Arena Pharmaceuticals, Inc. announced that the Office of the Federal Register filed for public inspection the US Drug Enforcement Administration's (DEA) final rule placing BELVIQ (pronounced BEL-VEEK) into Schedule IV of the Controlled Substances Act. The scheduling designation will be effective 30 days after May 8, 2013's expected publication in the Federal Register. Following the effective date, BELVIQ will be available to patients in the United States by prescription, and Arena will receive $65 million in milestone payments from Eisai Inc. under their marketing and supply agreement. BELVIQ is approved for use as an adjunct to a reduced-calorie diet and increased physical activity for chronic weight management in adult patients with an initial body mass index (BMI) of 30 kg/m(2) or greater (obese), or 27 kg/m(2) or greater (overweight) in the presence of at least one weight-related comorbid condition (e.g., hypertension, dyslipidemia, type 2 diabetes). The indication includes the following limitations of use: The safety and efficacy of coadministration of BELVIQ with other products intended for weight loss and the effect of BELVIQ on cardiovascular morbidity and mortality have not been established. BELVIQ is believed to decrease food consumption and promote satiety by selectively activating serotonin 2C receptors in the brain. The exact mechanism of action of BELVIQ is not known.

Arena Pharmaceuticals, Inc. reported unaudited consolidated earnings results for the first quarter ended March 31, 2013. The company reported total revenue of $2,373,000, net loss applicable to common stockholders of $18,876,000 or $0.09 per basic and diluted share against total revenue of $2,189,000, net loss applicable to common stockholders of $29,401,000 or $0.18 per basic and diluted share a year ago. Total interest and other income of $2.1 million was recognized in the first quarter of 2013, compared to an expense of $7.0 million in the first quarter of 2012. This difference is primarily attributable to a $6.2 million increase in the value of derivative liabilities, a reduction of $1.7 million from the non-cash loss on extinguishment of debt recorded in the first quarter of 2012 and a $1.2 million reduction in interest expense due to repayment of Arena's formerly outstanding loan.

Arena Pharmaceuticals, Inc., Q1 2013 Earnings Call, May 02, 2013