Cashing in on PhII trial success, Arena to raise $353M to fuel PhIII etrasimod/ralinepag trials
Taking advantage of its stock’s hot position this week, Arena $ARNA is following its promising Phase II data with a public offering that should bring in $353 million for the company.
The company offered 8.5 million shares of its stock at $41.50 per share. That’s not a bad deal for Arena, considering its shares were going for $30 and some change just days ago. But the company’s stock hockey sticked Tuesday following Arena’s announcement that its ulcerative colitis drug etrasimod, a once-daily oral S1P receptor modulator, performed well in Phase II trials.
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