Arena Pharmaceuticals up 21% on European Medicines Agency's Acceptance of Lorcaserin

Arena Pharmaceuticals

is trading higher on the session following its announcement of European Medicines Agency's acceptance of Lorcaserin marketing authorization application for weight control. In addition, Arena reported that the FDA has confirmed the scheduling of an Endocrinologic and Metabolic Drugs Advisory Committee meeting to discuss the lorcaserin New Drug Application resubmission on May 10, 2012. Jack Lief, Arena's President and Chief Executive Officer stated: "Substantial evidence shows that being overweight or obese can have dire human health consequences coupled with tremendous economic burden. With applications under review for approval in both the United States and European Union, lorcaserin has the potential to provide a new treatment for physicians to help patients lose weight and improve their overall cardiometabolic health." Arena Pharmaceuticals is currently trading at $2.92, a gain of $0.51 or 21.16%.