SAN DIEGO, Feb. 21, 2020 /PRNewswire/ -- Arena Pharmaceuticals, Inc. (Nasdaq: ARNA) today announced that on February 10, 2020 the Compensation Committee of its Board of Directors granted inducement stock options to purchase an aggregate of 132,100 shares of its common stock to 20 new employees. These inducement stock options have a grant date of February 15, 2020, and were granted as inducements material to the new employees entering into employment with Arena in accordance with Nasdaq Listing Rule 5635(c)(4).
The inducement stock options have an exercise price of $54.00 per share, the closing price of Arena's common stock on February 14, 2020 (which is the last date preceding the grant date on which the closing price of Arena's common stock was reported), are non-qualified stock options, have a seven-year term and vest over four years, with 25% of the shares vesting on the one-year anniversary of the vesting commencement date and the remaining 75% of the shares vesting in equal monthly installments over the following 36 months, subject to the new employee's continued service with Arena through the applicable vesting dates. The inducement stock options are subject to the terms and conditions of Arena's Amended and Restated 2017 Long-Term Equity Incentive Plan.
About Arena Pharmaceuticals Arena Pharmaceuticals is uniquely positioned to develop best-in-disease medicines with optimized efficacy and safety for patients globally. Our drive to deliver a robust pipeline of novel, transformational medicines is grounded in two decades of world class G-protein-coupled receptor (GPCR) discovery research.
It is the breadth and depth of our portfolio, prioritization of drug development to meet unmet patient needs, strong financial health and growing, bold-thinking world-class team that gives Arena the ingredients and passion to build a sustainable, vibrant next-generation pharmaceutical company.
Forward-Looking Statements Certain statements in this press release are forward-looking statements that involve a number of risks and uncertainties. Such forward-looking statements include statements about Arena's position, drive, portfolio, prioritization, financial position, team, and building of the company. For such statements, Arena claims the protection of the Private Securities Litigation Reform Act of 1995. Actual events or results may differ materially from Arena's expectations. Factors that could cause actual results to differ materially from the forward-looking statements include those disclosed in Arena's filings with the Securities and Exchange Commission. These forward-looking statements represent Arena's judgment as of the time of this release. Arena disclaims any intent or obligation to update these forward-looking statements, other than as may be required under applicable law.
Corporate Contact: Kevin R. Lind Arena Pharmaceuticals, Inc. Executive Vice President and Chief Financial Officer [email protected] 858.210.3636