SAN DIEGO, March 20, 2017 /PRNewswire/ -- Arena
Pharmaceuticals, Inc. (NASDAQ: ARNA), a biopharmaceutical company
focused on developing novel, small molecule drugs across multiple
therapeutic areas, today announced the appointment of Dr.
Preston Klassen, M.D., M.H.S. as
Executive Vice President, Research and Development and Chief
Medical Officer. Dr. Klassen will report to Amit Munshi, Arena's President and Chief
Executive Officer.
"We are thrilled to have Preston join Arena at this exciting
time," stated Mr. Munshi. "Having previously worked
closely with Preston at Amgen on the global development and launch
of multiple products, I am confident in his ability to lead our
product development efforts as we strive to deliver critical data
on our three Phase 2 assets in 2017."
Dr. Klassen has over 20 years of experience in biopharmaceutical
product development. Most recently, he was Chief Medical Officer of
Laboratoris Sanifit S.L. and prior to that was Executive Vice
President, Head of Global Development at Orexigen Therapeutics,
Inc. Previously, Dr. Klassen held several positions of
increasing responsibility at Amgen Inc., including Therapeutic Area
Head for Nephrology. Prior to joining Amgen, he was a faculty
member in the Division of Nephrology at Duke
University Medical Center. Dr. Klassen received his medical
degree from the University of Nebraska
College of Medicine and completed his residency in internal
medicine, fellowship in nephrology, and masters in health sciences
degree at Duke University.
Inducement Equity Award
In connection with the hiring of Dr. Klassen, the Compensation
Committee of Arena's Board of Directors approved an inducement
stock option grant to Dr. Klassen to purchase 1,293,500 shares of
Arena common stock. The option grant will be effective on
March 20, 2017, 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
Dr. Klassen's employment and the remainder of the shares vesting
monthly over the following three years in equal installments,
subject to Dr. Klassen'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 Dr.
Klassen entering into employment with Arena in accordance with
NASDAQ listing Rule 5635(c)(4).
About Arena Pharmaceuticals
Arena Pharmaceuticals is a
biopharmaceutical company focused on developing novel, small
molecule drugs with optimized receptor pharmacology designed to
deliver broad clinical utility across multiple therapeutic areas.
Our proprietary pipeline includes potentially first- or
best-in-class programs for which we own global commercial
rights. Our three most advanced investigational clinical
programs are ralinepag (APD811) in Phase 2 evaluation for pulmonary
arterial hypertension (PAH), etrasimod (APD334) in Phase 2
evaluation for multiple autoimmune indications, and APD371 entering
Phase 2 evaluation for the treatment of pain associated with
Crohn's disease. In addition, Arena has collaborations with the
following pharmaceutical companies: Eisai Co., Ltd. and Eisai Inc.
(commercial stage), Axovant Sciences (Phase 2 candidate), and
Boehringer Ingelheim International GmbH (preclinical
candidate).
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 Dr. Klassen's
appointment as an executive officer; Dr. Klassen's experience and
his expected contribution; the timing and terms of Dr. Klassen's
equity award; expected results, data readouts and timing relating
to ongoing clinical trials; and Arena's focus, clinical utility,
primary programs and collaborations. 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 those
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
858.210.3636
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SOURCE Arena Pharmaceuticals, Inc.