Exhibit 99.1
[LOGO]
ARENA PHARMACEUTICALS, INC.
6166 Nancy Ridge Drive
San Diego, California 92121
(858) 453-7200
www.arenapharm.com PRESS RELEASE
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ARENA PHARMACEUTICALS, INC. ANNOUNCES COMPLETION OF ACQUISITION OF BUNSEN RUSH
LABORATORIES, INC.
San Diego, California. February 20, 2001 (Nasdaq: ARNA) /PRNewswire/ Arena
Pharmaceuticals, Inc. ("Arena") today announced the completion of the
acquisition of the outstanding capital stock of Bunsen Rush Laboratories, Inc.
via merger with Arena's wholly-owned subsidiary, BRL Screening, Inc. BRL
Screening is a Delaware corporation headquartered in San Diego, California.
Details regarding the all-cash transaction, having a purchase price of $15
million, were previously announced by Arena and Bunsen Rush on December 27,
2000.
A principal component of the acquisition involves the Melanophore Technology
that Arena believes will be complementary to Arena's CART Technology.
"Melanophore Technology" is a functional-based screening technology used to
identify compounds that interact with cell surface receptors, including known
and orphan G-protein coupled receptors ("GPCRs") and receptor tyrosine kinases.
The functional nature of the Melanophore Technology eliminates the need for
radioactive or fluorescent screening techniques and provides a simple and
sensitive means to detect cellular signals generated by activated GPCRs. The
Melanophore Technology is the subject of issued U.S. Patent Nos. 6,051,386 and
5,462,856, which have been assigned to BRL Screening.
Arena believes that in combination, CART Technology and Melanophore Technology
will provide a powerful means to enhance the discovery of modulators at GPCRs.
CART activation of receptors provides a signal to the cell, and the Melanophore
Technology provides a complementary, simple and sensitive signal detection
system that Arena believes has advantages over other techniques for small
molecule screening.
Ethan A. Lerner, M.D., Ph.D., a co-founder of Bunsen Rush and a named
co-inventor of issued U.S. patents directed to the Melanophore Technology, has
agreed to serve as a consultant to BRL Screening. Michael R. Lerner, M.D.,
Ph.D., also a co-founder of Bunsen Rush and a named co-inventor of the issued
U.S. patents, along with David Unett, Ph.D., have both agreed to join BRL
Screening as employees.
Inquiries regarding licensing opportunities for the Melanophore Technology
should be directed to:
Richard P. Burgoon, Jr. Charles R. Kimmel
BRL SCREENING, INC. Secretary
6150 Nancy Ridge Drive BRL SCREENING, INC.
San Diego, CA 92121 6150 Nancy Ridge Drive
(858) 642 - 0495 San Diego, CA 92121
(858) 642 - 0495
Inquiries regarding licensing opportunities for CART Technology or CART
Technology combined with the Melanophore Technology should be directed to:
Jack Lief Louis J. Scotti
President & CEO Vice President, Business Development
ARENA PHARMACEUTICALS, INC. ARENA PHARMACEUTICALS, INC.
6166 Nancy Ridge Drive 6166 Nancy Ridge Drive
San Diego, CA 92121 San Diego, CA 92121
(858) 453-7200 x223 (858) 453-7200 x302
Certain statements in this press release are forward-looking statements that
involve a number of risks and uncertainties, and actual events or results may
differ materially from Arena's expectations. Statements that are not historical
facts, including statements which are preceded by, followed by, or that include
the words "intends," "will," "plans," "expects," "anticipates," "estimates" and
"believes" or similar statements are forward-looking statements. Important
factors that could cause actual results to differ materially from those stated
or implied by our forward looking statements due to risks and uncertainties
associated with Arena's business include, but are not limited to, the following:
the length of services provided by Drs. Ethan Lerner, Michael Lerner or David
Unett to BRL Screening; acceptance, if any, by third parties of the validity and
enforceability of the patents directed to the Melanophore Technology; the
successful integration of CART Technology and the Melanophore Technology at any
particular receptor target; future quarterly or annual financial results, the
timing, success and cost of preclinical research, out-licensing endeavors and
clinical studies, and receipt of additional milestone payments, if any, from
collaborators. Additional risk factors that could cause actual results to differ
materially from those in our forward looking statements are disclosed in Arena's
SEC reports, including but not limited to Arena's Form S-1 and most recent
quarterly report on Form 10-Q. These forward-looking statements represent
Arena's judgment as of the date of this release. Arena disclaims, however, any
intent or obligation to update these forward-looking statements.
"Arena Pharmaceuticals" is a registered U.S. trademark of the company. "Arena"
and "CART" are trademarks of the company. Arena's headquarters are located at
6166 Nancy Ridge Drive, San Diego, CA 92121. Arena's telephone number is (858)
453-7200. On the Internet, please refer to Arena's website:
http://www.arenapharm.com for further information regarding CART Technology and
the Melanophore Technology.