Arena Pharma (ARNA) Enters $33M Financing Agreement with Deerfield Management
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Arena Pharmaceuticals, Inc. (Nasdaq: ARNA) has agreed to sell 9,953,250 shares of its common stock, at a price of $1.65775 per share, and approximately 9,953 shares of its Series D Convertible Preferred Stock, at a price of $1,657.75 per share, in a registered direct public offering to entities affiliated with Deerfield Management, a healthcare investment organization. The preferred stock is convertible into an aggregate of 9,953,250 shares of Arena common stock. Arena expects to receive gross proceeds of approximately $33 million. The closing of the offering is expected to take place on or about January 13, 2012.
Arena will use $5 million of the proceeds from this offering to prepay a portion of the loan principal that otherwise would have been required to be repaid in June 2013 under the existing Facility Agreement between Arena and Deerfield.
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Arena will use $5 million of the proceeds from this offering to prepay a portion of the loan principal that otherwise would have been required to be repaid in June 2013 under the existing Facility Agreement between Arena and Deerfield.
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