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