(RTTNews) - Biopharmaceutical company Arena Pharmaceuticals, Inc. (ARNA: News ) reported on Monday a narrower net loss for the third quarter as research and development expenses declined significantly.

Net loss allocable to common stockholders for the quarter narrowed to $34.8 million or $0.38 per share from $56.2 million or $0.76 per share in the corresponding period last year. On average, sixteen analysts polled by Thomson Reuters expected the company to report a loss of $0.34 per share for the quarter. Analysts' estimates typically exclude special items.

Research and development expenses declined significantly to $22.1 million from $47.5 million in the same period last year primarily due to the completion of the Behavioral modification and Lorcaserin for Overweight and Obesity Management or BLOOM and Behavioral modification and LOrcaserin Second Study for Obesity Management or BLOSSOM Phase 3 clinical trials for lorcaserin.

"The successful completion of the lorcaserin pivotal program in the third quarter was a critical milestone for Arena," stated Jack Lief, Arena's President and Chief Executive Officer..."If approved, the unique combination of efficacy, safety and tolerability positions lorcaserin as first-line therapy."

Total Revenues rose to $2.62 million from $1.86 million in the year-ago period. Street analysts expected the company report revenues of $2.43 million for the quarter.
For the nine month period, net loss allocable to common stockholders narrowed to $123.4 million, or $1.51 per share, from $177.0 million, or $2.40 per share in the prior year period. Total revenues increased to $7.7 million from $7.1 million a year earlier.

Looking ahead, Arena expects its research and development expenses to continue to decline this year due to completing the BLOOM and BLOSSOM clinical trials and anticipates cost savings from the second-quarter workforce reduction and other cost-containment measures.

ARNA rose $0.10 or 2.87% and closed Monday's regular trading at $3.59

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by RTT Staff Writer

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