Arena Pharma (ARNA) Enters $35.5M Private Placement
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Arena Pharmaceuticals, Inc. (Nasdaq: ARNA) has entered an agreement to sell 12.15 million common shares at $1.46 per share.
Arena also signed to sell 12,150 shares of its Series C Convertible Preferred Stock, at a price of $1,460 per share.
The sale is being made to affiliates of Deerfield Management.
Gross proceeds of $35.5 million are expected.
Arena will use approximately $17.7 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.
Arena also signed to sell 12,150 shares of its Series C Convertible Preferred Stock, at a price of $1,460 per share.
The sale is being made to affiliates of Deerfield Management.
Gross proceeds of $35.5 million are expected.
Arena will use approximately $17.7 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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