Arena Gets $50M Commitment

Luke Timmerman3/24/09

Arena Pharmaceuticals, the San Diego-based developer of an obesity drug, said it has received a $50 million equity financing commitment from Azimuth Opportunity. Under the commitment, Arena will decide over the next 18 months when to sell shares to Azimuth at an undisclosed discount to the market price. Arena (NASDAQ: ARNA) is awaiting results of a final-stage clinical trial of lorcaserin for obesity. It entered this year with about $110 million in cash.

Luke Timmerman is the National Biotech Editor of Xconomy, and the Editor of Xconomy Seattle. E-mail him at ltimmerman@xconomy.com or follow him on Twitter at twitter.com/ldtimmerman.