Arena Pharmaceuticals (NASDAQ: [[ticker:ARNA]]) said today it has raised $35.5 million through a stock offering. The San Diego-based company, which failed to win FDA approval of a new obesity drug in October, said it will use about half the money to pay off debt to Deerfield Management that comes due in June 2013. Earlier this month Arena said it closed 2010 with $150.7 million in cash, and that it expected to finish 2011 with about $45 million to $51 million of cash left in the bank, without counting on raising any additional capital.
Author: Luke Timmerman
Luke is an award-winning journalist specializing in life sciences. He has served as national biotechnology editor for Xconomy and national biotechnology reporter for Bloomberg News. Luke got started covering life sciences at The Seattle Times, where he was the lead reporter on an investigation of doctors who leaked confidential information about clinical trials to investors. The story won the Scripps Howard National Journalism Award and several other national prizes. Luke holds a bachelor’s degree in journalism from the University of Wisconsin-Madison, and during the 2005-2006 academic year, he was a Knight Science Journalism Fellow at MIT.
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