Arena Pharma Prices Offering Of 60 Mln Shares At $1.15/shr

(RTTNews) - Arena Pharmaceuticals Inc. (ARNA) announced the pricing of an underwritten public offering of 60 million shares of its common stock, offered at a price to the public of $1.15 per share. The gross proceeds from the offering are expected to be $69.0 million, before deducting the underwriting discounts and commissions and offering expenses payable by Arena.

Arena has granted the underwriters a 30-day option to purchase up to 9,000,000 additional shares of common stock. All of the shares are being offered by Arena. The offering is expected to close on April 21, 2017, subject to customary closing conditions.

Arena anticipates using the net proceeds from the offering for clinical and preclinical development of drug candidates, for general corporate purposes, including working capital and costs associated with manufacturing services, and for capital expenditures.