SAN DIEGO, March 26, 2018 /PRNewswire/ -- Arena
Pharmaceuticals, Inc. (Nasdaq: ARNA) today announced the
completion of its previously announced underwritten public offering
of 9,775,000 shares of its common stock at a price to the public of
$41.50 per share, including 1,275,000
shares sold pursuant to the exercise in full of the underwriters'
option to purchase additional shares. All of the shares were sold
by Arena. The gross proceeds from the offering were approximately
$405.7 million, before deducting the
underwriting discounts and commissions and offering expenses. Arena
anticipates using the net proceeds from the offering for the
clinical and preclinical development of drug candidates, including
its planned Phase 3 programs for etrasimod for the treatment of
ulcerative colitis and ralinepag for the treatment of pulmonary
arterial hypertension, for general corporate purposes, including
working capital and costs associated with manufacturing services,
and for capital expenditures.
Citigroup, Leerink Partners, Cantor Fitzgerald, Credit
Suisse and RBC Capital Markets acted as joint
book-running managers for the offering. Guggenheim Securities
and JMP Securities acted as co-managers for the
offering.
The shares of common stock described above were 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 final prospectus
supplement and accompanying prospectus relating to the offering has
been filed with the SEC and is available on
the SEC's website located at http://www.sec.gov.
Copies of the final prospectus supplement and the accompanying
prospectus relating to the offering may be obtained
from: Citigroup, 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, NY10022, or by email
at prospectus@cantor.com; or from Credit Suisse
Securities (USA) LLC, Attention:
Prospectus Department, One Madison Avenue, New York,
NY10010, 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 anticipated use of the net proceeds from the 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 are disclosed in Arena's filings with the SEC, including
its 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.