SAN DIEGO, March 11, 2011 /PRNewswire/ — Arena Pharmaceuticals,
Inc. (Nasdaq:
ARNA) today reported financial results for the fourth quarter
and full year ended December 31, 2010, and reviewed recent
developments.
“Our focus is working with Eisai to obtain FDA approval of
lorcaserin, preparing to submit an application for European
approval of lorcaserin, and advancing select earlier-stage research
and development programs on our own or in collaboration,” said Jack
Lief, Arena’s President and Chief Executive Officer. “Resubmitting
the lorcaserin NDA is our top priority, and we are committed to
addressing the outstanding issues to the FDA’s satisfaction.”
Arena reported a net loss in the fourth quarter of 2010 of $28.2
million, or $0.23 per share, compared to a net loss in the fourth
quarter of 2009 of $29.8 million, or $0.32 per share, and a net
loss in the full year ended December 31, 2010, of $124.5 million,
or $1.14 per share, compared to a net loss in the full year ended
December 31, 2009, of $153.2 million, or $1.82 per share.
Research and development expenses continued to decline to $16.5
million in the fourth quarter of 2010 from $21.2 million in the
fourth quarter of 2009. Research and development expenses declined
to $75.5 million in the full year ended December 31, 2010, from
$110.2 million in the full year ended December 31, 2009. This
decrease is primarily due to the completion of Arena’s lorcaserin
Phase 3 clinical trials. Arena expects its research and development
expenses to continue to decline in 2011 due to the completion of
the lorcaserin Phase 3 clinical trials, expected cost savings from
its recently announced workforce reduction and other
cost-containment measures. Research and development expenses for
all of 2010 included $3.4 million in non-cash, share-based
compensation expense, compared to $4.1 million in 2009. General and
administrative
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