SAN DIEGO, and WOODCLIFF LAKE, N.J., Sept 16, 2010 /PRNewswire via COMTEX News Network/ -- Arena Pharmaceuticals, Inc. (Nasdaq: ARNA) and Eisai Inc. announced today that the US Food and Drug Administration (FDA) Endocrinologic and Metabolic Drugs Advisory Committee voted 9 to 5 that the available data do not adequately demonstrate that the potential benefits of lorcaserin outweigh the potential risks, when used long-term in a population of overweight and obese individuals to allow marketing approval. Lorcaserin, which Arena discovered and has developed, is intended for weight management, including weight loss and maintenance of weight loss, in patients who are obese (Body Mass Index, or BMI, >30) or patients who are overweight (BMI >27) and have at least one weight-related co-morbid condition
"We believe that lorcaserin has a positive benefit-risk profile and represents a potential advance in the treatment of obesity," said Jack Lief, Arena's President and Chief Executive Officer. "We will work with the FDA as the agency completes its review of the lorcaserin new drug application." Here is full stroy
Arena Pharmaceuticals, Inc ARNA Stock Technical analysis stock:
Shares of Arena Pharmaceuticals, Inc. is trading $2.20 because FDA decision. Arena Pharmaceuticals will now have support level is $2. If ARNA can break back up through $4.50, I will jump in for a trade but longer term stock has solid support under $2 that is long term buy. Here is weekly chart short sold support area is $2.
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