- Arena Pharmaceuticals (ARNA) slumps 19% in response to the pricing of its public offering of 60M shares of common stock at $1.15 per share.
- Underwriters over-allotment is an additional 9M shares.
- Gross proceeds are $69M. Net proceeds will be used for clinical and preclinical development of drug candidates, for general corporate purposes, including working capital.
- Closing date is April 21.