Arena Pharmaceuticals, Inc. Announces Completion Of Common Stock

Published: Dec 13, 2006

SAN DIEGO, Dec. 13 /PRNewswire-FirstCall/ -- Arena Pharmaceuticals, Inc. today announced the completion of a public offering of 13,225,000 shares of its common stock at a public offering price of $13.21 per share, including 1,725,000 shares sold pursuant to the full exercise of an over-allotment option granted to the underwriters. The net proceeds to the company from the sale of shares of its common stock in this offering were approximately $165.1 million.

CIBC World Markets Corp. is acting as sole book-running manager in this offering. Cowen and Company, LLC and Piper Jaffray & Co. are acting as co-lead managers. Needham & Company, LLC, Leerink Swann & Co., Inc., Fortis Securities LLC, Morgan Joseph & Co. Inc. and Oppenheimer & Co. Inc. are acting as co-managers.

Registration statements relating to these securities have become effective by order or rule of the Securities and Exchange Commission. Sales of shares pursuant to this offering may be made only by means of the final prospectus supplement and related prospectus, copies of which can be obtained from CIBC World Markets Corp. by email at, by fax at 212-667-6303, or by mail at CIBC World Markets Corp., Attn: USE Prospectus Department, 9th floor, 622 3rd Ave., NY, NY 10016. This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of, these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such jurisdiction.

Contacts: Jack Lief Carolyn Wang President and CEO WeissComm Partners Media Relations David Walsey 415.946.1065 Director, Corporate Communications Arena Pharmaceuticals, Inc. 858.453.7200, ext. 1682

Arena Pharmaceuticals, Inc.

CONTACT: Jack Lief, President and CEO, or David Walsey, Director,Corporate Communications, both of Arena Pharmaceuticals, Inc.,+1-858-453-7200, ext. 1682; or Carolyn Wang of WeissComm Partners,+1-415-946-1065, Media Relations for Arena Pharmaceuticals, Inc.

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