Arena's second quarter results

Arena Pharmaceuticals, from San Diego, has reported financial results for the second quarter and six months ended June 30, 2004.

Total revenues in the second quarter of 2004 were $1.4m, compared with $3.0m in the second quarter of 2003. Total revenues for the six months ended June 30, 2004 were $7.2m, compared with $8.3m for the six months ended June 30, 2003. Arena reported a net loss for the second quarter and the first six months of 2004 of $17.0m, or $0.67 per share, and $29.5m, or $1.17 per share, respectively. This compares with a net loss for the second quarter and the first six months of 2003 of $11.8m, or $0.42 per share, and $20.6m, or $0.74 per share, respectively.

Research and development expenses totalled $14.4m in the second quarter of 2004, compared with $13.1m in the second quarter of 2003. Research and development expenses totalled $28.2m in the first six months of 2004, compared with $25.2m in the first six months of 2003. General and administrative expenses totalled $2.4m in the second quarter of 2004, com-pared to $2.1m in the second quarter of 2003. General and administrative expenses totalled $5.0m in the first six months of 2004, compared with $4.0m in the first six months of 2003. Cash, cash equivalents and short-term investments totalled $130.6m at June 30, 2004.

'The second quarter of 2004 was pivotal for Arena, as we completed a Phase Ia clinical trial for our lead compound, APD356 for obesity. We are excited by the favourable results we achieved in our Phase Ia trial and plan to initiate our Phase Ib trial later this month,' commented Jack Lief, president and ceo of Arena. 'We look forward to continuing our progress in the second half of 2004 by further advancing our pipeline, including, APD125, which we hope to move into a Phase I clinical trial later this year.'