Boston, MA 10/10/2013 (wallstreetpr) – Arena Pharmaceuticals, Inc. (NASDAQ:ARNA) filed an application seeking marketing rights of its drug. The drug is an anti-obesity drug and helps people to lose weight. Now, the company has withdrawn its application, post which the stock prices of the company fell by 15 percent. The European Medicines Agency’s committee said that there are certain objections pending and due to that the drug cannot be given a green signal.
The health regulators in Europe have objected Arena Pharmaceuticals, Inc. (NASDAQ:ARNA) to market their anti-obesity drug during the end of January this year after tumours were observed in rats. Other disorders include the ones related to heart valve and psychiatric disorders. However, ARNA has refused to say anything on the allegations raised by CHMP. Steve Brozak, who works as an LLC Analyst at WBB securities said that the company’s stock prices have been falling due to any clear response from Arena Pharmaceuticals Inc. on what steps it plans to take to win approval for the drug.
Similar concerns were brought forward by the U.S. Food and Drug Administration back in June 2012 but they approved the drug eventually. This is the only anti-obesity drug that has been approved in United States within a decade’s period. On the other hand, Arena said that they have withdrawn the marketing authorization application or MAA and are planning to re-submit the application on some other date. They say that they cannot resolve any of the alleged objections by CHMP before CHMP issues a final opinion. The two anti-obesity drugs that have been approved by FDA include Belviq or lorcaserin and Qsymia which is being marketed by Vivus Inc.
Arena’s drug is being made in collaboration with Eisai Co Ltd, a Japanese drug making brand and is said to cut down the appetite signals in the mind of a person and makes the person feel full after taking a small portion of meal.
