Arena Pharmaceuticals Inc. (ARNA) said its Chief Financial
Officer Robert Hoffman has taken a new position in the health-care
industry and will leave the company after it reports its full-year
2010 results.
Hoffman is a veteran of the biopharmaceutical company, having
served as CFO since December of 2005 and having been with the
company since 1997.
"Robert has built a strong finance team at Arena, and we are
focused on ensuring a smooth transition when he departs next
month," said President and Chief Executive Jack Lief.
Arena said Jennifer Bielasz and Carolyn Felzer will "continue to
play key leadership roles in Arena's finance department" in the
interim.
Arena in January said it planned to cut its U.S. work force by
about one-fourth, or 66 employees, as the company continued to
focus on regulatory approval of its proposed diet drug lorcaserin.
The U.S. Food and Drug Administration had rejected the drug in
October because of questions about its effectiveness, as well as
the drug's association with breast-tumor growth in female rat
studies.
Shares of Arena closed at $1.66 and were inactive after hours.
The stock has fallen 46% in the past year.
-By Nathan Becker, Dow Jones Newswires; 212-416-2855;
nathan.becker@dowjones.com;