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Biotech / Medical : Biotech Valuation -- Ignore unavailable to you. Want to Upgrade?

To: Ian@SI who wrote (2669)	1/24/2001 1:02:07 PM
From: Jibacoa	Read Replies (1) \| Respond to of 52153

ARNA: Doing well today.It seems it should close above its January H and then test the December H. If successful it will look good on the daily chart. Last news I had seen on it(besides the recent earnings release) was that they received some payments from Lilly: SAN DIEGO, Jan. 15 /PRNewswire/ -- Arena Pharmaceuticals, Inc. (Nasdaq: ARNA - news) today announced that under the terms of its April 14, 2000 research collaboration and license agreement with Eli Lilly and Company (NYSE: LLY - news), Arena has received $1.5 million in milestone payments from Lilly in the fourth quarter of 2000. These milestone payments are for acceptance by Lilly of CART-activated versions of six orphan G protein-coupled receptors (GPCRs). These six are in addition to three CART-activated receptors previously accepted by Lilly, bringing the total number of CART-activated receptors accepted by Lilly between May and December of 2000 to nine. Unlike the first three receptors, which were provided by Lilly to Arena for CART-activation, these six orphan receptors were selected by Lilly from Arena's internal pool of orphan GPCRs. All nine receptors selected by Lilly are related to the human endocrine, cardiovascular and central nervous systems. Arena utilizes its CART Technology to develop CART-activated versions of receptors that are covered by the agreement, and then develops drug-screening assays using these CART-activated receptors. Arena is entitled to receive milestone payments upon successful completion of these activities. ``We continue to appreciate the ability to collaborate in a positive and productive manner with Lilly, one of the world's leading pharmaceutical companies,'' stated Jack Lief, Arena's President & CEO. Mr. Lief further noted that, ``We believe that Arena's delivery of the first nine CART-activated receptors to Lilly within a very aggressive time frame is indicative of the robust nature of our CART Technology as well as the quality of our scientific team. We look forward to continuing this very positive relationship and assisting Lilly in the discovery of numerous potential drug candidates to enhance their drug candidate pipeline.'' Arena's CART Technology allows for the direct identification of modulators of G protein-coupled receptors in a ligand-independent manner, making the technology particularly useful with respect to orphan GPCRs that are estimated to comprise approximately 2% of the human genome. Such ligand independent screening is made possible by genetic alteration of these receptors, using widely applicable and proprietary genetic cassettes. In addition to its collaboration with Lilly, Arena has established CART collaborations with several other pharmaceutical and biotechnology organizations.