By Devika Patel
Knoxville, Tenn., March 23 - Arena Pharmaceuticals, Inc. said it entered into a $50 million 18-month committed equity financing facility with Azimuth Opportunity Ltd.
Arena will determine, at its sole discretion, the timing and dollar amount of each drawdown under this facility, subject to certain conditions.
When and if Arena chooses to use the facility, it will sell shares to Azimuth at a pre-negotiated discount to the market price. It may sell up to 14,838,891 shares.
Arena is a San Diego-based biopharmaceutical company.
| Issuer: | Arena Pharmaceuticals, Inc.
|
| Issue: | Committed equity financing facility
|
| Amount: | $50 million
|
| Tenor: | 18 months
|
| Warrants: | No
|
| Investor: | Azimuth Opportunity Ltd.
|
| Pricing date: | March 23
|
| Stock symbol: | Nasdaq: ARNA
|
| Stock price: | $4.20 at close March 23
|
| Market capitalization: | $312 million
|
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