SAN DIEGO, Aug. 15, 2016 /PRNewswire/ -- Arena
Pharmaceuticals, Inc. (NASDAQ: ARNA) announced that Vincent Aurentz will join its management team as
Executive Vice President and Chief Business Officer, effective
today. Mr. Aurentz will report to Amit Munshi, Arena's President and Chief
Executive Officer.
"I am excited to have Vince join us at Arena," said Mr. Munshi. "His experience in
product planning, operations and corporate development will add
significant value as we continue our transition from a discovery
research company to an execution-driven, clinically focused
company."
Mr. Aurentz joins Arena with over 27 years of experience in the
pharmaceutical and biotech industry. Prior to Arena, Mr. Aurentz
served as the Chief Business Officer of Epirus Biopharmaceuticals.
Prior to that, Mr. Aurentz served as President of HemoShear
Therapeutics, where he oversaw the scientific and business
development efforts including collaborations with global
organizations such as Pfizer, Eli Lilly, Janssen R&D and
Children's National Health System. Before his time at HemoShear
Therapeutics, Mr. Aurentz was Executive Vice President and a member
of the Executive Management Board at Merck KGaA (Merck Serono)
where he directed R&D programs, portfolio strategy and headed
deal activity and venture investments. Mr. Aurentz is a former
Executive Vice President at Quintiles, and Co-founder and Managing
Director of a venture capital and advisory business. He started his
career at Andersen Consulting (now Accenture).
"I am thrilled to be a part of Arena as it re-orients its
priorities to deliver first or best-in-class compounds in a timely
and cost-conscious manner," said
Mr. Aurentz. "I look forward to working with the team to unlock the
value in our portfolio of three Phase 2 programs and multiple
partner collaborations."
Inducement Equity Award
In connection with the hiring of Mr. Aurentz, the Compensation
Committee of Arena's Board of Directors approved an inducement
stock option grant to Mr. Aurentz to purchase 800,000 shares of
Arena common stock. The option grant will be effective on
August 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. Aurentz's employment and the remainder of the shares vesting
monthly over the following three years in equal installments,
subject to Mr. Aurentz'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.
Aurentz entering into employment with Arena in accordance with
NASDAQ listing Rule 5635(c)(4).
About Arena Pharmaceuticals
We are a biopharmaceutical company focused on developing novel,
small molecule drugs across a range of therapeutic areas. We
have three primary proprietary clinical programs: etrasimod
(APD334) in Phase 2 evaluation for ulcerative colitis, APD371
entering Phase 2 evaluation for the treatment of pain associated
with Crohn's disease, and ralinepag (APD811) in Phase 2 evaluation
for pulmonary arterial hypertension (PAH). Additionally, we
have collaborations with four pharmaceutical companies: Eisai Co.,
Ltd. and Eisai Inc. (commercial stage), Axovant Sciences Ltd.
(Phase 2 candidate), Ildong Pharmaceuticals Co., Ltd. (Phase 1
candidate), and Boehringer Ingelheim International GmbH
(preclinical candidate).
Our US operations are located in San
Diego, California. Our primary clinical operations are
located in Zug, Switzerland, and
our commercial manufacturing for BELVIQ is located in Zofingen,
Switzerland.
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. Aurentz's appointment as an executive officer;
Mr. Aurentz's experience and his expected contribution; Arena's
transition from a discovery research company to a clinically
focused company; re-orienting priorities and delivering compounds
in a timely and cost conscious manner; Arena's pipeline of programs
and potential, including in delivering value; the timing and terms
of Mr. Aurentz'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 Phase 2 clinical trials 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.
Kevin R. Lind, Chief Financial
Officer
klind@arenapharm.com
858.453.7200 x1716
www.arenapharm.com
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SOURCE Arena Pharmaceuticals, Inc.