Arena Pharmaceuticals Announces Exercise of Over-Allotment Option by Underwriters
SAN DIEGO, Feb 02, 2006 /PRNewswire-FirstCall via COMTEX News Network/ -- Arena Pharmaceuticals, Inc.
(Nasdaq: ARNA) announced today that the underwriters have exercised an
over-allotment option to purchase an additional 885,016 shares of its common
stock in connection with its follow-on stock offering that priced on
January 26, 2006. Including the over-allotment shares being purchased, the
offering will total 10,637,524 shares at a public offering price of $16.90 per
share, resulting in expected net proceeds to the company of approximately
CIBC World Markets Corp. and UBS Investment Bank are acting as joint
book-running managers in this offering. Needham & Company, LLC, Piper Jaffray
& Co., SG Cowen & Co., LLC, Morgan Joseph & Co. Inc. and Montgomery & Co., LLC
are acting as co-managers.
A registration statement relating to these securities was filed and has
been declared effective by the Securities and Exchange Commission. Sales of
shares pursuant to this offering may be made only by means of the final
prospectus supplement and related prospectus, copies of which can be obtained
from CIBC World Markets Corp. by email at firstname.lastname@example.org or by fax
at 212-667-6303, or from UBS Investment Bank, Prospectus Department, 299 Park
Avenue, New York, NY 10171 or by phone at 888-827-7275. This press release
shall not constitute an offer to sell or the solicitation of an offer to buy,
nor shall there be any sale of, these securities in any jurisdiction in which
such offer, solicitation or sale would be unlawful prior to the registration
or qualification under the securities laws of any such jurisdiction.
SOURCE Arena Pharmaceuticals, Inc.
Jack Lief, President and CEO, or David Walsey, Director, Corporate Communications,
both of Arena Pharmaceuticals, +1-858-453-7200, ext. 1682; or Carin Canale, Media
& Investor Relations of Porter Novelli Life Sciences, +1-858-336-3027, for Arena