Arena Raising R&D Funds (ARNA)
Arena Pharmaceuticals, Inc. (NASDAQ: ARNA) has filed to sell up to 25 million shares of common stock in a public secondary offering. Underwriters were not listed. Arena is a clinical-stage biotech company focused on discovering, developing and commercializing oral drugs in four major therapeutic areas: cardiovascular, central nervous system, inflammatory and metabolic diseases.
The company plans to use the proceeds for the clinical and preclinicaldevelopment of internally discovered drug candidates, for discoveryresearch for new drug candidates, for general corporate purposes,including working capital, and potentially for the commercialization ofany approved drugs.
Shares closed up about 4.8% at $3.50 in regular trading and shares havetraded down about 3% from the closing bell to $3.39 in the after-hourstrading session. Its 52-week trading range is $2.70 to $9.32. As for a size comparison, its market cap was listed as $259 million as of the close.
Jon C. Ogg
November 25, 2008