Arena Pharmaceuticals, Inc. (NASDAQ:ARNA) applies for Canadian regulatory approval for its anti-obesity drug

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Boston, MA, 07/01/2013 (financialstrend) – Arena Pharmaceuticals, Inc. (NASDAQ:ARNA) had applied for the Canadian regulatory approval for its anti-obesity drug, BELVIQ. The application was submitted to Canadian regulatory by Arena Pharmaceuticals, Inc. (NASDAQ:ARNA)’s partner in marketing and commercialization Japanese drug maker Eisai Inc., and its Canadian subsidiary Eisai Ltd., for a $500,000 milestone payment to Arena.

Shares of Arena Pharmaceuticals, Inc. (NASDAQ:ARNA) which opened at $8.19 had declined by 9.09 percent to end up the day at $7.70 on Friday. The decline in the shares of Arena Pharmaceuticals, Inc. (NASDAQ:ARNA) is about $0.77 per share. The price range of Arena Pharmaceuticals, Inc. (NASDAQ:ARNA) varied from as low as $7.70 to a peak value of $8.20. The 52 week low of Arena Pharmaceuticals, Inc. (NASDAQ:ARNA) is $6.95 and the high value was $12.07.

The total outstanding shares of Arena Pharmaceuticals, Inc. (NASDAQ:ARNA) is 217.78 million shares which accounts for a huge market capitalization of 1.68 billion for Arena Pharmaceuticals, Inc. (NASDAQ:ARNA). Trading volume of the shares of Arena Pharmaceuticals, Inc. (NASDAQ:ARNA) for last Friday was 10.32 million shares which was very huge when compared to the average trading volume of 5.95 million shares. The institutional investors of Arena Pharmaceuticals, Inc. (NASDAQ:ARNA) contribute for around 48% of the total outstanding shares.

Arena Pharmaceuticals, Inc. (NASDAQ:ARNA) is a biopharmaceutical company which discovers, develops and commercializes drugs that target G-protein coupled receptors. Arena Pharmaceuticals, Inc. (NASDAQ:ARNA)’s wholly owned subsidiary Arena Pharmaceuticals GmbH (Arena GmbH), has granted the rights of commercialization to Eisai Inc., for its drug BELVIQ in USA which was approved by the United States Food and Drug Administration in June 2012. Arena Pharmaceuticals, Inc. (NASDAQ:ARNA)’s research and development program includes GPR119 and earlier-stage programs that span several therapeutic areas. The three trials of the company which were included in its BELVIQ Phase III development program are named as BLOOM (Behavioral modification and Lorcaserin for Overweight and Obesity Management), BLOOM-DM (Behavioral modification and Lorcaserin for Overweight and Obesity Management in Diabetes Mellitus) and BLOSSOM (Behavioral modification and Lorcaserin Second Study for Obesity Management) which enrolled around 7,794 patients.

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