Arena Pharmaceuticals, Inc.
Jun 22, 2001

Arena Pharmaceuticals, Inc. Announces Follow-on Offering Of 5,000,000 Shares of Common Stock

SAN DIEGO, June 22 /PRNewswire/ -- Arena Pharmaceuticals, Inc. (Nasdaq: ARNA) today announced that its follow-on offering of 5,000,000 shares of its common stock was priced on June 21, 2001 at $27.50 per share. Of the 5,000,000 shares, Arena offered 4,000,000 shares and two selling stockholders offered a total 1,000,000 shares. Arena will not receive any proceeds from the sale of shares by the selling stockholders. The shares will be offered through an underwriting group managed by Thomas Weisel Partners LLC, Dain Rauscher Wessels, ABN AMRO Rothschild LLC and Lazard Freres & Co. LLC. In addition, Arena has granted the underwriters of this offering a 30-day option to purchase up to 750,000 additional shares of its common stock to cover any over-allotments.

A registration statement relating to these securities was filed with and declared effective by the Securities and Exchange Commission. This press release shall not constitute an offer to sell or a solicitation of an offer to buy nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such state or jurisdiction.

When available, a written prospectus relating to the offering may be obtained from Thomas Weisel Partners LLC, One Montgomery Street, San Francisco, California, 94140, telephone number (415) 364-2500.

Arena is an emerging biopharmaceutical company focused principally on discovering drugs that act on an important class of drug targets called G protein-coupled receptors, or GPCRs. Arena has developed a technology called Constitutively Activated Receptor Technology, or CART, that can be applied to GPCRs and other receptors to identify drug leads.

Certain statements in this press release are forward-looking statements that involve a number of risks and uncertainties, and 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 due to risks and uncertainties associated with Arena's business include, but are not limited to, the following: future quarterly or annual financial results; the timing, success and cost of preclinical research, out-licensing endeavors and clinical studies, and receipt of additional milestone payments, if any, from collaborators. Additional risk factors that could cause actual results to differ materially from those in Arena's forward looking statements are disclosed in Arena's SEC reports, including, but not limited to, Arena's registration statement filed June 21, 2001 on Form S-1, its most recent quarterly report on Form 10-Q and its 2000 annual report on Form 10-K. These forward-looking statements represent Arena's judgment as of the date of this release. Arena disclaims, however, any intent or obligation to update these forward-looking statements.

"Arena Pharmaceuticals" is a registered U.S. trademark of Arena. "Arena" and "CART" are trademarks of Arena. Arena's headquarters are located at 6166 Nancy Ridge Drive, San Diego, CA 92121. Arena's telephone number is (858) 453-7200.

SOURCE Arena Pharmaceuticals, Inc.

CONTACT: Jack Lief, President and Chief Executive Officer of Arena Pharmaceuticals, Inc., 858-453-7200/