ARNA) today announced the completion of its previously announced underwritten public offering of 69,000,000 shares of its common stock, including 9,000,000 shares sold pursuant to the full exercise of an option previously granted to the underwriters. All of the shares were sold at a price to the public of $1.15 per share. Including the option exercise, the aggregate gross proceeds from the offering were approximately $79.4 million, before deducting the underwriting discounts and commissions and offering expenses payable by Arena. All of the shares were offered by Arena. Arena anticipates using the net proceeds from the offering for clinical and preclinical development of drug candidates, for general corporate purposes, including working capital and costs associated with manufacturing services, and for capital expenditures." data-reactid="11">SAN DIEGO, April 21, 2017 /PRNewswire/ -- Arena Pharmaceuticals, Inc. (
ARNA) today announced the completion of its previously announced underwritten public offering of 69,000,000 shares of its common stock, including 9,000,000 shares sold pursuant to the full exercise of an option previously granted to the underwriters. All of the shares were sold at a price to the public of $1.15 per share.
Including the option exercise, the aggregate gross proceeds from the offering were approximately $79.4 million, before deducting the underwriting discounts and commissions and offering expenses payable by Arena. All of the shares were offered by Arena. Arena anticipates using the net proceeds from the offering for clinical and preclinical development of drug candidates, for general corporate purposes, including working capital and costs associated with manufacturing services, and for capital expenditures.
Citigroup and Leerink Partners acted as joint book-running managers for the offering.