Arena Pharmaceuticals Purchases Stock From Largest Stockholder
SAN DIEGO, Oct 20, 2003 /PRNewswire-FirstCall via COMTEX/ -- Arena Pharmaceuticals, Inc.
(Nasdaq: ARNA) today announced that Biotechnology Value Fund, L.P. and certain
of its affiliates accepted Arena's offer to purchase three million shares of
Arena common stock from them at a cash price per share of $7.69. Arena made
the offer on October 7, 2003, pursuant to the Stockholders Agreement dated as
of January 17, 2003, by and among Arena and Biotechnology Value Fund, L.P.,
Biotechnology Value Fund II, L.P., BVF Investments, L.L.C., BVF Partners L.P.,
BVF Inc. and Investment 10, L.L.C. As a result of the acceptance, the
standstill and certain other provisions under the Stockholders Agreement will
be extended until December 31, 2004.
The Stockholders Agreement is filed as Exhibit 10 to Arena's
January 21, 2003, Form 8-K.
Arena is a biopharmaceutical company focused on discovering and developing
drugs that act on an important class of drug targets called G protein-coupled
receptors, or GPCRs. Arena uses its Constitutively Activated Receptor
Technology, or CART, Melanophore technology and other proprietary
technologies to better understand GPCRs and to identify small molecules that
may lead to new drugs. Arena focuses its efforts in four therapeutic areas:
metabolic diseases, cardiovascular diseases, central nervous system disorders
and inflammatory diseases. Within these areas, Arena is developing a
portfolio of internally discovered, highly selective small molecules for large
markets with unmet medical needs, including obesity, diabetes, depression and
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 strategy, technologies, internal
programs, future achievements, and statements that are not historical facts,
including statements about our ability to identify and develop small molecules
or which are preceded by the word "will" or similar words. 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. Important 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 SEC reports, including Arena's most recent
quarterly report on Form 10-Q. These forward-looking statements represent
Arena's judgment as of the date of this release. Arena disclaims any intent
or obligation to update these forward-looking statements.
Arena Pharmaceuticals® and Arena® are registered service marks of the
company. CART is an unregistered service mark of the company. Arena's
headquarters are at 6166 Nancy Ridge Drive, San Diego, California 92121, and
its telephone number is (858) 453-7200. On the Internet, please refer to
Arena's Web site at www.arenapharm.com for further information.
SOURCE Arena Pharmaceuticals, Inc.
Jack Lief, President and CEO, ext. 223, or Joseph F. Mooney,
CFO, ext. 508, both for Arena Pharmaceuticals, Inc., +1-858-453-7200