Rochester, NY 8/25/2009 7:00:44 PM
Arena Pharmaceuticals, Inc. ARNA, Arena Pharmaceuticals Cuts Loss
Arena Pharmaceuticals, Inc.
Arena Pharmaceuticals, plans to submit this year a new obesity drug to the FDA, August 3, posted a smaller second-quarter loss as it shifted focus toward its lead drug candidate.
“Based on its emerging efficacy, safety and tolerability profile, lorcaserin has the potential to be an important new treatment option for patients needing to better manage their weight and improve their overall health,” a statement said by Arena CEO Jack Lief.
Arena Pharmaceuticals attempt to conserve cash to support its expected filing of a New Drug Application for lorcaserin meant said cut ting130 employees recently, or 30 percent of its U.S. work force. Arena stock trades on Nasdaq as ARNA. Shares closed at $5.12 on Aug. 4. The stock’s 52-week range was $2.26 to $7.42, as of that day.
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