Arena Pharmaceuticals Raises $35.5M In PIPE

San Diego-based Arena Pharmaceuticals, a firm developing biopharmaceuticals, including a compound targeted at weight loss and weight management, said today that it is raising $35.5M in an equity investment from Deerfield Management. Publicly held Arena said the funding will go towards helping it get FDA approval of its lead compound, lorcaserin. Arena said that Deerfield will pay $3.23 per share for 11 million shares of its common stock, which is traded on the NASDAQ as ARNA. More information »