www.arna-info.com

WHY WE HAVE INVESTED IN NASDAQ:ARNA


December 2018

Purpose of this writeup is to share our research, facts, and opinions about Arena. This is not an investment advice.

Arena Pharmaceuticals (Nasdaq: ARNA) Arena is a world leader in development of novel, small molecule drugs with optimized receptor PK/PD. Its highly selective targeting GPCR technology produces highly efficacious drugs with very clean safety profiles. This has been proven by an approved drug and a rich pipeline with stellar data. Arena is poised to deliver at least three more first- or best-in-class compounds addressing multi-billion dollar markets.

·      Ralinepag, a best-in-class agent for pulmonary arterial hypertension (PAH) with stellar phase 2 trial data, demonstrated an unprecedented 20% improvement in pulmonary vascular resistance in patients that were already on dual background therapy. The pharmacokinetic (PK) and pharmacodynamic (PD) characteristics of ralinepag deliver unprecedented intravenous-like pharmacology in an oral medication. FDA discussions are ongoing and phase 3 trial plans (possibly fast-track) will be out shortly.  Three independent phase 3 trials for ralinepag are expected to launch in 2H 2018.  The ralinepag extension study results confirmed the stellar results achieved in the main trial. Oral prostacyclin is expected to grow ~50%, with ralinepag potentially capturing 50% of the class. The differentiation study against selexipag will have a switch design and it's expected that ralinepag will be better than selexipag in improving PVR at peak and trough exposures.

·      Etrasimod is a best-in-class S1P modulator with strong receptor selectivity for both S1P1 and the additional therapeutic targets S1P4 and S1P5.  Unlike competitor compounds, etrasimod has no off-target activity against the deleterious S1P2 and S1P3 receptors.  Etrasimod was generally safe and well tolerated with no serious adverse events recorded at the high dose (2 mg).  Market research indicates that etrasimod has over eighty commercially viable target indications. So far, it has shown class-leading, rapid onset (and offset) of T-lymphocyte counts on a background of no significant off-target safety concerns (cardiovascular, ocular, or hepatic) as seen with competitor compounds.  Etrasimod P2 data readouts (both primary and secondary) were spectacular with 33% of patients in the high dose (2 mg) group achieving clinical remission despite having been exposed to heavy (and often unsuccessful) pre-treatment with biologics. In addition to the UC and Crohn’s Ph3 programs, Arena has an ongoing PBC P2 trial and has disclosed plans for an atopic dermatitis Ph2 trial for next year.

      Nov 2018: ARNA has received a green light from the FDA on an abbreviated registrational design (treat through) for Etrasimod in GI (i.e. should lead to accelerated approval).

·      Olorinab is a best-in-class cannabinoid receptor type 2 (CB2) full agonist for visceral (and other types) of pain and, based upon the literature, may have potent anti-inflammatory activity as well.  ARNA released better than expected P2 data in 3Q2018 showing excellent, statistically significant efficacy and as with Arena's other drugs, excellent safety. The excellent efficacy comes without psychotropic or addictive properties.  Olorinab has virtually zero CB1 activity and does not penetrate the blood brain barrier.

·      Belviq (lorcaserin) is a best-in-class 5HT2c agonist approved for obesity and is designed to avoid the off-target activity (against the 5HT2b receptor) that contributed to the downfall of fenfluramine (fen-phen). Belviq has excellent efficacy and a very clean safety profile. Please see www.belsuccess.com

·      APD418 is a First-in-Class Calcium-independent Myofilament Derepressor (CMD) for Decompensated Heart Failure (DHF).

·      The The ARNA spin-off – Beacon Discovery GPCR research engine – has inked collaborations with Johnson & Johnson, Boehringer Ingelheim, Takeda, Escient Pharmaceuticals, and others. Arena will have a share of Beacon's success. https://www.beacondiscovery.com/our-collaborators.

·      Arena has a large inventory of other compounds and a rich IP war chest.  Management has stated that a new phase 2 ready cardiovascular asset is to be introduced in the 2H of 2018. 

·      Arena spent a billion dollars developing lorcaserin and therefore has a huge tax-loss write-off potential that could prove to be very favorable. 

·      Arena is financially strong and organizationally lean, having gone through a major reset the last two years, with 90% new management. Arena had $593 million in cash as of June 30, 2018 which is augmented with a $800 million infusion from Ralinepag partnership, for a total of around $1.4 billion cash

VALUATION: Currently, Arena is grossly undervalued at around $2 billion (current fair value is $8B+ in our opinion).

