Healthcare Industry News: rena Pharmaceuticals
News Release - January 3, 2006
Arena Pharmaceuticals Appoints Robert E. Hoffman as Chief Financial OfficerSAN DIEGO, Jan. 3 (HSMN NewsFeed) -- Arena Pharmaceuticals, Inc. (Nasdaq: ARNA ) announced today the appointment of Robert E. Hoffman, C.P.A., as Chief Financial Officer. Mr. Hoffman has been with Arena since its founding in 1997, and will continue to head Arena's financial group as the company's principle financial and accounting officer.
"Robert has consistently displayed great leadership, and has built our financial group and guided its development as we've grown," stated Jack Lief, Arena's President and Chief Executive Officer. "As our CFO, I'm confident Robert will continue doing an outstanding job managing our internal and external financial functions and supporting Arena's ability to effectively develop novel drugs from discovery through commercialization."
Mr. Hoffman also serves as Arena's Chief Accounting Officer. Mr. Hoffman served as Arena's Vice President, Finance from April 2000 to December 2005, and as Arena's Controller prior to April 2000. From 1994 to 1997, Mr. Hoffman served as Assistant Controller for Document Sciences Corporation, a software company. Mr. Hoffman is a member of the Association of Bioscience Financial Officers and of the board of directors of the San Diego County Credit Union. He is also Vice President and director of the San Diego chapter of Financial Executives International and the nominee for chapter President for the 2006-2007 chapter year. Mr. Hoffman holds a B.B.A. from St. Bonaventure University and is licensed as a C.P.A. in the State of California.
About Arena Pharmaceuticals
Arena is a clinical-stage biopharmaceutical company focusing on the discovery, development and commercialization of small molecule drugs in four major therapeutic areas: metabolic, cardiovascular, inflammatory and central nervous system diseases. Arena is developing a broad pipeline of compounds that act on an important class of drug targets called G protein-coupled receptors, or GPCRs, using its knowledge of GPCRs and its technologies, including CART(TM) (Constitutively Activated Receptor Technology) and Melanophore. Arena has three internally discovered, clinical-stage product candidates. Arena's most advanced clinical compound, APD356, a selective 5-HT2C serotonin receptor agonist for the treatment of obesity, is expected to enter Phase 3 clinical development in the middle of 2006. Arena's lead product candidate for the treatment of insomnia, APD125, a compound with a novel mechanism of action (a selective 5-HT2A receptor inverse agonist), is expected to enter Phase 2 clinical development in early 2006. As part of Arena's collaboration with Merck & Co., Inc., an Arena product candidate for the treatment of atherosclerosis and related disorders is in a Phase 1 clinical trial. Arena also has an active collaboration with Ortho-McNeil, Inc., a Johnson & Johnson company, for the treatment of type 2 diabetes.
Arena Pharmaceuticals® and Arena® are registered service marks of the company. CART(TM) is an unregistered service mark of the company. "APD" is an abbreviation for Arena Pharmaceuticals Development.
Certain statements in this press release are forward-looking statements that involve a number of risks and uncertainties. Such forward-looking statements include statements about Mr. Hoffman's performance, the timing of the expected Phase 2 clinical trial of APD125 and the expected Phase 3 clinical trial of APD356, and other statements about Arena's strategy, technologies, preclinical and clinical programs, and ability to develop compounds and commercialize drugs. For such statements, Arena claims the protection of the Private Securities Litigation Reform Act of 1995. Actual events or results may differ materially from Arena's expectations. Factors that could cause actual results to differ materially from the forward-looking statements include, but are not limited to, the FDA may not allow the Phase 2 clinical trial of APD125 to proceed at the time Arena expects or at all, the results of preclinical studies or clinical trials may not be predictive of future results, Arena's ability to partner APD356, APD125 or other of its compounds or programs, the timing, success and cost of Arena's research, out-licensing endeavors and clinical trials, Arena's ability to obtain additional financing, Arena's ability to obtain and defend its patents, and the timing and receipt of payments and fees, if any, from Arena's collaborators. Additional factors that could cause actual results to differ materially from those stated or implied by Arena's forward-looking statements are disclosed in Arena's filings with the Securities and Exchange Commission. These forward-looking statements represent Arena's judgment as of the time of this release. Arena disclaims any intent or obligation to update these forward-looking statements, other than as may be required under applicable law.
Source: Arena Pharmaceuticals
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