Arena Pharmaceuticals Announces Exercise of Over-Allotment Option By Underwriters
SAN DIEGO, Feb 08, 2005 /PRNewswire-FirstCall via COMTEX/ -- Arena Pharmaceuticals, Inc.
(Nasdaq: ARNA) announced today the exercise in full by the underwriters of an
over-allotment option to purchase 1,125,000 shares of common stock in
connection with its follow-on stock offering that priced on February 1, 2005.
Including the over-allotment shares, the offering will total 8,625,000 shares
at a public offering price of $6.00 per share, resulting in expected net
proceeds to the company of approximately $48.3 million.
CIBC World Markets Corp. acted as the book-running manager in the
offering. Piper Jaffray & Co. acted as co-lead manager. Needham & Company,
Inc., Granite Financial Group, Inc. and Morgan Joseph & Co. Inc. acted as
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 email@example.com or by fax
at 212-667-6136. 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.
Contact: Jack Lief, President & CEO
Susan Neath, Media & Investor Relations
Atkins + Associates