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SOURCE Arena Pharmaceuticals, Inc.
-- Eisai's Filing for Approval of BELVIQ as a Treatment for Chronic Weight Management Triggers $500,000 Milestone Payment to Arena --
SAN DIEGO, Feb. 12, 2014 /PRNewswire/ -- Arena Pharmaceuticals, Inc. (NASDAQ: ARNA) announced today that Eisai Laboratorios Ltda., a subsidiary of Eisai Inc., has filed for marketing authorization of BELVIQ® as a treatment for chronic weight management with the Brazilian Health Surveillance Agency (Anvisa). In connection with the filing, Arena will receive a milestone payment of $500,000 from Eisai.
"With over half of adults in Brazil being overweight or obese, there is a significant need for new chronic weight management treatments to help address this medical need," said Jack Lief, Arena's President and Chief Executive Officer. "The filing of this marketing application further illustrates Eisai's commitment to make BELVIQ available to patients and physicians around the world."
BELVIQ is being submitted for marketing authorization in Brazil as an adjunct to a reduced-calorie diet and increased physical activity for chronic weight management in adult obese patients (initial body mass index, or BMI, = 30 kg/m2), or overweight patients (initial BMI = 27 kg/m2) in the presence of at least one weight-related comorbid condition (e.g., hypertension, dyslipidemia, cardiovascular disease, type 2 diabetes managed with oral hypoglycemic agents, or sleep apnea).
Eisai is responsible for seeking the regulatory approval and the subsequent marketing and distribution of BELVIQ in Brazil. Arena has granted Eisai marketing and distribution rights to BELVIQ for all countries worldwide, except South Korea, Taiwan, Australia, New Zealand and Israel. Arena manufactures BELVIQ at its facility in Switzerland, and sells finished commercial product to Eisai for distribution. Arena is eligible to receive payments based upon Eisai's net sales of BELVIQ, and is also eligible to receive regulatory and development milestone payments.
About BELVIQ® (lorcaserin HCl)
BELVIQ is believed to decrease food consumption and promote satiety by selectively activating serotonin 2C receptors in the brain. The exact mechanism of action of BELVIQ is not known.
BELVIQ® (lorcaserin HCl) CIV is Approved for Marketing in the United States by the US Food and Drug Administration (FDA)
BELVIQ is indicated in the United States as an adjunct to a reduced-calorie diet and increased physical activity for chronic weight management in adult patients with an initial BMI of:
Limitations of Use:
IMPORTANT SAFETY INFORMATION
Warnings and Precautions
Most Common Adverse Reactions in Clinical Trials
BELVIQ is a federally controlled substance that may lead to abuse or dependence.
About Arena Pharmaceuticals
Arena is a biopharmaceutical company focused on discovering, developing and commercializing novel drugs that target G protein-coupled receptors, or GPCRs, to address unmet medical needs. BELVIQ® (lorcaserin HCl), Arena's internally discovered drug, is approved for marketing in the United States, and is under review for regulatory approval in additional territories. Arena's US operations are located in San Diego, California, and its operations outside of the United States, including its 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 trademark of Arena Pharmaceuticals GmbH, and is registered in the United States and pending in Brazil.
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 advancement, therapeutic indication, use, safety, efficacy, mechanism of action and potential of BELVIQ or lorcaserin; regulatory review and approval, manufacture, sale, and marketing and distribution of BELVIQ; rights, obligations, payments, expectations and activities related to the marketing and supply agreement with Eisai; the prevalence of overweight and obesity in Brazil, the need for new treatments and addressing such need; Eisai's commitment to make BELVIQ available around the world; 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: risks related to commercializing drugs, including regulatory, manufacturing, supply and marketing issues and the availability and use of BELVIQ; cash and revenues generated from BELVIQ, including the impact of competition; Arena's revenues will be 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 BELVIQ may not be approved for marketing when expected or ever in combination with another drug, for another indication or using a different formulation or in any other territory for any indication; regulatory decisions in one territory may impact other regulatory decisions and Arena's business prospects; government and commercial reimbursement and pricing decisions; risks related to relying on collaborative arrangements; the timing and receipt of payments and fees, if any, from collaborators; the entry into or modification or termination of collaborative arrangements; 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 its collaborator, as applicable, may not pursue) further research and development, regulatory review or approval or continued marketing; Arena's ability to obtain and defend patents; 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; having adequate funds; and satisfactory resolution of litigation or other disagreements with others. 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.
Media Contact: Russo Partners
Cindy McGee, Vice President,
David Schull, President
Investor Relations & Alliance Management
858.453.7200, ext. 1479
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