Arena Adds $35.5M

3/29/11

Arena Pharmaceuticals (NASDAQ: ARNA) said today it has raised $35.5 million through a stock offering. The San Diego-based company, which failed to win FDA approval of a new obesity drug in October, said it will use about half the money to pay off debt to Deerfield Management that comes due in June 2013. Earlier this month Arena said it closed 2010 with $150.7 million in cash, and that it expected to finish 2011 with about $45 million to $51 million of cash left in the bank, without counting on raising any additional capital.

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