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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Arena Pharmaceuticals Inc | NASDAQ:ARNA | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 99.99 | 99.00 | 99.99 | 0 | 01:00:00 |
SAN DIEGO, Aug. 8, 2016 /PRNewswire/ -- Arena Pharmaceuticals, Inc. (Nasdaq: ARNA), today reported financial results for the second quarter ended June 30, 2016, and provided a corporate update.
"We are continuing to successfully execute the turnaround and transition of Arena from a historically research-oriented organization to a high performing clinical development organization focused on maximizing the value of our assets – this includes re-orienting priorities, building requisite capabilities and establishing key linkages to the physician community," said Amit Munshi, Arena's President and CEO. "With our three proprietary clinical programs, we are committed to developing our pipeline in a time and cost conscious manner to deliver first, or best-in-class, compounds. Our strong quarter-end cash position of $122.0 million in addition to the workforce reductions supports the advancement of our clinical stage programs."
"In addition to our on-going Phase 2 programs for etrasimod and ralinepag, we are excited to announce that APD371 will be evaluated in a Phase 2 program for the treatment of pain associated with Crohn's disease, which we expect to initiate early in 2017. We are working to unlock the value in our portfolio, including these three Phase 2 programs, as well as supporting our multiple collaborations which span a marketed product, a Phase 2 program, a Phase 1 program and a preclinical program," Munshi concluded.
Clinical Update
Collaborations Update
Corporate Update
Second Quarter 2016 Financial Results
2016 Corporate Guidance Update
Conference Call & Webcast Information
The Company will host a conference call and live webcast with the investment community today, Monday, August 8, 2016 at 4:30 p.m. ET to discuss the financial results and provide a corporate update.
When: August 8, 2016, 4:30 p.m. ET
Dial-in: (877) 643-7155 (United States) or (914) 495-8552 (International)
Conference ID: Arena Pharmaceuticals Second Quarter 2016 Conference Call
Please join the conference call at least 10 minutes early to register.
You can access the live webcast under the investor relations section of Arena's website at: www.arenapharma.com.
A replay of the conference call will be archived under the investor relations section of Arena's website at www.arenapharm.com for 30 days shortly after the call.
About Arena Pharmaceuticals
We are a biopharmaceutical company focused on developing novel, small molecule drugs across a range of therapeutic areas. We have three primary proprietary clinical programs: Etrasimod (APD334) in Phase 2 evaluation for ulcerative colitis, APD371 entering Phase 2 evaluation for the treatment of pain associated with Crohn's disease, and ralinepag (APD811) in Phase 2 evaluation for pulmonary arterial hypertension (PAH). Additionally, we have collaborations with four pharmaceutical companies: Eisai Co., Ltd. and Eisai Inc. (commercial stage), Axovant Sciences Ltd. (Phase 2 candidate), Ildong Pharmaceuticals Co., Ltd. (Phase 1 candidate), and Boehringer Ingelheim International GmbH (preclinical candidate).
Our US operations are located in San Diego, California. Our primary clinical operations are located in Zug, Switzerland, and our commercial manufacturing for BELVIQ is located in Zofingen, Switzerland.
Forward-Looking Statements
Certain statements in this press release are forward-looking statements that involve a number of risks and uncertainties. Such forward-looking statements include statements about the turnaround and transition; developing Arena's pipeline, including ongoing Phase 2 programs for etrasimod and ralinepag and a new Phase 2 program for APD371; Arena's workforce reductions and shift in priorities, including the expected reduced cash expenditures; the expected timing of clinical data [and initiating a new trial]; receiving milestone payments; managing cash through completion of Phase 2 trials for three programs; Arena's focus, plans and strategy; the advancement and potential of Arena's clinical programs and collaborations; and activities with Eisai and other collaborators. For such statements, Arena claims the protection of the Private Securities Litigation Reform Act of 1995. Actual events or results may differ materially from Arena's expectations. Factors that could cause actual results to differ materially from the forward-looking statements include, but are not limited to, the following: the risk that the cost and other negative effects related to the reduction of Arena's workforce may be greater than anticipated; the risk that Arena may not realize the benefits expected from the workforce reduction or other cost control measures; risks related to developing and commercializing drugs; the risk that we may need additional funds to advance all of our programs, and you and others may not agree with the manner we allocate our resources; cash and revenues generated from BELVIQ, including the impact of competition; the risk that Arena's revenues are based in part on estimates, judgment and accounting policies, and incorrect estimates or disagreement regarding estimates or accounting policies may result in changes to Arena's guidance or previously reported results; the timing and outcome of regulatory review is uncertain, and lorcaserin may not be approved for marketing in a different formulation or in any other territory; regulatory decisions in one territory may impact other regulatory decisions and Arena's business prospects; government and commercial reimbursement and pricing decisions; risks related to relying on collaborative arrangements; the timing and receipt of payments and fees, if any, from collaborators; the entry into or modification or termination of collaborative arrangements; unexpected or unfavorable new data; nonclinical and clinical data is voluminous and detailed, and regulatory agencies may interpret or weigh the importance of data differently and reach different conclusions than Arena or others, request additional information, have additional recommendations or change their guidance or requirements before or after approval; data and other information related to any of Arena's research and development may not meet regulatory requirements or otherwise be sufficient for (or Arena or a collaborator may not pursue) further research and development, regulatory review or approval or continued marketing; Arena's and third parties' intellectual property rights; the timing, success and cost of Arena's research and development and related strategy and decisions; results of clinical trials and other studies are subject to different interpretations and may not be predictive of future results; clinical trials and other studies may not proceed at the time or in the manner expected or at all; having adequate funds; and satisfactory resolution of litigation or other disagreements with others. Additional factors that could cause actual results to differ materially from those stated or implied by Arena's forward-looking statements are disclosed in Arena's filings with the Securities and Exchange Commission. These forward-looking statements represent Arena's judgment as of the time of this release. Arena disclaims any intent or obligation to update these forward-looking statements, other than as may be required under applicable law.
