San Diego's Arena Pharmaceuticals Inc. (Nasdaq: ARNA) has reported its financial results for the second quarter of 2014, and said its weight loss drug Belviq continues to extend its reach around the world.
For the quarter ended June 30, Arena posted $7.48 million in net income on $12.8 million in revenues, compared with $40.1 million in net income on $68.92 million in revenues for the like period a year earlier.
For the six months ended June 30, Arena recorded a loss of $17.77 million on $19.61 million in revenues, compared to $21.22 million in net income on $71.3 million in revenues for the first six months of 2013.
Arena said net income and revenues have dropped because of substantial investments in Belviq.
Arena reported that IMS Health estimates approximately 110,000 prescriptions for Belviq were filled in the second quarter of 2014, representing growth of approximately 43 percent in total prescriptions as compared to the previous quarter.
Arena's partner on the Belviq drug Eisai reported that it planned to increase its sales force by more than 200 to approximately 600 to handle the demand for the drug, which will enable them to reach 92,000 physicians across the United States.
Arena and Eisai also completed enrollment of a 12-week, Phase 2, proof-of-concept trial of approximately 600 active smokers to evaluate their lorcaserin drug as an aid to smoking cessation, and completed enrollment in a pilot study of approximately 225 patients to evaluate the safety of co-administration of lorcaserin with phentermine. Results are expected for both of these studies around the end of the year.
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