Small-Cap Biotechnology Stock Arena Pharmaceuticals Inc.’s (ARNA) Shares rising in Today’s Early Market Trading
Shares of Arena Pharmaceuticals Inc. (NASDAQ: ARNA), a clinical-stage biopharmaceutical company engaged in the discovery, development and commercialization of oral drugs that target G protein-coupled receptors, are gaining in early market trading today.
At last check, the small cap stock of Arena was trading 0.56% to $1.78. In the last three trading sessions, Arena shares have gained 10.62%.
Arena Pharmaceuticals recently announced that it agreed to sell 9,953,250 shares of Arena common stock at a price of $1.65775 per share, and approximately 9,953 shares of its Series D Convertible Preferred Stock at a price of $1,657.75 per share in a registered direct public offering to entities affiliated with Deerfield Management.
Arena will use $5 million of the proceeds to prepay a portion of the loan principal that otherwise would have been required to be repaid in June 2013.
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Posted by Mike Zaman
on Tuesday, January 31st, 2012. Filed under Internet, Stocks.
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