SAN DIEGO (AP) — Arena Pharmaceuticals Inc. said Tuesday that the Food and Drug Administration will make a new ruling on its obesity drug lorcaserin by June 27.
Arena is developing lorcaserin with Japanese drugmaker Eisai. The FDA refused to approve lorcaserin in October 2010 because there was limited effectiveness that it works, and because the drug was linked to tumors in rats during preclinical studies. Earlier this month, Arena and Eisai submitted new information that evaluated the link between lorcaserin and cancer, and new data from late-stage trials involving diabetes patients.
Shares of Arena jumped 17 cents, or 10.9 percent, to $1.78 in midday trading.