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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