Arena Pharmaceuticals prices $109M public offering

Arena Pharmaceuticals has announced the pricing of its public offering of 11,000,000 shares of its common stock at a public offering price of $9.91 per share. All of the shares are being offered by Arena. The CIBC World Markets and UBS Investment Bank are acting as joint book-running managers. In late September, Arena announced positive preliminary results from its Phase 2 clinical trial of APD125 in patients with chronic insomnia. Its lead drug is lorcaserin hydrochloride, which is in a pivotal late-stage study for the treatment of obesity. The compound stimulates the 5-HT2C serotonin receptor, located in the hypothalamus, an area of the brain associated with the control of satiety and metabolism.

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