Arena Buys Back $55.8M in Stock

10/30/08Follow @xconomy

San Diego-based Arena Pharmaceuticals said today it is spending $55.8 million in cash to buy back all of its outstanding convertible stock. The company (NASDAQ: ARNA) expects to buy the shares on Nov. 13, it said in a statement. Arena, the developer of lorcaserin for obesity, now expects to finish the year with $115 million in cash and investments instead of the $160 million it had forecasted earlier. The company is also taking steps to cut spending on clinical and preclinical study fees, it said.

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