Certain statements in this
press release are forward-looking statements that involve a number
of risks and uncertainties. Such forward-looking statements include
statements about Arena's position, drive, portfolio,
prioritization, financial position, team, and building of the
company. 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 those disclosed in Arena's
filings with the Securities and Exchange Commission. 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
Arena Media Contact:
IR@arenapharm.com
858-453-7200
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SOURCE Arena Pharmaceuticals, Inc.