Arena Pharmaceuticals, Inc. Announces Successful Completion of $17 Million Private Offering
SAN DIEGO, Feb. 22 /PRNewswire/ -- Arena Pharmaceuticals, Inc. (Arena), a privately-held biotechnology company, has announced the successful completion of a private offering through the sale of its Series D Preferred Stock. Arena had intended to raise $10 Million through this offering; gross proceeds from the sale of its Series D Preferred Stock amounted to $17 Million. The placement agent for the offering was ING Baring Furman Selz LLC (New York, NY). Co-lead investors for the offering were MPM Asset Management, LLC (Cambridge, MA) and International Biomedicine Management Partners, Inc. (Basel, Switzerland). Other institutional investors were Tripos, Inc. (Nasdaq: TRPS), OrbiMed Advisors, LLC (New York, NY) and A.M. Pappas & Associates (Durham, NC).
"We are very pleased with not only the amount of money that was raised by the sale of Arena Series D Preferred Stock, but also the quality of the Series D investors," noted Jack Lief, Arena's President & CEO. "As is well known within the industry, the past year has been a particularly difficult period for start-up companies to raise money, such that we view the substantial over-subscription for our Series D Preferred Stock as a good indication of the support that our investors have in Arena and our CART Technology." Proceeds from the offering will be used to fund Arena's on-going research and development activities, provide working capital and for other general corporate purposes.
Founded in April 1997, Arena is primarily focused on the discovery and development of novel therapeutic modulators of G protein-coupled receptors (GPCR), using its proprietary CART Technology. CART allows for the direct identification of such modulators at these receptors in a ligand-independent manner, making the technology particularly useful with respect to the over 2,000 orphan GPCR targets that are estimated to be a part of the human genome.
Such ligand independent screening is made possible by genetic alteration of receptors, using proprietary, genetic cassettes. In addition to its proprietary platform technology, the Company has also in-licensed late-stage pre-clinical candidates for clinical studies. Arena's lead compound for Alzheimer's disease is currently in Phase I studies. The Company's 38,000 square-foot research and development headquarters are located at 6166 Nancy Ridge Drive, San Diego, CA 92121.
Arena Pharmaceuticals, Inc.
Jack Lief, President & CEO of Arena Pharmaceuticals, Inc., 619-453-7200