·      Ralinepag alone, which has demonstrated best-in-class characteristics and superiority to selexipag (Uptravi).  Ralinepag's fair value is at least $7 billion (J&J paid around $7 billion for Selexipag as part of their Actelion acquisition).  Arena inked a deal with United Therapeutics (Nasdaq: UTHR) who are experts in PAH including a $800 million up front cash, plus $400 million milestone payments, plus double-digit royalties, plus absorbing the development costs of Ralinepag. Given the potential market size of several billions, this deal can prove to be very lucrative, and importantly, provides significant levels of cash for Arena to focus on delivering its crown jewel drug: Etrasimod.

·      Etrasimod shows significant superiority over ozanimod in efficacy and safety at the same level of development and should be valued at $7 billion. Celgene paid that much for Receptos just to get ozanimod.   Recent and unexpected clinical data released by Celgene has raised significant concerns about safety issues (e.g. very long-half life) with ozanimod.   A short half-life (claimed by Receptos) was one of the differentiating safety factors (vs. Gilenya) responsible for the acquisition of Receptos by Celgene.

·      Olorinab is the first-ever highly specific full agonist of the CB2 receptor in development and may represent a suitable replacement for opioids in many pain situations (value: $15 billion+?).

BUYOUT / PARTNERSHIP: Arena is an unheralded, undervalued gem which can significantly boost a large healthcare company’s pipeline and market position. "Big Pharma" which is thirsty for boosting its pipeline could acquire Arena within the next 12 months for over $10 billion (over $200/share).

ETRASIMOD (Arena $ARNA) vs. Ozanimod (Celgene $CELG)

28 Nov 2018, CEO Amit Munshi: "I think it's a just a really big difference between the compound (etrasimod) and is driven predominantly by one was developed in house on the back of 400 scientists, 80 medicinal chemist and one (ozanimod) that was licensed from an academic lab with incomplete medicinal chemistry."

