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Arena Pharmaceuticals, a San Diego biotech, today (July 8) offered 12.5 million shares priced at $4.17 each. The stock had closed at $4.67 Tuesday, so the offering price was at an almost 11% discount from the previous day. But this morning, Arena shares have plunged to $4.04. Arena had 80 million shares outstanding May 6. The offering raises the count by 15.6%.

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