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Arena Pharmaceuticals Announces Third Quarter 2010 Financial Results and Reviews Recent Developments

Mon, 11/08/2010 - 10:34pm
Bio-Medicine.Org

SAN DIEGO, Nov. 9, 2010 /PRNewswire-FirstCall/ -- Arena Pharmaceuticals, Inc. (Nasdaq: ARNA) today reported financial results for the third quarter ended September 30, 2010. Arena also reported earlier today top-line results from its lorcaserin Phase 3 BLOOM-DM (Behavioral modification and Lorcaserin for Overweight and Obesity Management in Diabetes Mellitus) trial.

"We believe the BLOOM-DM top-line results provide additional support for lorcaserin's benefit-to-risk profile," said Jack Lief, Arena's President and Chief Executive Officer. "We remain focused on addressing the recommendations outlined by the FDA in the complete response letter for lorcaserin."

Arena reported a net loss in the third quarter of 2010 of $36.3 million, or $0.31 per share, compared to a net loss in the third quarter of 2009 of $34.8 million, or $0.38 per share, and a net loss in the first nine months of 2010 of $96.3 million, or $0.91 per share, compared to a net loss in the first nine months of 2009 of $123.4 million, or $1.51 per share.

As expected, research and development expenses declined to $20.2 million in the third quarter of 2010 from $22.1 million in the third quarter of 2009. Research and development expenses in the first nine months of 2010 declined to $59.0 million from $89.0 million in the first nine months of 2009. This decrease is primarily due to completing our lorcaserin pivotal Phase 3 clinical trials. Research and development expenses included $2.6 million in non-cash, share-based compensation expense in the first nine months of 2010, compared to $2.9 million in the first nine months of 2009. General and administrative expenses totaled $6.9 million in the third quarter of 2010, compared to $5.4 million in the third quarter of 2009, and $20.6 million in the first nine months of 2010, compared to $18.7 million in the first nine months of 2009. This increase is primari

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