New Issue: Arena Pharmaceuticals plans $35.53 million private placement of stock

By Devika Patel

Knoxville, Tenn., June 3 - Arena Pharmaceuticals, Inc. said it negotiated a $35.53 million private placement of stock.

The company will sell 11 million common shares at $3.23 per share to Deerfield Management.

Arena is a San Diego-based biopharmaceutical company.

Issuer:	Arena Pharmaceuticals, Inc.
Issue:	Common stock
Amount:	$35.53 million
Shares:	11 million
Price:	$3.23
Warrants:	No
Investor:	Deerfield Management
Pricing date:	June 3
Stock symbol:	Nasdaq: ARNA
Stock price:	$3.23 at close June 2
Market capitalization:	$326 million

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