Arena Pharmaceuticals, Inc. (ARNA) saw its loss widen to $22.05 million, or $0.09 a share for the quarter ended Mar. 31, 2017. In the previous year period, the company reported a loss of $21.55 million, or $0.09 a share.
Revenue during the quarter plunged 32.73 percent to $6.62 million from $9.85 million in the previous year period. Gross margin for the quarter contracted 1538 basis points over the previous year period to 47.90 percent.
Operating loss for the quarter was $20.50 million, compared with an operating loss of $19.20 million in the previous year period.
"With important clinical data expected over the rest of the year, 2017 promises to be an exciting time for Arena as we focus on driving long-term shareholder value through the continued advancement of our innovative pipeline," said Amit Munshi, president and chief executive officer of Arena. "Our focus for the coming months is to continue to execute across all aspects of our business, including generating top-line readouts for our three proprietary Phase 2 compounds, beginning with ralinepag in July."
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