Arena Pharmaceuticals, Inc. (NASDAQ: ARNA), today provided a corporate update and reported financial results for the fourth quarter and full-year ended December 31, 2017.
"We've made significant progress in 2017, achieving the clinical and corporate objectives we set forth as a new team," said Amit D. Munshi, president and CEO of Arena. "Our focus remains on advancing our potentially best-in-class or best-in-disease pipeline and driving further value in the Company. We look forward to the etrasimod Phase 2 data readout this month and are enthusiastic about the Phase 3 clinical program for ralinepag, which we expect to begin in the second half of 2018."
Pipeline Update
Ralinepag - Oral, next generation, selective prostacyclin receptor agonist intended for the treatment of pulmonary arterial hypertension (PAH)
- Phase 3 clinical program preparations continue to progress
- Expect to initiate three studies within the Phase 3 clinical program in H2 2018
Etrasimod - Oral, next generation, selective sphingosine-1-phosphate (S1P) receptor modulator intended for the potential treatment of multiple immune and inflammatory diseases
- Ulcerative colitis (UC):
- Phase 2 data expected March 2018
- Primary biliary cholangitis (PBC):
- Phase 2 trial currently enrolling patients
- Pyoderma gangrenosum (PG):
- Phase 2 trial currently enrolling patients
APD371 - Oral, peripherally restricted, full agonist of the cannabinoid 2 (CB2) receptor intended for the potential treatment of visceral pain, specifically pain associated with Crohn's disease
- Phase 2 trial currently enrolling patients
- Data expected Q2 2018
Collaborations Update
- Everest Medicines Limited (Everest) partnership
- In December, Arena entered into a development and commercialization partnership with Everest, a C-Bridge Capital-backed biopharmaceutical company focused on developing and commercializing innovative pharmaceutical products in China, for ralinepag and etrasimod in mainland China, Taiwan, China, Hong Kong, S.A.R., China, Macau, S.A.R., China, and South Korea.
- Arena received an upfront payment of $12.0 million, is eligible to receive up to $212.0 million in development and commercial milestone payments, and is entitled to receive up to low double-digit royalties on future net annual sales of both ralinepag and etrasimod.
Corporate Update
- On March 9, 2018 we entered into an Asset Purchase Agreement for the sale of our manufacturing operations located in Zofingen, Switzerland, to Siegfried. The transaction is expected to close on or about March 31, 2018.
Financial Update
Fourth Quarter 2017 Financial Results
- Revenues totaled $15.4 million, consisting of $14.2 million in collaboration revenue, and $1.2 million in royalty revenue from Eisai. Included in the collaboration revenue is the $12.0 million upfront fee Arena received from Everest in connection with the development and commercialization partnership.
- Research and development expenses totaled $20.7 million
- General and administrative expenses totaled $8.3 million
- Net loss attributable to stockholders of Arena was $13.7 million, or $0.35 per share
Full-Year 2017 Financial Results
- Revenues totaled $21.3 million, consisting of $19.6 million in collaboration revenue, and $1.7 million in royalty revenue from Eisai. Included in the collaboration revenue is the $12.0 million upfront fee Arena received from Everest in connection with the development and commercialization partnership, and approximately $7.3 million of revenue from the Boehringer Ingelheim and Axovant collaborations.
- Research and development expenses totaled $71.0 million
- General and administrative expenses totaled $30.3 million
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