On November 7, 2019 Arena Pharmaceuticals, Inc. (Nasdaq: ARNA) reported financial results for the third quarter ended September 30, 2019 (Press release, Arena Pharmaceuticals, NOV 7, 2019, View Source [SID1234550782]).

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"Arena continues to have a strong 2019 and we remain highly focused on achieving several key clinical and regulatory goals. This year we have initiated multiple important trials, including the etrasimod Phase 3 ELEVATE UC 52 trial, the olorinab Phase 2 CAPTIVATE trial, and the etrasimod Phase 2 ADVISE trial. We remain on track to initiate the etrasimod Ph 2/3 program in Crohn’s disease and to file an IND for APD418 this year," said Amit D. Munshi, President and CEO of Arena. "We look forward to delivering on our exciting milestones and will continue to be bold and creative as we scale our enterprise to advance our pipeline."

Pipeline Update

Etrasimod – Next generation, once-daily, oral, selective sphingosine 1-phosphate (S1P) receptor modulator in development for the treatment of multiple immune-mediated inflammatory diseases

Ulcerative colitis (UC): The global Phase 3 ELEVATE UC registrational program will consist of two key trials to evaluate etrasimod 2 mg in subjects with moderately to severely active UC
ELEVATE UC 52 Phase 3 trial ongoing
ELEVATE UC 12 Phase 3 trial expected to initiate at a later date to optimize speed to market
Crohn’s disease (CD):
Phase 2b/3 program planning ongoing, on track to initiate this year
Atopic dermatitis (AD):
ADVISE Phase 2b trial initiated
Olorinab – Oral, peripherally acting, highly selective, full agonist of cannabinoid receptor 2 (CB2) in development for the treatment of visceral pain associated with gastrointestinal (GI) diseases

Abdominal pain associated with irritable bowel syndrome (IBS): CAPTIVATE Phase 2b trial ongoing
APD418 – First-in-Class Beta-3 AdrR Antagonist and Cardiac Myotrope in preclinical development for the treatment of decompensated heart failure (DHF)

Preclinical program advancing, on track to file IND this year
Etrasimod, olorinab and APD418 are investigational compounds that are not approved for any use in any country.

Financial Update

Third Quarter 2019 Financial Results

Revenues totaled $1.4 million, primarily consisting of $0.8 million of royalty revenue
Research and development expenses totaled $60.3 million, including $6.7 million related to non-cash share-based compensation
General and administrative expenses totaled $20.4 million, including $6.6 million related to non-cash share-based compensation
Net loss was $72.9 million or $1.46 per share
At September 30, 2019, Arena’s cash, cash equivalents and investments balance was approximately $1.2 billion and approximately 50.0 million shares of Arena common stock were outstanding.

Conference Call & Webcast Information
Arena will host a conference call and live webcast with the investment community today, Thursday, November 7, 2019, at 4:30 PM EST to discuss the financial results and provide a corporate update.

When: Thursday, November 7, 2019, at 4:30 PM EST
Dial-in: (877) 643-7155 (United States) or (914) 495-8552 (International)
Conference ID: 2598434

Please join the conference call at least 10 minutes early to register. You can access the live webcast under the investor relations section of Arena’s website at: www.arenapharm.com. A replay of the conference call will be archived under the investor relations section of Arena’s website for 30 days shortly after the call.