Arena Adds $35M From Deerfield

Xconomy San Diego — 

Arena Pharmaceuticals (NASDAQ: ARNA), the San Diego-based developer of an experimental obesity drug, said today it has raised $35.5 million through an equity financing from Deerfield Management. Arena agreed to sell 11 million shares to Deerfield at $3.23 apiece, the equivalent of yesterday’s closing stock price. Arena is getting ready for an important meeting of an FDA advisory panel, which on Sept. 16 will recommend whether or not the obesity treatment, lorcaserin, should be sold in the U.S. The FDA’s deadline to make the decision is Oct. 22.