Contact:
Kevin R. Lind, Chief Financial Officer
klind@arenapharm.com
858.453.7200 x1716
(Tables Follow)
Arena Pharmaceuticals, Inc. Condensed Consolidated Statements of Operations (In thousands, except per share amounts) | ||||||||||||||||||
Three months ended |
Six months ended |
|||||||||||||||||
June 30, |
June 30, |
|||||||||||||||||
2016 |
2015 |
2016 |
2015 |
|||||||||||||||
(unaudited) |
(unaudited) |
|||||||||||||||||
Revenues |
||||||||||||||||||
Net product sales |
$ 4,263 |
$ 4,285 |
$ 7,781 |
$ 10,903 |
||||||||||||||
Other Eisai collaborative revenue |
1,975 |
3,213 |
5,201 |
5,349 |
||||||||||||||
Toll manufacturing |
1,025 |
1,390 |
2,048 |
1,736 |
||||||||||||||
Other collaborative revenue |
2,249 |
293 |
4,329 |
3,449 |
||||||||||||||
Total revenues |
9,512 |
9,181 |
19,359 |
21,437 |
||||||||||||||
Operating Costs & Expenses |
||||||||||||||||||
Cost of product sales |
851 |
1,303 |
3,279 |
4,494 |
||||||||||||||
Cost of toll manufacturing |
1,758 |
1,812 |
2,946 |
2,214 |
||||||||||||||
Research & development |
18,546 |
24,201 |
37,048 |
46,169 |
||||||||||||||
General & administrative |
8,465 |
8,844 |
15,389 |
17,283 |
||||||||||||||
Restructuring charges |
6,115 |
0 |
6,115 |
0 |
||||||||||||||
Total operating costs & expenses |
35,735 |
36,160 |
64,777 |
70,160 |
||||||||||||||
Interest & Other Income (Expense) |
||||||||||||||||||
Interest income |
105 |
34 |
193 |
68 |
||||||||||||||
Interest expense |
(1,619) |
(1,754) |
(3,298) |
(3,450) |
||||||||||||||
Gain (loss) from valuation of derivative liabilities |
0 |
1,171 |
0 |
(378) |
||||||||||||||
Other |
554 |
721 |
(208) |
1,381 |
||||||||||||||
Total interest & other income (expense), net |
(960) |
172 |
(3,313) |
(2,379) |
||||||||||||||
Net loss |
$ (27,183) |
$ (26,807) |
$ (48,731) |
$ (51,102) |
||||||||||||||
Net loss per share: |
||||||||||||||||||
Basic |
$ (0.11) |
$ (0.11) |
$ (0.20) |
$ (0.21) |
||||||||||||||
Diluted |
$ (0.11) |
$ (0.11) |
$ (0.20) |
$ (0.21) |
||||||||||||||
Shares used in calculating net loss per share: |
||||||||||||||||||
Basic |
243,076 |
242,067 |
242,976 |
238,903 |
||||||||||||||
Diluted |
243,076 |
242,067 |
242,976 |
238,903 |
||||||||||||||
Arena Pharmaceuticals, Inc. | ||||
Condensed Consolidated Balance Sheet Data | ||||
(In thousands) | ||||
June 30, 2016 |
December 31, 2015 |
|||
(unaudited) |
1 |
|||
Assets |
||||
Cash & cash equivalents |
$ 121,986 |
$ 156,184 |
||
Accounts receivable |
3,343 |
4,934 |
||
Inventory |
9,472 |
9,502 |
||
Prepaid expenses & other current assets |
4,971 |
4,218 |
||
Land, property & equipment, net |
68,190 |
71,828 |
||
Intangibles & other non-current assets |
9,885 |
10,126 |
||
Total assets |
$ 217,847 |
$ 256,792 |
||
Liabilities & Stockholders' Equity |
||||
Accounts payable & accrued liabilities |
$ 31,348 |
$ 25,493 |
||
Total deferred revenues |
105,281 |
109,042 |
||
Total lease financing obligations & other long-term liabilities |
67,659 |
68,715 |
||
Total stockholders' equity |
13,559 |
53,542 |
||
Total liabilities & stockholders' equity |
$ 217,847 |
$ 256,792 |
1 The Condensed Consolidated Balance Sheet Data has been derived from the audited financial statements as of that date. |
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/arena-pharmaceuticals-reports-second-quarter-2016-financial-results-and-provides-corporate-update-300310556.html
SOURCE Arena Pharmaceuticals, Inc.
Copyright 2016 PR Newswire
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