SAN DIEGO, Oct. 28, 2020 /PRNewswire/ -- Arena
Pharmaceuticals, Inc. (Nasdaq: ARNA), and Longboard
Pharmaceuticals, Inc., today announced the launch of Longboard
Pharmaceuticals and the completion of a $56
million financing led by Farallon Capital Management, LLC,
and other top tier healthcare investors, including Cormorant Asset
Management, HBM Healthcare Investments, Highside Capital
Management, and T. Rowe Price Associates, with participation from
Arena. Longboard was previously a wholly-owned subsidiary of Arena
and formerly known as Arena Neuroscience. Vincent Aurentz, Executive Vice President and
Chief Business Officer of Arena, and Laurie
Stelzer, Executive Vice President and Chief Financial
Officer of Arena, will serve on Longboard's Board of Directors.
Longboard is focused on developing novel central nervous system
(CNS)-targeted assets discovered by Arena's validated world-class G
protein-coupled receptor (GPCR) research engine. Proceeds
from the financing will be used to support the development of
LP352, a clinical stage program for treatment-resistant
developmental and epileptic encephalopathies (DEE), and preclinical
programs relating to LP143 and LP659 for the potential treatment of
microglial neuroinflammatory diseases.
"When the new leadership team joined Arena in 2016, we realized
the promise of the assets that were discovered and optimized over
decades of world-class GPCR research. Our goal has been to maximize
the value of the pipeline for shareholders, and more importantly to
deliver potentially life-changing medicines to patients suffering
from grievous illnesses. With the launch of Longboard, we believe
these compounds will receive the focus they deserve, and Arena
shareholders will continue to participate in the value of these
assets via Arena's equity position in the new company and future
royalty streams," said Amit D.
Munshi, President & Chief Executive Officer of
Arena.
"We are focused on advancing these compounds with the goal of
helping underserved patients living with devastating neurological
conditions," stated Kevin R. Lind,
President & Chief Executive Officer of Longboard. "I want
to thank the Arena management team and Board of Directors for
conceiving this idea, the broader Arena team for helping us execute
on the strategy, and our new investors for supporting this
endeavor. I look forward to leading Longboard as we strive to
deliver multiple important medicines."
LP352, LP143 and LP659 are investigational compounds that are
not approved for any use in any country.
About Arena Pharmaceuticals
ARENA
Pharmaceuticals is a team with a singular purpose – deliver
our important medicines to patients.
In a rapidly changing global market, we work with a sense of
urgency every day to understand the needs of all our stakeholders,
identify bold, sometimes disruptive, ideas to get our medicines to
patients, and relentlessly execute until it's done.
ARENA - Care More. Act Differently.
About Longboard Pharmaceuticals
Longboard
Pharmaceuticals is a team driven to deliver novel,
transformational medicines with optimized pharmacology and
pharmacokinetics to patients with rare neurological diseases.
Longboard's proprietary pipeline includes multiple potentially
first- or best-in-class programs with broad clinical utility.
Longboard is evaluating LP352, a next-generation 5-HT2C agonist, in
development for the potential treatment of developmental and
epileptic encephalopathies, or DEEs. Longboard is also evaluating
LP143, a centrally acting, full agonist of the cannabinoid type 2
receptor (CB2), and LP659, a centrally acting,
next-generation, highly selective S1P receptor modulator.
Longboard, formerly known as Arena Neuroscience, was a
wholly-owned subsidiary of Arena Pharmaceuticals, Inc. until its
launch in October 2020. Longboard's compounds were discovered
and evolved out of Arena's validated world-class GPCR research
engine.
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 may be
identified by words such as "focused on," "will," "potential,"
"promise," "goal," "believe," "strategy," "look forward to,"
"strive to," "excited to," "aim to," and "evaluating," and include,
without limitation, statements about the following: Arena
shareholders participating in the value of the assets in Longboard
Pharmaceuticals' pipeline through Arena's equity position in
Longboard Pharmaceuticals and future royalty streams, the potential
broad applicability, market potential and other attributes of the
assets in Longboard Pharmaceuticals' pipeline, and Arena's and
Longboard's purpose, work, understanding, ideas, and execution. 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, the following: clinical
trials and preclinical studies may not proceed at the time or in
the manner expected, or at all; the timing and outcome of research,
development and regulatory review is uncertain, and Arena's or
Longboard's drug candidates may not advance in development or be
approved for marketing; the duration and severity of the COVID-19
pandemic, including but not limited to its impact on Arena's
clinical trials and operations, the operations of Arena's and
Longboard's suppliers, partners, collaborators, licensees, and the
capital markets, which in each case remains uncertain; risks
related to developing and commercializing drugs; Arena and
Longboard may need additional funds to advance all of their
programs; risks and uncertainties relating to cash and revenues
that may be generated from product sales or other sources,
including the impact of competition; risks related to unexpected or
unfavorable new data; nonclinical and clinical data is voluminous
and detailed, and regulatory agencies may interpret or weigh the
importance of data differently and reach different conclusions than
Arena, Longboard, or others, request additional information, have
additional recommendations or change their guidance or requirements
before or after approval; results of clinical trials and other
studies are subject to different interpretations and may not be
predictive of future results; topline data may not accurately
reflect the complete results of a particular study or trial;
satisfactory resolution of litigation or other disagreements with
others; government and third-party payor actions, including
relating to reimbursement and pricing; risks related to relying on
licenses or collaborative arrangements, including lack of control
and potential disputes; the entry into or modification or
termination of licenses or collaborative arrangements; and Arena's,
Longboard's, and third parties' intellectual property rights.
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 Arena's
Quarterly Report on Form 10-Q for the quarter ended June 30, 2020, which was filed with the SEC on
August 5, 2020. 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.
Arena Corporate Contacts:
Patrick Malloy
Vice President, Investor Relations & Corporate
Communications
pmalloy@arenapharm.com
847.987.4878
Megan E. Knight
Director, Investor Relations
mknight@arenapharm.com
858.210.3635
Longboard Corporate Contact:
Kevin R. Lind
President & CEO
info@longboardpharma.com
619.592.9775
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SOURCE Arena Pharmaceuticals, Inc.; Longboard Pharmaceuticals,
Inc.