Etrasimod is the only next generation S1P1 modulator.  Discussed superiority in pharmacology and safety vs. Ozanimod and Gilenya

~~~

We do not represent the company, so for more information, please visit www.arenapharm.com or contact Arena’s CFO, Mr. Kevin Lind, at (858) 210-3636.

Sincerely

Arena Private Investor Group





From NASDAQ.com- summary of analyst ratings as of Oct 2018:


From NASDAQ.com- summay of analyst ratings as of 1 July 2019


This website is not sponsored by Arena Pharma. It's put together by a group of investors.You can request to join our mailing list by contacting "mailings.arna" at -- gmail -- dot -- com

Arena's official site is www.arenapharm.com
















Inaccuracies may exist in the transcription


Interview with Amit Munshi by Evercore ISI analyst Dr. Josh Schimmer (28 Nov 2018)

Dr. Schimmer

So thank you for being here Amit. We've known you over the years in many different roles and we continue to ask you questions outside Arena too on a one-off basis, sometimes at fireside chats in foreign countries if you remember.

But today's conversation is all Arena and we're going to focus on -- we're going to focus on your S1P1 primarily, but before we start, perhaps turn it over to you, quick overview of the company for people that don't know Arena and also more importantly your most important corporate priorities currently?

Amit Munshi

Sure. So Arena is a 20 -- now 21-year old company, started off as a discovery research platform on G protein-coupled receptors, really driving what was known at the time to be best in class chemistry, best-in-class pharmacology.

Unfortunately, the company took a little bit of a wrong turn around an obesity asset, about 10 or 12 years into their life cycle, on the back of a drug called Belviq. They raised a little $1 billion in equity capital. And what most people didn't fully realize is they never turned the spigot off on the discovery research engine.

So 400 scientists, 80 medicinal chemists and 0.25 million square feet in San Diego, multiple vivariums, unlimited resources and these scientists developed some unbelievable compounds.

So when Belviq failed commercially, the Board decided to do a reset, brought in new management team. That was in May of 2016. And we began essentially a cleanup process, which took the company down to about 35 people. We've been rebuilding the clinical development group from scratch. We went kind of radio silent for six, seven months. We had our first data in early 2017 from Ralinepag and the product we just finished a partnership deal on. On the back of that we did our first couple of capital raises, began to reset the shareholder base. We were about 75% retail, about a $400 million market cap. Today, we're about just around $2 billion market cap, 87% institutional. So a complete switch of the company in a relatively short amount of time.

We raised about $600 million in equity capital, on the back of these three products that all had positive Phase 2 data read outs. So we're three for three and we recently completed -- just announced pending HSR clearance, a large transaction with United Therapeutics for about a $1.2 billion deal, about $800 million of cash upfront. So we are now sitting with multiple Phase 3 assets.

Company Representative

Did you realize that $800 million upfront cash.

Amit Munshi

There is $800 million upfront, yes.

Analyst

So of the $2 billion -- so currently the valuation is $2 billion market cap and how much of cash you're sitting?

Amit Munshi

$1.2 billion, post the transaction we are sitting on about $1.2 billion, $1.3 billion in cash. And as we'll talk about in a moment, Etrasimod is now unequivocally the only next generation S1P modulator in development. There is nothing even close to it. I'm happy to walk through that today. We also have olorinab that read out in a IBD pain trial. We're taking that now into a Phase 2b IBS pain.

So we'll have two compounds, three indications in GI. We're also taking etrasimod into atopic derm. And we will be initiating a Phase 2b study on that mid-year 2019. So we’ll have four Phase 3 trials and about half a dozen Phase 2 programs between etrasimod and olorinab and then we announced at R&D day some additional early stage compounds in the cardiovascular space.

Analyst

What about the annual OpEx spend in 2019? What does that look like, currently, I mean --

Amit Munshi

Yes. Our last quarter was right. I think it's around $28 million for the quarter. So we're still relatively light. We're just under 200 people inside the company. Now…

Analyst

The annual burn is sub 150. So I guess my question is with the amount of cash on balance sheet, like what exactly are the company's plans?

Amit Munshi

We're ramping up four Phase 3 trials. That number will change. Now we haven't provided guidance.

Analyst

Okay. So it's not looking to spend cash on some product in-licensing arrangements?

Amit Munshi

No, no, we still fly JetBlue.

Analyst

Okay. But -- no, what I mean is from a product in-licensing perspective there is no plans to spend the cash on the balance sheet or any of that, or any one time dividend…

Amit Munshi

Correct.

Analyst

It all stays committed to the project in-house in the really….

Amit Munshi

With one exception, we’re continually look at early stage, meaning preclinical early Phase 1 assets that we think would be a nice fit to our compound long term. So we as we think about a balanced portfolio approach, we've got a whole slew of Phase 3 things happening. We've got a basket of Phase 2 things happening. We've got one preclinical compound. It'd be nice to sort of augment that early basket of things at this juncture.

That's all happened very, very quickly because again rewinding back 24 months we were a company with three pre Phase 2 assets and fortunately for us everything worked and we were able to do a fantastically [organized] [ph] therapeutic [indiscernible] HSR review.

