CANNAINVESTOR Magazine August 2016 - Page 63

Second Quarter 2016 Financial Results

Revenues totaled $9.5 million, including $4.3 million in net product sales of BELVIQ

Research and development expenses totaled $18.5 million

General and administrative expenses totaled $8.5 million

Restructuring charges totaled $6.1 million, including non-cash charges of $1.0 million

Net loss was $27.2 million or $0.11 per share

At June 30, 2016, cash and cash equivalents totaled $122.0 million and approximately 243 million shares of Arena common stock were outstanding

2016 Corporate Guidance Update

R&D expenses between $78 to $84 million, including non-cash expenses of approximately $9 million

G&A expenses between $27 to $33 million, including non-cash expenses of approximately $7 million

The Company believes the costs reductions and strategic shift in priorities will allow it to manage its cash through completion of Phase 2 clinical trials for its three internal clinical stage programs.

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.

To view the entire press release please visit https://finance.yahoo.com/news/arena-pharmaceuticals-reports-second-quarter-200100975.html.

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