Arena Pharma To Reduce Its US Workforce - Quick Facts

(RTTNews) - Arena Pharmaceuticals, Inc. (ARNA) announced plans to reduce costs as it focuses on the advancement of its research and development priorities. Arena will reduce its US workforce by approximately 80 employees or 35%, which Arena estimates will reduce annualized cash expenditures for personnel by approximately $11.0 million.

The company plans to implement additional cost control measures, including reductions at its Swiss manufacturing facility, Arena Pharmaceuticals GmbH. Arena does not intend to currently advance certain lifecycle management programs for lorcaserin, including evaluating lorcaserin in combination with phentermine and for smoking cessation.

Arena estimates it will incur restructuring charges, primarily in the fourth quarter of 2015, of approximately $3.3 million.