Arena Pharma Craters on FDA Rejection (ARNA)

Shares of Arena Pharmaceuticals

are lower on the session by 45.19%, currently trading at $2.05. The stock is falling today after the U.S. Food and Drug Administration voting against the approval of ARNA's obesity drug, Lorcaserin. The FDA Endocrinologic and Metabolic Drugs Advisory Committee voted 9 to 5 that the available data do not adequately demonstrate that the potential benefits of Lorcaserin outweigh the potential risks, when used long-term in a population of overweight and obese individuals to allow marketing approval. Shares were halted all throughout yesterday and only opened for trading in the after-hours yesterday. Arena Pharmaceuticals, Inc. is a clinical-stage biopharmaceutical company focused on discovering, developing and commercializing oral drugs that target G protein-coupled receptors, in four major therapeutic areas: cardiovascular, central nervous system, inflammatory and metabolic diseases.