Arena Pharmaceuticals, Inc. (ARNA) Announces The Departure Of Chief Financial Officer

SAN DIEGO, June 16, 2015 /PRNewswire/ -- Arena Pharmaceuticals, Inc. (NASDAQ: ARNA) announced today that Robert E. Hoffman, Senior Vice President, Finance and Chief Financial Officer, has decided to leave the company after nearly 18 years of service to pursue another opportunity in the biotechnology industry. Mr. Hoffman is expected to remain in his current role at Arena until July 10, 2015.

"Robert has been a valuable member of our management team and, on behalf of myself and the company, I thank him for his years of leadership and service to Arena," said Jack Lief, Arena's President and Chief Executive Officer. "We wish Robert the best in his future endeavors, and are focused on ensuring a smooth transition amid his departure."

"I will always reflect fondly on my time at Arena, which included the approval of our first commercial product, BELVIQ® (lorcaserin HCl)," said Mr. Hoffman. "It has been my pleasure to have had the experience to work with such a talented and professional team."

Following Mr. Hoffman's departure, Jennifer K. Bielasz, Arena's Vice President, Accounting and Controller, will continue to play a key leadership role in Arena's finance department. Ms. Bielasz joined Arena in 2001 and is responsible for managing all accounting activities. Prior to joining Arena, Ms. Bielasz served as the controller of both public and private companies and began her career at KPMG LLP.

About Arena Pharmaceuticals

Arena is embracing the challenge of improving health by seeking to bring innovative medicines targeting G protein-coupled receptors to patients. Arena's focus is discovering, developing and commercializing drugs to address unmet medical needs, and BELVIQ® (lorcaserin HCl) is Arena's first internally discovered drug approved for marketing. Arena's US operations are located in San Diego, California, and its operations outside of the United States, including its commercial manufacturing facility, are located in Zofingen, Switzerland. For more information, visit Arena's website at www.arenapharm.com.

Arena Pharmaceuticals® and Arena® are registered service marks of Arena Pharmaceuticals, Inc. BELVIQ® is a registered trademark of Arena Pharmaceuticals GmbH.

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 the timing of Mr. Hoffman's departure from Arena, the transition related to his departure and the continuing role of Ms. Bielasz; embracing the challenge of improving health; seeking to bring innovative medicines to patients; and Arena's focus, plans, goals, strategy, expectations, research and development programs, and ability to discover and develop compounds and commercialize drugs. 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: risks related to commercializing drugs, including regulatory, manufacturing, supply and marketing issues and the availability and use of BELVIQ or lorcaserin; cash and revenues generated from BELVIQ, including the impact of competition; the risk that Arena's revenues are based in part on estimates, judgment and accounting policies, and incorrect estimates or disagreement regarding estimates or accounting policies may result in changes to Arena's guidance or previously reported results; the timing and outcome of regulatory review is uncertain, and lorcaserin may not be approved for marketing in combination with another drug, for another indication or using a different formulation or in any other territory for any indication; regulatory decisions in one territory may impact other regulatory decisions and Arena's business prospects; government and commercial reimbursement and pricing decisions; risks related to relying on collaborative arrangements; the timing and receipt of payments and fees, if any, from collaborators; the entry into or modification or termination of collaborative arrangements; 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 or others, request additional information, have additional recommendations or change their guidance or requirements before or after approval; data and other information related to any of Arena's research and development may not meet regulatory requirements or otherwise be sufficient for (or Arena or a collaborator may not pursue) further research and development, regulatory review or approval or continued marketing; Arena's and third parties' intellectual property rights; the timing, success and cost of Arena's research and development; results of clinical trials and other studies are subject to different interpretations and may not be predictive of future results; clinical trials and other studies may not proceed at the time or in the manner expected or at all; having adequate funds; and satisfactory resolution of litigation or other disagreements with others. 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. 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.

Contact: Arena Pharmaceuticals, Inc.

Media Contact: Russo Partners

 

Craig M. Audet, Ph.D., Senior Vice President,

Operations & Head of Global Regulatory Affairs

[email protected]

858.453.7200, ext. 1612

David Schull, President

[email protected]

858.717.2310

 

www.arenapharm.com

 

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