SAN DIEGO, June 15, 2016 /PRNewswire/ -- Arena
Pharmaceuticals, Inc. (NASDAQ: ARNA) today announced that
Kevin R. Lind will join its
management team as Executive Vice President and Chief Financial
Officer, effective June 15,
2016. Mr. Lind will report to Amit D.
Munshi, Arena's President and Chief Executive Officer.
"Kevin is an accomplished executive with significant financial
expertise and will be an exceptional addition to our team," said
Mr. Munshi. "Kevin's broad finance experience in the healthcare
environment will be an asset to us as we move toward implementing a
streamlined, flexible cost structure and operating model, while
enabling us to focus on our highest-potential value-driving
opportunities."
Mr. Lind joins Arena with over 15 years of experience in
healthcare banking and private equity. Prior to Arena, Mr. Lind was
at TPG, most recently as a Principal at TPG Special Situations
Partners and initially at TPG-Axon's Pharma Partners group.
Mr. Lind started his career in various capacities as a healthcare
investment banker at Lehman Brothers, Inc. Mr. Lind received
a B.S. from Stanford University in
Biological Sciences and an M.B.A. from UCLA Anderson School of
Management.
"It is a tremendous opportunity to join Arena at such an
exciting time," said Mr. Lind. "I believe Arena's pipeline has
great potential with its current Phase 2 programs and I look
forward to joining Arena's executive team to assist in delivering
significant value to patients and shareholders."
Inducement Equity Award
In connection with the hiring of Mr. Lind, the Compensation
Committee of Arena's Board of Directors approved an inducement
stock option grant to Mr. Lind to purchase 800,000 shares of Arena
common stock. The option grant will be effective on June 15, 2016, and will have an exercise price
per share equal to the closing price of Arena's common stock on
that date. The non-qualified stock option will have a 7-year term
and will vest over four years, with 25% of the shares subject to
the option vesting one year after the commencement of Mr. Lind's
employment and the remainder of the shares vesting monthly over the
following three years in equal installments, subject to
Mr. Lind's continued service with Arena through the applicable
vesting dates. The vesting of the option is subject to acceleration
in certain circumstances as provided in Arena's Amended and
Restated Severance Benefit Plan. The stock option grant is subject
to the terms and conditions of Arena's 2013 Long-Term Incentive
Plan, as amended, and the stock option agreement pursuant to which
the option is granted.
The stock option is granted as an inducement material to Mr.
Lind entering into employment with Arena in accordance with NASDAQ
listing Rule 5635(c)(4).
About Arena Pharmaceuticals
We are a biopharmaceutical company focused on discovering and
developing novel, small molecule drugs. We are currently directing
our activities and resources primarily on the following
activities:
- Advancing our proprietary clinical programs:
- Etrasimod (APD334) – a next generation, highly specific
modulator of Sphingosine 1-Phosphate Subtype 1 (S1P1)
receptor – in an ongoing Phase 2 clinical trial for ulcerative
colitis, and potentially exploring additional indications,
including beyond inflammatory bowel disease
- Ralinepag (APD811) – an agonist of the prostacyclin receptor –
in an ongoing Phase 2 clinical trial for pulmonary arterial
hypertension (PAH)
- APD371 – an agonist of the cannabinoid-2 (CB2)
receptor – most recently completed a Phase 1 multiple-ascending
dose clinical trial with favorable results, and is under evaluation
for pain indications
- Supporting our collaborations:
- Eisai Inc. and Eisai Co., Ltd. and others – in their
efforts with respect to the approved product BELVIQ for weight
management
- Axovant Sciences Ltd. – in Phase 2 clinical trials for
nelotanserin, an inverse agonist of the serotonin 2A receptor for
central nervous system disorders
- Ildong Pharmaceuticals Co., Ltd. – in a Phase 1 clinical trial
for temanogrel, an inverse agonist of the serotonin 2A receptor for
thrombotic diseases
- Boehringer Ingelheim International GmbH – in preclinical
development of drug candidates targeting a central nervous system
(CNS) receptor for psychiatric diseases
Our US operations are located in San
Diego, California, and our operations outside of
the United States, including our
commercial manufacturing facility, are located in Zofingen,
Switzerland. For more information,
visit Arena's website at www.arenapharm.com.
Arena Pharmaceuticals® and Arena® are
registered service marks of Arena Pharmaceuticals, Inc.
BELVIQ® is a registered trademark of Arena
Pharmaceuticals GmbH.
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 timing and
significance of Mr. Lind's appointment as an executive officer; Mr.
Lind's experience and his expected contribution; implementing a
streamlined, flexible cost structure and operating model;
Arena's pipeline and potential, including in delivering value; the
timing and terms of Mr. Lind's equity award; and Arena's focus,
plans, goals, strategy, expectations, research and development
programs, and ability to discover and 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 following: having adequate funds and other
resources and their effective use; enrollment in the ongoing Phase
2 clinical trials of etrasimod and ralinepag is competitive and
challenging, and their progress, completion and results are
uncertain; recruiting and retaining effective management and other
key employees; risks related to commercializing drugs, including
regulatory, product supply, marketing and use; the focus, efforts
and decisions of collaborators; the entry into, modification or
termination of collaborative arrangements, and risks related to
relying on such arrangements; the timing and receipt of payments
from others; the risk that Arena's revenues are based in part on
estimates, judgment and accounting policies, and incorrect
estimates or disagreement regarding estimates or accounting
policies may result in changes to Arena's guidance or previously
reported results; the timing and outcome of regulatory review is
uncertain, and lorcaserin may not receive any additional marketing
approvals; regulatory decisions in one territory may impact other
regulatory decisions and Arena's business prospects; reimbursement
and pricing decisions; the timing, success and cost of Arena's
research and development; results of clinical trials and other
studies are subject to different interpretations and may not be
predictive of future results; clinical trials and other studies may
not proceed at the time or in the manner expected or at all;
unexpected or unfavorable new data; nonclinical and clinical data
is voluminous and detailed, and regulatory agencies may interpret
or weigh the importance of data differently and reach different
conclusions than Arena or others, request additional information,
have additional recommendations or change their guidance or
requirements before or after approval; data and other information
related to any of Arena's research and development may not meet
regulatory requirements or otherwise be sufficient for (or Arena or
a collaborator may not pursue) further research and development,
regulatory review or approval or continued marketing; intellectual
property rights; and satisfactory resolution of litigation or other
disagreements. 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.
Contact: Arena
Pharmaceuticals, Inc.
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Craig M. Audet,
Ph.D., Senior Vice President, Operations & Head of Global Regulatory
Affairs caudet@arenapharm.com 858.453.7200, ext. 1612
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www.arenapharm.com
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SOURCE Arena Pharmaceuticals, Inc.