Arena Pharma, Inc. (ARNA: Quote) announced that it has completed an underwritten public offering of 12.7 million shares of its common stock, including 1.7 million shares sold pursuant to the full exercise of an over-allotment option previously granted to the underwriters.
The company stated that all of the shares were offered by Arena at a price to the public of $5.50 per share.
Arena said that it received about $69.6 million gross proceeds from this offering, before deducting the underwriting discounts and commissions and other estimated offering expenses payable by Arena.
Arena anticipates using the net proceeds from the offering for general corporate purposes, which may include expenses related to the commercialization of lorcaserin, if approved, as well as for research and development expenses, capital expenditures, working capital, and general and administrative expenses.
Click here to receive FREE breaking news email alerts for Arena Pharmaceutical Inc. and others in your portfolio
by RTT Staff Writer
For comments and feedback: email@example.com