EXHIBIT 99.1
[ARENA 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 RECEPTOR DISCOVERY COLLABORATION WITH
TAISHO PHARMACEUTICAL CO., LTD.
San Diego, California. March 26, 2001 (Nasdaq: ARNA) /PRNewswire/ Arena
Pharmaceuticals, Inc. today announced that it has entered into a
receptor-discovery research collaboration with Taisho Pharmaceutical Co., Ltd.
Phase I of the collaboration is directed toward identification studies for a
receptor of interest to Taisho. Although the endogenous ligand for the unknown
receptor has been previously identified, to date the corresponding endogenous
receptor has not been discovered. Arena and Taisho believe that the receptor,
once identified, will be a G protein-coupled receptor (GPCR). In the event that
the receptor is identified, cloned and sequenced, Phase II of the collaboration
will focus on the application of Arena's CART Technology to the receptor,
followed by screening of the CART-activated receptor with either or both of
Arena's and Taisho's in-house chemical compound library. Due to the highly
competitive subject matter of the research, the name of the endogenous ligand
was not revealed. Taisho will make a one-time, up-front research and development
fee payment for Phase I of the collaboration. Additional terms and payment
amounts were not provided.
"This is our third agreement with Taisho," stated Jack Lief, Arena's President &
CEO. Mr. Lief further noted that, "Unlike our previous collaborations with
Taisho or our collaborations with other partners, this agreement is focused on
the identification of a receptor of interest to Taisho and is based upon
Taisho's recognition of Arena's expertise, understanding and experience with
GPCRs. We believe that we currently have about half of all human GPCRs available
at Arena. We therefore believe that the odds favor finding a GPCR that binds
with Taisho's endogenous ligand with the receptors that we have in-house.
Because we expect to have all human GPCRs in-house by the end of this year, we
believe that our ability to complete Phase I and move into Phase II of the
collaboration is viable within the next 12 to 18 months."
Arena's CART Technology allows for the direct identification of modulators of G
protein-coupled receptors in a ligand-independent manner, making the technology
particularly useful with respect to orphan GPCRs which are estimated to comprise
approximately 2% of the human genome. Such ligand independent screening is made
possible by genetic alteration of these receptors, using routinely applicable
and proprietary genetic cassettes. Arena has recently initiated "Project
Genesis," an internal program aimed at obtaining all of the human GPCRs,
identifying the location of these
receptors within the human body for purposes of understanding the function of
such receptors, and screening each GPCR to identify receptor modulators that
form the basis of drug candidates. Arena's CART Technology, in conjunction with
Arena's recent acquisition of Bunsen Rush Laboratories, Inc. and the recently
announced genomics database subscription agreement with Celera Genomics, is
intended to facilitate completion of Project Genesis within the next three to
five years.
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 and BRL Screening, Inc.'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," "aim" 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 and
BRL's business include, but are not limited to, the following: identification of
the receptor from the Taisho collaboration as a GPCR; the ability to complete
Phase I of the collaboration with Taisho; the ability to complete Project
Genesis, if at all, within a reasonable time period; 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, most recent quarterly report on Form 10-Q, and most
recent annual report on Form 10-K. These forward-looking statements represent
Arena's judgment as of the date of this release. Arena and BRL disclaim,
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 or BRL Screening's website:
http://www.brlscreening.com for further information regarding CART Technology
and the Melanophore Technology.
For further information, contact: Jack Lief, President & CEO: Extension 223
Joseph Mooney, CFO: Extension 8-508
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