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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