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SOURCE Arena Pharmaceuticals, Inc.
-- BELVIQ Now Covered by CVS Caremark --
SAN DIEGO, Calif., Feb. 10, 2014 /PRNewswire/ -- Arena Pharmaceuticals, Inc. (NASDAQ: ARNA) today reported that Eisai has secured improved patient access of BELVIQ® (lorcaserin HCl) with two leading healthcare benefit companies, and that the estimated number of insured commercial lives in the United States that have coverage for BELVIQ now exceeds 50 percent.
CVS Caremark customers (employers and health plans) have broadened the coverage of BELVIQ, and eligible CVS Caremark members may have access to BELVIQ in either a preferred or non-preferred brand position depending on the design of the employer benefit or health plan. In addition, Aetna recently announced that it would offer BELVIQ as a preferred brand to eligible patients as part of its pilot program to self-insured plan sponsors nationwide. The Aetna program, which offers access to lifestyle management programs and surgical options, will also measure improvements in health outcomes, productivity and medical costs.
"Securing broad reimbursement coverage for patients is an important part of the foundation for the long-term success of BELVIQ in the United States, and Eisai has continued to demonstrate its expertise in this area," said Jack Lief, Arena's President and Chief Executive Officer. "Over 50 percent of insured commercial lives with coverage for BELVIQ represents a significant increase from the approximately 30 percent of insured commercial lives that were estimated to have coverage at launch in June 2013."
Lonnel Coats, President and Chief Executive Officer of Eisai Inc., added, "We are committed to ensuring that patients have access to BELVIQ. Given how many people are struggling with their weight, it's important to provide treatment options to those who have not been able to sustain long-term weight loss with diet and exercise alone."
A patient's individual coverage for BELVIQ will vary, and may depend on the design of the patient's employer benefit or health plan. The estimated number of insured commercial lives is derived from Fingertip Formulary data, which is generally based on enrollment reported by health plans and pharmacy benefit managers.
About BELVIQ® (lorcaserin HCl) CIV
BELVIQ is believed to decrease food consumption and promote satiety by selectively activating serotonin 2C receptors in the brain. The exact mechanism of action of BELVIQ is not known.
BELVIQ is approved by the US Food and Drug Administration. Eisai markets and distributes BELVIQ in the United States, and Arena manufactures and supplies the finished commercial product from its facility in Switzerland. Eisai and Arena's BELVIQ marketing and supply agreement covers most territories worldwide. For more information about BELVIQ, click here for the full US FDA-approved Product Information or visit www.BELVIQ.com.
BELVIQ is indicated as an adjunct to a reduced-calorie diet and increased physical activity for chronic weight management in adult patients with an initial body mass index (BMI) of:
Limitations of Use:
IMPORTANT SAFETY INFORMATION
Warnings and Precautions
Most Common Adverse Reactions in Clinical Trials
BELVIQ is a federally controlled substance (CIV) because it may be abused or lead to dependence.
About Arena Pharmaceuticals
Arena is a biopharmaceutical company focused on discovering, developing and commercializing novel drugs that target G protein-coupled receptors, or GPCRs, to address unmet medical needs. BELVIQ® (lorcaserin HCl), Arena's internally discovered drug, is approved in the United States, and is under review for regulatory approval in additional territories. Arena's US operations are located in San Diego, California, and its operations outside of the United States, including its commercial manufacturing facility, are located in Zofingen, Switzerland. For more information, visit Arena's website at www.arenapharm.com.
Arena Pharmaceuticals® and Arena® are registered service marks of Arena Pharmaceuticals, Inc. BELVIQ® is a registered trademark of Arena Pharmaceuticals GmbH.
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 the advancement, therapeutic indication, use, safety, efficacy, mechanism of action and potential of BELVIQ; reimbursement coverage of BELVIQ, including the improvement and importance of coverage; CVS Caremark's coverage, the Aetna program and related activities and expectations; the long-term success of BELVIQ; Eisai's commitment to patient access and expertise with respect to reimbursement coverage; the importance of providing treatment options; regulatory review and approval and marketing and distributing of BELVIQ; and Arena's focus, plans, goals, strategy, expectations, research and development programs, and ability to discover and develop compounds and commercialize drugs. 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, but are not limited to, the following: risks related to commercializing drugs, including regulatory, manufacturing, supply and marketing issues and the availability and use of BELVIQ; cash and revenues generated from BELVIQ, including the impact of competition; Arena's revenues will be based in part on estimates, judgment and accounting policies, and incorrect estimates or disagreement regarding estimates or accounting policies may result in changes to Arena's guidance or previously reported results; the timing and outcome of regulatory review is uncertain, and BELVIQ may not be approved for marketing when expected or ever in combination with another drug, for another indication or using a different formulation or in any other territory for any indication; regulatory decisions in one territory may impact other regulatory decisions and Arena's business prospects; government and commercial reimbursement and pricing decisions; risks related to relying on collaborative arrangements; the timing and receipt of payments and fees, if any, from collaborators; the entry into or modification or termination of collaborative arrangements; unexpected or unfavorable new data; nonclinical and clinical data is voluminous and detailed, and regulatory agencies may interpret or weigh the importance of data differently and reach different conclusions than Arena or others, request additional information, have additional recommendations or change their guidance or requirements before or after approval; data and other information related to any of Arena's research and development may not meet regulatory requirements or otherwise be sufficient for (or we or a collaborator may not pursue) further research and development, regulatory review or approval or continued marketing; Arena's ability to obtain and defend patents; the timing, success and cost of Arena's research and development; results of clinical trials and other studies are subject to different interpretations and may not be predictive of future results; clinical trials and other studies may not proceed at the time or in the manner expected or at all; having adequate funds; and satisfactory resolution of litigation or other disagreements with others. Additional factors that could cause actual results to differ materially from those stated or implied by Arena's forward-looking statements are 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.
Contact: Arena Pharmaceuticals, Inc.
Media Contact: Russo Partners
Cindy McGee, Vice President,
David Schull, President
Investor Relations & Alliance Management
858.453.7200, ext. 1479
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