Press Release Source: Arena Pharmaceuticals, Inc.
Arena Pharmaceuticals Announces First Quarter 2004 Financial Results
Tuesday April 20, 6:10 pm ET
SAN DIEGO, April 20 /PRNewswire-FirstCall/ -- Arena Pharmaceuticals, Inc. (Nasdaq: ARNA - News) today reported financial results for the first quarter of 2004.
Total revenues in the first quarter of 2004 were $5.8 million, compared to $5.4 million in the first quarter of 2003. Arena reported a net loss allocable to common stockholders in the first quarter of 2004 of $12.5 million, or $0.49 per share. This compares with a net loss allocable to common stockholders of $8.8 million, or $0.32 per share for the first quarter of 2003.
Research and development expenses totaled $13.8 million in the first quarter of 2004, compared to $12.1 million in the first quarter of 2003. General and administrative expenses totaled $2.5 million in the first quarter of 2004, compared to $1.9 million in the first quarter of 2003.
Cash, cash equivalents and short-term investments totaled $145.7 million at March 31, 2004.
"The first quarter of 2004 was very significant for Arena. We took another step toward our goal of becoming a pharmaceutical company by entering our first proprietary product for obesity into Phase 1 clinical trials," said Jack Lief, Arena's President and Chief Executive Officer. "Additionally, we achieved a $4 million milestone payment from our Merck collaboration. Throughout the rest of 2004, we look forward to ongoing preclinical and clinical development progress for a number of our compounds, and continuing collaboration efforts with our partners."
First Quarter Highlights:
Selected highlights for the first quarter included:
* Initiated clinical trials for our lead obesity compound, APD356
* Achieved a $4.0 million milestone in our cardiovascular collaboration
with Merck
* Fujisawa selected a GPCR to continue our collaboration in the area of
neuroinflammation
* Welcomed William R. Shanahan, Jr., M.D., J.D. as Vice President,
Chief Medical Officer |
