SAN DIEGO, June 15, 2016 /PRNewswire/ -- Arena Pharmaceuticals, Inc. (NASDAQ: ARNA) today announced that Kevin R. Lind will join its management team as Executive Vice President and Chief Financial Officer, effective June 15, 2016. Mr. Lind will report to Amit D. Munshi, Arena's President and Chief Executive Officer.
"Kevin is an accomplished executive with significant financial expertise and will be an exceptional addition to our team," said Mr. Munshi. "Kevin's broad finance experience in the healthcare environment will be an asset to us as we move toward implementing a streamlined, flexible cost structure and operating model, while enabling us to focus on our highest-potential value-driving opportunities."
Mr. Lind joins Arena with over 15 years of experience in healthcare banking and private equity. Prior to Arena, Mr. Lind was at TPG, most recently as a Principal at TPG Special Situations Partners and initially at TPG-Axon's Pharma Partners group. Mr. Lind started his career in various capacities as a healthcare investment banker at Lehman Brothers, Inc. Mr. Lind received a B.S. from Stanford University in Biological Sciences and an M.B.A. from UCLA Anderson School of Management.
"It is a tremendous opportunity to join Arena at such an exciting time," said Mr. Lind. "I believe Arena's pipeline has great potential with its current Phase 2 programs and I look forward to joining Arena's executive team to assist in delivering significant value to patients and shareholders."
Inducement Equity Award
In connection with the hiring of Mr. Lind, the Compensation Committee of Arena's Board of Directors approved an inducement stock option grant to Mr. Lind to purchase 800,000 shares of Arena common stock. The option grant will be effective on June 15, 2016, and will have an exercise price per share equal to the closing price of Arena's common stock on that date. The non-qualified stock option will have a 7-year term and will vest over four years, with 25% of the shares subject to the option vesting one year after the commencement of Mr. Lind's employment and the remainder of the shares vesting monthly over the following three years in equal installments, subject to Mr. Lind's continued service with Arena through the applicable vesting dates. The vesting of the option is subject to acceleration in certain circumstances as provided in Arena's Amended and Restated Severance Benefit Plan. The stock option grant is subject to the terms and conditions of Arena's 2013 Long-Term Incentive Plan, as amended, and the stock option agreement pursuant to which the option is granted.
The stock option is granted as an inducement material to Mr. Lind entering into employment with Arena in accordance with NASDAQ listing Rule 5635(c)(4).
About Arena Pharmaceuticals
We are a biopharmaceutical company focused on discovering and developing novel, small molecule drugs. We are currently directing our activities and resources primarily on the following activities:
- Advancing our proprietary clinical programs:
- Etrasimod (APD334) – a next generation, highly specific modulator of Sphingosine 1-Phosphate Subtype 1 (S1P1) receptor – in an ongoing Phase 2 clinical trial for ulcerative colitis, and potentially exploring additional indications, including beyond inflammatory bowel disease
- Ralinepag (APD811) – an agonist of the prostacyclin receptor – in an ongoing Phase 2 clinical trial for pulmonary arterial hypertension (PAH)
- APD371 – an agonist of the cannabinoid-2 (CB2) receptor – most recently completed a Phase 1 multiple-ascending dose clinical trial with favorable results, and is under evaluation for pain indications
- Supporting our collaborations:
- Eisai Inc. and Eisai Co., Ltd. and others – in their efforts with respect to the approved product BELVIQ for weight management
- Axovant Sciences Ltd. – in Phase 2 clinical trials for nelotanserin, an inverse agonist of the serotonin 2A receptor for central nervous system disorders
- Ildong Pharmaceuticals Co., Ltd. – in a Phase 1 clinical trial for temanogrel, an inverse agonist of the serotonin 2A receptor for thrombotic diseases
- Boehringer Ingelheim International GmbH – in preclinical development of drug candidates targeting a central nervous system (CNS) receptor for psychiatric diseases
Our US operations are located in San Diego, California, and our operations outside of the United States, including our commercial manufacturing facility, are located in Zofingen, Switzerland. For more information, visit Arena's website at www.arenapharm.com.
Arena Pharmaceuticals® and Arena® are registered service marks of Arena Pharmaceuticals, Inc. BELVIQ® is a registered trademark of Arena Pharmaceuticals GmbH.
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 the timing and significance of Mr. Lind's appointment as an executive officer; Mr. Lind's experience and his expected contribution; implementing a streamlined, flexible cost structure and operating model; Arena's pipeline and potential, including in delivering value; the timing and terms of Mr. Lind's equity award; and Arena's focus, plans, goals, strategy, expectations, research and development programs, and ability to discover and 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 following: having adequate funds and other resources and their effective use; enrollment in the ongoing Phase 2 clinical trials of etrasimod and ralinepag is competitive and challenging, and their progress, completion and results are uncertain; recruiting and retaining effective management and other key employees; risks related to commercializing drugs, including regulatory, product supply, marketing and use; the focus, efforts and decisions of collaborators; the entry into, modification or termination of collaborative arrangements, and risks related to relying on such arrangements; the timing and receipt of payments from others; the risk that Arena's revenues are based in part on estimates, judgment and accounting policies, and incorrect estimates or disagreement regarding estimates or accounting policies may result in changes to Arena's guidance or previously reported results; the timing and outcome of regulatory review is uncertain, and lorcaserin may not receive any additional marketing approvals; regulatory decisions in one territory may impact other regulatory decisions and Arena's business prospects; reimbursement and pricing decisions; the timing, success and cost of Arena's research and development; results of clinical trials and other studies are subject to different interpretations and may not be predictive of future results; clinical trials and other studies may not proceed at the time or in the manner expected or at all; unexpected or unfavorable new data; nonclinical and clinical data is voluminous and detailed, and regulatory agencies may interpret or weigh the importance of data differently and reach different conclusions than Arena or others, request additional information, have additional recommendations or change their guidance or requirements before or after approval; data and other information related to any of Arena's research and development may not meet regulatory requirements or otherwise be sufficient for (or Arena or a collaborator may not pursue) further research and development, regulatory review or approval or continued marketing; intellectual property rights; and satisfactory resolution of litigation or other disagreements. 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.
Contact: Arena Pharmaceuticals, Inc.
Craig M. Audet, Ph.D., Senior Vice President,
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SOURCE Arena Pharmaceuticals, Inc.