Analyst

Okay, excellent, all right. So maybe just to get a bit more specific then, can you go through the S1P subtype specificity of your lead program and we’ll follow that.

Amit Munshi

Sure. So there are two distinct advantages to Etrasimod. One starts with the pharmacology and the second one is the PKPD. So kind of hit on both. The pharmacology is as most of you know there is five receptor subtypes creatively numbered one through five. You want to touch 1, 4 and 5, you want to avoid 2, and 3.

Analyst

Why?

Amit Munshi

Two and three are associated with a series of adverse consequences including cell proliferation, 3 is associated with additional cardiac toxicity.

Analyst

And what's the data supporting that? Exactly what I was going to get that?

Amit Munshi

It's literally two decades worth of -- would fill up about half this room, like two decades of work on S1P2. S1P2 activity has a host -- it's probably the one that we know the most about. S1P2 activity has implications across a broad range of negative consequences for patients with autoimmune diseases most notably S1P2 opens endothelium epithelial barrier junction.

So we know that Gilenya for example hits S1P2 along with other subtypes. We know clearly that Ozanimod hits S1P2. We have looked at internalization assays. we've published that work and we know that Etrasimod does not.

Opening endothelial and epithelial barrier junctions has implications for adverse events, for sure things like increased LFT, increased PFT some of these things that we've seen with Ozanimod and Gilenya but we have not seen with Etrasimod may be attributable to S1P2. Again through this barrier disruption and disrupting these cell to cell junctions.

Analyst

Would there be any effect on like cardiovascular outcomes?

Amit Munshi

Cardiovascular is really driven by 1 and 3. I'll come back to that in a moment. S1P2 receptor selectivity it's critical to understand that S1P2 opens the junctions and S1P1 closes the junctions. So you've got -- when you're hitting both the receptors you're actually working against yourself, in some of these junctions. Now why is that important. Well that's important because --

Analyst

So the EC50 could look very different between the two, so technically won't exactly be one-to-one.

Amit Munshi

No, it’s not a one to one ratio. But there is definitely activity occurring in both directions. So it's a little bit more complex and I'll touch on that in a moment. Again that's critical for GI conditions because last thing you want to do is you don’t want to affect - further degrade the epithelial lining of the gut.

Importantly and critically when you try to close the junction with S1P1, right, you want to make sure you don't degrade the S1P1 receptor. So something about how Gilenya and Ozanimod hit the S1P1 receptor actually degrades the S1P1 receptor. So does not allow full recycle of the S1P1 receptor.

You could think of it as a [stuck] [ph] receptor and we've seen that in multiple cases with some of these agents and it's just a function of the fact that they have very high potency to the S1P1 receptor. And something about how they're hitting the receptor is causing this issue and whether it's the Gilenya being a pro drug and Ozanimod being an accidental pro drug, it's unclear but it's something about how it's hitting the receptor.

And we do not degrade the receptor remotely to the extent that Ozanimod does. So you're not -- you're opening the junctions but you're not effectively closing the junctions. So that's the P2 activity.

Analyst

Got it, okay.

Amit Munshi

And so let's come back to cardiac issue, she asked about cardiac issue. Again something about how we're hitting the P1 receptor versus Ozanimod and Gilenya has a slightly differential profile on the cardiac. This is an -- on cardiac effects are on target effects for S1P class. First dose monitoring, first dose watching maybe is a better word, is going to be part and parcel of the S1P class, as far as we can tell today.

But importantly unlike Ozanimod we have not seen dozens of cases of second degree AB conduction issues. We have not seen multiple cases as they saw even back in their Phase 1 study of sinoatrial arrest. We have a stockage of conduction between the SA and the AV node.

We haven't seen anything even remotely like that or in fact or without a titration schedule our mean heart rate is all in the single digits from the Phase 2 study and as you recall, with their titration schedule dose mid-teens conduction, mid-teens heart rate drops from their Phase 1 and Phase 2 studies, and their [indiscernible] study.

So important differences in how that the cardiac profiles look between the two compounds and again we don't have a titration schedule they do. So that's the receptor selectivity. On the pharmacology side as we all know now there's this new CC metabolites, the Celgene cooperation metabolite which is the fifth identified metabolite for Receptos, the compound. And that half-life of that is about 10 to 15 days as disclosed by Celgene. And as a consequence, as a clinician, you would not be able to get out quick.

Now interestingly, we've known this for a couple of years, right. We didn't know what the problem was but we've been talking about their lymphocyte recovery from their Phase 1 data so when you withdraw their drug Ozanimod within about two weeks here, about 60% lymphocyte recovery, it looks to be fairly flat, it’s not recovering quickly. Ozanimod and we say Gilenya looks about the same maybe a little bit shorter.

And of course, in our case, when you withdraw the drug within a week, you have 95% lymphocyte recovery right and you'd expect for a drug that truly has a 1 to 1.5 day half-life. So, I think it's a just a really big difference between the compound and is driven predominantly by one was developed in house on the back of 400 scientists, 80 medicinal chemist and one was licensed from an academic lab with incomplete medicinal chemistry.

