Arena Pharma CEO Jack Lief Forced to Retire

Arena Pharmaceuticals (ARNA), a biopharmaceutical company, said that, at the request of the board of directors, Jack Lief, Arena’s chief executive officer, has retired from the company.

Dr. Harry Hixson, a director of Arena since 2004, has been appointed to serve as interim CEO and interim principal financial officer.

Arena will immediately initiate a search for a new chief executive officer.

Arena also reported that it is conducting an ongoing evaluation of its programs and operations, and intends to provide details regarding its 2016 financial plan later this year.

Hixson served as the chairman of the board of directors of Sequenom, a genomics company, from January 2003 to March 2015, and as its CEO from September 2009 to June 2014.

He previously served as CEO of BrainCells, a drug discovery and development company, from 2004 to 2005, as CEO of Elitra Pharmaceuticals, a biopharmaceutical company, from 1998 to 2003, and in various management positions with Amgen, a biopharmaceutical company, from 1985 to 1991, most recently as COO.

Shares of the San Diego, California-based company rose as much as 3.7% in extended trading. The stock had closed up 8.6% at $2.15 on Monday, paring this year’s losses to 38%.

Companies: Arena Pharmaceuticals, Inc.
Price: 2.25 Price Change: +0.10 Percent Change: +4.65

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