Arena second-quarter and six-month revenues up for 2006

By Lisa Kerner

Charlotte, N.C., July 25 - Arena Pharmaceuticals, Inc. reported total revenues of $9.3 million for the second quarter of 2006, up from the $5.5 million reported in the second quarter of 2005.

Total revenues in the first half of 2006 were $21.5 million, up from $9.9 million in the first half of 2005.

Arena reported a net loss in the second quarter of 2006 of $19.0 million, or $0.40 per share, compared to a net loss in the second quarter of 2005 of $16.3 million, or $0.46 per share.

The company had a net loss in the first half of 2006 of $31.7 million, or $0.71 per share, compared to a net loss of $41.4 million, or $1.24 per share, for the prior year period.

Cash, cash equivalents and short-term investments totaled $268.5 million at June 30.

"In the second half of this year we expect to initiate both a phase 3 trial of lorcaserin for the treatment of obesity and a phase 2 trial of APD125 for the treatment of insomnia," president and chief executive officer Jack Lief said in a news release.

"We also expect to advance our thrombosis candidate, APD791, into the clinic around year-end while continuing our efforts to advance our collaborations with Merck and Ortho-McNeil."

Arena is a clinical-stage biopharmaceutical company located in San Diego.

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