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Arena Pharmaceuticals Announces Upcoming Departure of Chief Financial Officer

February 10, 2011

SAN DIEGO, Feb. 10, 2011 /PRNewswire/ — Arena Pharmaceuticals, Inc. (Nasdaq: ARNA) announced today the resignation of Robert E. Hoffman, Vice President, Finance and Chief Financial Officer. Mr. Hoffman, who has accepted a new position in the healthcare industry, will remain in his current role at Arena until the reporting of the company’s year-end results and the filing of the Form 10-K for the year ended December 31, 2010.

“We thank Robert for his many years of valuable service and contribution to Arena and wish him the best in his future endeavors,” said Jack Lief, Arena’s President and Chief Executive Officer. “Robert has built a strong finance team at Arena, and we are focused on ensuring a smooth transition when he departs next month.”

In the interim, Jennifer K. Bielasz, Senior Director of Accounting and Controller, and Carolyn M. Felzer, Senior Director of Finance, will continue to play key leadership roles in Arena’s finance department. Ms. Bielasz joined Arena in 2001 and is responsible for managing all accounting, stock administration and tax compliance activities. Prior to joining Arena, she served as the controller of both public and private companies, including as Vice President and Controller of Guild Mortgage Company. Ms. Felzer joined Arena in 2006 and is responsible for public reporting, Sarbanes-Oxley compliance, 401(k) and other administrative functions. Prior to joining Arena, she served as Senior Director of Finance and Administration at Salmedix, Inc., until its acquisition by Cephalon, Inc., and as Corporate Secretary and Vice President and Controller at Corvas International, Inc., until its acquisition by Dendreon Corporation. Ms. Bielasz and Ms. Felzer both began their careers at KPMG LLP.

About Arena Pharmaceuticals

Arena is a clinical-stage biopharmaceutical company focused on discovering, developing and commercializing oral drugs that target G protein-coupled receptors, an important class of validated drug targets, in four major therapeutic areas: cardiovascular, central nervous system, inflammatory and metabolic diseases. Arena’s most advanced drug candidate, lorcaserin, is intended for weight management. Arena’s wholly owned subsidiary, Arena Pharmaceuticals GmbH, has granted Eisai Inc. exclusive rights to market and distribute lorcaserin in the United States following FDA approval of the New Drug Application (NDA) for lorcaserin.

Arena Pharmaceuticals(R) and Arena(R) are registered service marks of the company.

Forward-Looking Statements

Certain statements in this press release are forward-looking statements that involve a number of risks and uncertainties. Such forward-looking statements include statements about Mr. Hoffman’s continuing role at Arena, the transition related to his departure and the continuing roles of other members of the finance department; the potential therapeutic indication and use, FDA approval and commercialization of lorcaserin; the Eisai collaboration and potential activities thereunder; and Arena’s focus, goals, strategy, research and development programs, and ability to develop compounds and commercialize drugs. For such statements, Arena claims the protection of the Private Securities Litigation Reform Act of 1995. Actual events or results may differ materially from Arena’s expectations. Factors that could cause actual results to differ materially from the forward-looking statements include, but are not limited to, the following: the risk that regulatory authorities may not find data and other information related to Arena’s clinical trials and other studies meet safety or efficacy requirements or are otherwise sufficient for regulatory approval; the timing of regulatory review and approval is uncertain; Arena’s response to the complete response letter for the lorcaserin NDA may not be submitted when anticipated or the information provided in such response may not satisfy the FDA; the FDA may request other information prior to or after Arena resubmits the lorcaserin NDA or approval of the lorcaserin NDA; unexpected or unfavorable new data; risks related to commercializing new products; Arena’s ability to obtain and defend its patents; the timing, success and cost of Arena’s research and development programs; results of clinical trials and other studies are subject to different interpretations and may not be predictive of future results; clinical trials and other studies may not proceed at the time or in the manner Arena or others expect or at all; Arena’s ability to obtain adequate funds; risks related to relying on collaborative agreements; the timing and receipt of payments and fees, if any, from collaborators; and satisfactory resolution of pending and any future litigation or other disagreements with others. Additional factors that could cause actual results to differ materially from those stated or implied by Arena’s forward-looking statements are disclosed in Arena’s filings with the Securities and Exchange Commission. These forward-looking statements represent Arena’s judgment as of the time of this release. Arena disclaims any intent or obligation to update these forward-looking statements, other than as may be required under applicable law.


    Contact: Arena Pharmaceuticals, Inc.     Media Contact: Russo Partners

    Jack Lief                                David Schull, President
    President and CEO                        david.schull@russopartnersllc.com
                                             858.717.2310
    Cindy McGee
    Manager, IR and Corporate Communications Anthony J. Russo, Ph.D., CEO
    858.453.7200, ext. 1479                  tony.russo@russopartnersllc.com
                                             212.845.4251
    www.arenapharm.com

SOURCE Arena Pharmaceuticals, Inc.


Source: newswire



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