Arena Pharmaceuticals Reports Q3 Loss, Shares Surge 6%

Arena Pharmaceuticals, Inc. ARNA provided a corporate update and reported financial results Monday for the third quarter ended September 30, 2014.

The company reported revenues of $8.2 million, below estimates of $10.87 million and above the $3.57 million reported for the same period in 2013.

The net loss was $10.7 million, or $0.05 per share, less than the estimated loss of $0.12 and less than the $0.08 loss per share reported for the same period in 2013.

The revenues included $5.7 million in net product sales of BELVIQ, of which $5.2 million represented 31.5 percent of Eisai's net product sales and $0.5 million related to redemptions of the 15-day free voucher.

At September 30, 2014, cash and cash equivalents totaled $188.3 million.

"The third quarter saw continued growth for BELVIQ® with prescriptions increasing by approximately 30 percent over the previous quarter," said Jack Lief, Arena's President and Chief Executive Officer. "More recently, we met our goal of completing and reporting on top-line results from our trials evaluating coadministration of lorcaserin and phentermine and lorcaserin for smoking cessation, both of which delivered promising data. Looking forward, we are excited by the potential advancement of our lorcaserin life cycle programs as well as additional progress in our other research and development programs."

Arena Pharmaceuticals, Inc. traded at $4.65 in the premarket, up 6.6 percent.