Arena Pharma 4Q loss narrows, research costs drop

by Zagros on March 11, 2020

Associated Press, The   ”AP Financial News”
SAN DIEGO — Arena Pharmaceuticals Inc. said Friday its fourth-quarter loss narrowed slightly, as the drugmaker trimmed research and development expenses and saw a jump in revenue from collaborative agreements.

The San Diego company lost $28.2 million , or 23 cents per share, for the three months that ended Dec. 31 . That compares to a loss of $29.8 million , or 32 cents per share, in the final quarter of 2009. Revenue climbed 50 percent to $4 million , as Arena reaped $2.2 million from collaborative agreements.

Analysts surveyed by FactSet expected, on average, earnings of 21 cents per share on $5.1 million in revenue.

Arena said its research and development expenses fell 22 percent to $16.5 million due to the completion of late-stage clinical trials for the potential weight-loss drug lorcaserin.

In October, the Food and Drug Administration rejected lorcaserin due to safety concerns. Lorcaserin, being developed with Eisai Inc. , is Arena’s most advanced clinical product and a major potential revenue producer.

Arena said in December it planned to resubmit the drug’s application by the end of 2011.

CEO Jack Lief also said Friday in a statement from the company that Arena is working with Eisai to submit an application for approval in Europe . But he said resubmitting the FDA application is the company’s top priority “and we are committed to addressing the outstanding issues to the FDA’s satisfaction.”

For the full year, Arena lost $124.5 million , or $1.14 per share, on $16.6 million in revenue.

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