Analyst

Interesting, interesting. So, that was a bunch of things there, but touching up on a few of the things you mentioned metabolite characterization, have you done that?

Amit Munshi

We have where we develop the compound, right, so we didn't license it from somebody. So everything that has been done, we have brother compound, sister compounds, [indiscernible] compounds. We've looked at this 10 ways to --

Analyst

And what is the half-life of your -- first off what are the metabolites?

Amit Munshi

So we haven't fully disclosed all the metabolites here, but I will tell you that we don't have any metabolite over the 10% threshold.

Analyst

No metabolite over 10%.

Amit Munshi

That 10% threshold is the guidance document, right. If it's over 10% you have to characterize it. And the metabolite has no differential characteristics on pharmacology or pharmaco-kinetics.

Analyst

But if I remember correctly, I think Ozanimod had one metabolite that was just at the 8.8% or something like that. I mean, one of those things that you have to keep an eye out for especially given its half-life. So A, do you have something that's awfully close to 10,B, what is a half longer than a [indiscernible] metabolites?

Amit Munshi

It is not. No.

Analyst

No on both.

Amit Munshi

So it needs diligent backup. This is not a normal line of inquiry, right? If this is a molecule developed at Merck or if it's a molecule developed in house at Janssen this would not be a normal question, right? We don't -- normally you characterize this stuff way before, right?

You don't even have to get to your -- by the time you get to human mass [indiscernible], it ought to be confirmatory, right? Because you've developed the compound, you’ve characterized it, your scientists know how the compound works, you understand the scaffold, you understand the metabolite, the metabolic profile of the compound well before you get to your Phase 3 program and finishing up your human mass [indiscernible].

So this line of inquiry is not a normal line of inquiry. We're asking these questions only simply because Celgene is now ended up with what I like to call an accidental pro-drug. And but we're happy to go through this, because it's an in-house developed compound.

Analyst

Got it. And to be clear, have you done -- okay, so you don't need to do a DBI work, that Celgene [indiscernible] metabolites?

Amit Munshi

Well, we've already -- we know our metabolites, and [indiscernible] different compound. So there's no differential profile.

Analyst

And thought process, given the specificity on the S1P receptor subtypes. My question is what's the thought process by not pursuing MS relapse remitting perhaps even secondary progressive?

Amit Munshi

I answer that two different ways. One is you can do anything, but you can't do everything, right?

Analyst

But when you got $1.2 billion to in cash on balance sheet, you can do everything.

Amit Munshi

Which is why we're pushing hard in derm. We like derm better. Why go after more serious conditions when I can go after conditions that are easier to justify with our risk benefit profile. So with an improved risk benefit profile why go after more serious conditions, that's point number one.

The point number two, at some point Gilenya is going off-patent, Tysabri is going off patent. It's going to be a genericized market in the MS base. It just -- it feels much better to go after things where they can't go after.

Analyst

Or you could say that for Otezla going off patent in psoriasis for example. I know you're [indiscernible] atopic dermatitis. But I think you're doing broadly derm now.

Amit Munshi

We are going atopic derm. Atopic derm, and there maybe some other derm indications. We showed at R&D day with some really nice data on pyoderma gangrenosum. We showed excellent extraintestinal manifestations data that looks suggestive of a really strong profile on the derm space.

Analyst

I had a question on your pyoderma gangrenosum growth. I mean the data looks great and you know you have anecdotal evidence that actually works here. So why did you terminate the study and like pivot to atopic derm rather than develop it when you have that proof of concept.

Amit Munshi

It's a rare disease right. It's [indiscernible] rare disease and from a enrollment perspective I remember we're still sub 200 people at the company, so we’re relatively small company. So we had to make prioritization decisions and we terminated that as we were really scaling up the UC program, right, as we are enrolling that program.

So literally you have to take people off of one program, put them onto another program as a small company. You can't turn a switch on and go from being 35 people where we were in May of 2016 to be a 1,000 people two years later. It's not even – it's a very competitive labor market. You want to get the right talent in the right jobs. You have to scale the company in a somewhat methodical way in order to get done everything you need to get done.

And with PG, we started PG as a hedge and we were concerned about our ability to enroll UC. We enrolled UC way faster than we thought we would. And we did that with some things that we learned in-house about the ulcerative colitis market some of which I don't want to discuss publicly.

And because we're using some of the same tricks in our – some of those same tools rather in our Phase III program where we learned some really important things and as the UC program got fully enrolled we had to make just a prioritization decision. But PG is very interesting. We may come back to it at some point.

Analyst

All right. So this may not be a fair question so tell me if it's not. But I look at Gilenya, half a milligram, I look at Ozanimod it's going for one milligram and I look at the Etrasimod going for up to two milligrams now. Those are not same molecular mass. So my question is what's the molar equivalent of a 2 milligram Etrasimod versus a, Okay, we'll keep going.

