Arena Pharmaceuticals, Inc. Announces Initiation Of Phase 1 Clinical Trial Of Arena Type 2 Diabetes Drug Candidate In Collaboration With Ortho-McNeil Pharmaceutical, Inc.

SAN DIEGO, Feb. 7 /PRNewswire-FirstCall/ -- Arena Pharmaceuticals, Inc. announced today that Ortho-McNeil, Inc., a Johnson & Johnson company, initiated a Phase 1 clinical trial of APD668, a novel orally administered drug candidate discovered by Arena for the treatment of Type 2 diabetes. The Phase 1 clinical trial triggers a $5 million milestone payment to Arena under its collaboration with Ortho-McNeil to develop compounds targeting the Glucose-Dependent Insulinotropic Receptor, or GDIR (previously referred to by Arena as the 19AJ receptor). The GDIR is a novel receptor discovered by Arena that has the potential to stimulate insulin production in response to increases in blood glucose.

"This continues to be an excellent and productive collaboration. We are very pleased with Ortho-McNeil as a partner and the priority they have placed on this program," stated Jack Lief, Arena's President and CEO. "We look forward to working with Ortho-McNeil to continue the progress of this program in 2006."

Ortho-McNeil's Phase 1 clinical trial will enroll healthy volunteers in a randomized, double-blinded, placebo-controlled study evaluating the safety, tolerability, pharmacokinetics and pharmacodynamics of single escalating doses of APD668. The Phase 1 trial will also include measuring responses to a glucose challenge to examine early evidence of potential efficacy in treating Type 2 diabetes.

About the Glucose-Dependent Insulinotropic Receptor (GDIR)

GDIR (previously referred to by Arena as the 19AJ receptor) is an orphan G protein-coupled receptor, or GPCR, discovered by Arena and expressed in beta cells, which are cells in the pancreas that produce insulin in response to increases in blood glucose. APD668 is a novel, highly potent and orally active GDIR agonist intended to more efficiently stimulate insulin release by beta cells in response to elevated blood glucose levels, and to also avoid hypoglycemia.

Unlike the GLP-1 receptor, another beta-cell receptor that modulates insulin secretion in a glucose-dependent manner, the GDIR is amenable to small molecule, orally active, drug development. Arena has discovered potent, selective and orally available small molecule agonists of the GDIR that improve glucose tolerance and lower blood glucose levels in preclinical models of diabetes. The GDIR mechanism is glucose dependent: in preclinical studies, GDIR agonists only lowered blood glucose when it rose above normal levels, such as after a meal. Therefore, unlike the glucose-insensitive sulfonylureas, Arena's GDIR agonists are not expected to lower normal fasting blood glucose levels or cause hypoglycemia. In addition, GDIR stimulation has been found to increase the levels and activity of intracellular factors thought to be involved in the preservation of beta cells.

About Diabetes

Diabetes is a major worldwide disease. The International Diabetes Foundation estimated that, in 2005, there were 194 million adults with diabetes worldwide, an increase of over 40% since 1995. Approximately 90% of diabetics, or 175 million people, suffer from Type 2 diabetes, the adult-onset form of the disease. Type 2 diabetes is characterized by inadequate response to insulin and/or inadequate secretion of insulin as blood glucose levels rise. Therapies for Type 2 diabetes are directed toward correcting the body's inadequate response with oral and injectable medications, or directly modifying insulin levels by injection of insulin or insulin analogs. The worldwide market for diabetes medications exceeded $10 billion and oral anti- diabetes drugs exceeded $6 billion in 2004.

About Arena Pharmaceuticals

Arena is a clinical-stage biopharmaceutical company focusing on the discovery, development and commercialization of small molecule drugs in four major therapeutic areas: metabolic, central nervous system, cardiovascular and inflammatory diseases. Arena is developing a broad pipeline of compounds targeting an important class of drug targets called G protein-coupled receptors, or GPCRs, using its knowledge of GPCRs and its technologies, including CART(TM) (Constitutively Activated Receptor Technology) and Melanophore. Arena has four internally discovered, clinical-stage drug candidates for major diseases. The most advanced is APD356, a selective 5- HT2C serotonin receptor agonist under investigation for the treatment of obesity that is expected to enter Phase 3 clinical development in the second half of 2006. Arena's lead drug candidate for the treatment of insomnia, APD125, is a compound with a novel mechanism of action (a selective 5-HT2A receptor inverse agonist) that is expected to enter Phase 2 clinical development in the first quarter of 2006. Arena also has two clinical-stage collaborations with major pharmaceutical companies. As part of its collaboration with Merck & Co., Inc., Merck began a Phase 1 clinical trial of an Arena-discovered drug candidate for the treatment of atherosclerosis and related disorders in the third quarter of 2005, and, as part of its collaboration with Ortho-McNeil, Inc., a Johnson & Johnson company, Ortho- McNeil began a Phase 1 clinical trial of APD668, an Arena-discovered drug candidate for the treatment of Type 2 diabetes in February 2006.

Forward-Looking Statements

Certain statements in this press release are forward-looking statements that involve a number of risks and uncertainties. Such forward-looking statements include statements about the potential of APD668 and GDIR in the treatment of Type 2 diabetes, the potential of Arena's collaboration with Ortho-McNeil, the tolerability, side effects and efficacy of APD668, the expected protocol of the Phase 1 clinical trial of APD668, the timing of the expected Phase 2 clinical trial of APD125 and the expected Phase 3 clinical trial of APD356, and other statements about Arena's strategy, technologies, preclinical and clinical programs, and ability to develop compounds and commercialize drugs. For such statements, Arena claims the protection of the Private Securities Litigation Reform Act of 1995. Actual events or results may differ materially from Arena's expectations. Factors that could cause actual results to differ materially from the forward-looking statements include, but are not limited to, the FDA may not allow the Phase 2 clinical trial of APD125 to proceed at the time Arena expects or at all, the results of preclinical studies or clinical trials may not be predictive of future results, Arena's ability to partner APD356, APD125 or other of its compounds or programs, the timing, success and cost of Arena's research, out-licensing endeavors and clinical trials, Arena's ability to obtain additional financing, Arena's ability to obtain and defend its patents, and the timing and receipt of payments and fees, if any, from Arena's collaborators. Additional factors that could cause actual results to differ materially from those stated or implied by Arena's forward-looking statements are disclosed in Arena's filings with the Securities and Exchange Commission. These forward-looking statements represent Arena's judgment as of the time of this release. Arena disclaims any intent or obligation to update these forward-looking statements, other than as may be required under applicable law.

Contacts: Jack Lief Carin Canale President and CEO Porter Novelli Life Sciences Media & Investor Relations David Walsey (858) 527-3498 Director, Corporate Communications Arena Pharmaceuticals (858) 453-7200, ext. 1682 www.arenapharm.com

Arena Pharmaceuticals, Inc.

CONTACT: Jack Lief, President and CEO, or David Walsey, Director,Corporate Communications, both of Arena Pharmaceuticals, +1-858-453-7200,ext. 1682; or Media & Investor Relations, Carin Canale of Porter NovelliLife Sciences, +1-858-527-3498, for Arena Pharmaceuticals

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