Arena Pharmaceuticals Raises $35.5M in PIPE

San Diego-based Arena Pharmaceuticals, a publicly held developer of pharmaceuticals based on G protein-coupled receptors (GPCRs), announced this morning that it has raised $35.5M in a Series C convertible preferred stock financing. The funding came from Deerfield Management. The firm said $17.7M of the funding would go to prepay a loan from Deerfield Management. Arena's lead compound is a drug for weight management.