Amit Munshi

I'm not sure it even matters but I will tell you is that our 1 milligram on 3 domain remission looks awfully a lot like their 1 milligram. Now they can't push higher than one milligram because they are already having adverse event issues at one milligram, we could easily go up to 2 milligrams with a very clean safety profile.

So our 2 milligram safety profile looks better than Ozanimod's 1 milligram and our 1 milligram efficacy looks like theirs and our 2 milligram efficacy of course --

Analyst

And did you have a dose below 1 milligram in the UC chart.

Amit Munshi

We do not.

Analyst

So could the FDA ask for a lowest effective dose, do we know that?

Amit Munshi

One milligram was not effective, it was not statistically.

Analyst

Okay, the one was not. So you have that.

Amit Munshi

In a 150 patient trial it was not statistically significant.

Analyst

Got it. And then as it relates to just comparing the background population in the Ozanimod UC study which was more mild to moderate than moderate to severe…

Amit Munshi

No, that’s about the same in terms of…

Analyst

I am curious if like did the background matter.

Amit Munshi

We had a more recalcitrant patient population; we had 40% of patients who had failed at anti-TNF or an integrin -- or an integrin, where they only had about 18% biologic failures in there.

Analyst

What’s the efficacy in integrin failures?

Amit Munshi

We’ve not disclosed that for now.

Analyst

Okay, is that potentially for presentation at some point.

Amit Munshi

Just a handful of people.

Analyst

Okay. It's a relevant metric is why I asked.

Amit Munshi

It is a very relevant metric and but against a handful of people it's hard to read. When I mean a handful I literally mean a handful.

Analyst

Okay, excellent.

Analyst

On R&D day you mentioned potentially having an abbreviated registration pathway in GI in using a [3] [ph] study design. And you mentioned you would discuss this proposal with regulators have you had that conversation yet with the FDA.

Amit Munshi

Yes and we have the green light.

Analyst

You have the green light.

Amit Munshi

Yes.

Analyst

Great.

Analyst

Excellent. So my last question, what should we know about the therapeutic deal especially as it relates to what it means to Arena from the -- because you've got 800 million but there's a potential for another 400 million plus royalties, if my understanding is right. So what should we know about what milestones could be ahead that, that’s will be very helpful.

Amit Munshi

The milestones as we discussed one is ex-US approval and the other one is a milestone on the inhaled formulation. So we've already begun some work on the inhaled. United of course is more is better positioned to manage that.

So pending HSR clearance and approval we're going to be -- the product is transformative for United Therapeutics, importantly it's transformative for patients. We think they're in the best -- and it's transformative for us as a deal. And so it couldn't be a better fit. And I think they're just in the best position to bring this to patients as fast as possible.

Analyst

Excellent. Well thank you for being here. Great seeing you.

Question-and-Answer Session

Q -

Amit Munshi

Yeah. Thank you.


APPENDIX -- ABOUT BELVIQ (Aug 2018)

Belviq (lorcaserin) is a best-in-class 5HT2c agonist approved for obesity and is designed to avoid the off-target activity (against the 5HT2b receptor) that contributed to the downfall of fenfluramine (fen-phen).  The medical community has been eagerly awaiting the results of a 6-year, 12,000 patient P4 cardiovascular outcome trial (CVOT) and today (July 17, 2018) Eisai released topline results from this trial where it was established that Belviq met its primary safety objective, finding that long-term treatment with BELVIQ does not increase incidence of MACE, defined as cardiovascular death or non-fatal myocardial infarction or non-fatal stroke, in overweight and obese patients at high risk for CV events. With this result, BELVIQ becomes the first- ever weight loss medication approved for chronic weight management to achieve this objective in a dedicated long-term cardiovascular outcome trial.  These results most importantly demonstrates that chronic use of Belviq does not cause the valvular pathology that was associated with the use of the weight loss blockbuster drug fen-phen.   This alone removes a huge impediment that caused many weight loss doctors to be very cautious about prescribing Belviq for weight loss.   In summary todays preliminary results demonstrated:

1)   BELVIQ became the first medicine used for chronic weight control to establish cardiovascular safety per FDA guidelines
2) A reduction in progression to type 2 diabetes in patients without diabetes

3) Improvement in multiple cardiovascular risk factors including beneficial changes in lipid profiles, blood pressure, blood glucose and renal function.

  1. blood lipid profiles improved
  2. blood pressure lowered
  3. blood glucose levels decreased and
  4. improved renal function

We expect the release of additional detailed and positive data from this trial in the coming months that should help establish Belviq as the premier weight loss drug available today and additionally open up the use of Belviq in additional indications (currently under study) for application in smoking cessation, cocaine abuse, opioid abuse and others

 (Please see www.belsuccess.com, where some patients describe having profound weight-loss of over 100 pounds without any side effects.) CVOT results will allow for label expansion to Type 2 diabetes (T2DM) (interim data suggests prevention of progression to T2DM). Arena receives a tiered royalty (9.5–18.5%) from partner Eisai.








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