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Home > Press > Arrowhead subsidiary Unidym, and Carbon Nanotechnologies, Inc. close merger

Combination Creates Leader in Carbon Nanotubes

Arrowhead subsidiary Unidym, and Carbon Nanotechnologies, Inc. close merger

PASADENA, CA | Posted on April 23rd, 2007

Arrowhead Research Corporation(NASDAQ: ARWR) announced today that its majority-owned
subsidiary, Unidym, Inc., has closed the merger with Carbon Nanotechnologies,
Inc. ("CNI"). The combined company, which will operate under the
Unidym name, has the dominant portfolio of carbon nanotube-related
patents and is one of the largest manufacturers of carbon nanotubes
in the world. The merger positions the company as a leader in
bringing carbon nanotube-based products to market.

"In addition to integrating the operations of the two companies, our
priority over the coming months will be developing strategic
partnerships and the licensing program," said R. Bruce Stewart,
Arrowhead's Chairman. "We expect the merger to stimulate increased
interest in carbon nanotube technology."

CNI was founded in 2000 by the late Rice University professor Richard
Smalley who received the Nobel Prize for his work in carbon
nanotubes. His pioneering work led to a suite of patents that covers
technologies being used today to develop nanotube-based products. CNI
has more than 100 patents (including 54 issued U.S. patents) and
patent applications covering compositions of matter, methods of
manufacturing, processing and products incorporating carbon
nanotubes, with over 5000 claims in various stages of prosecution.

Unidym is developing carbon nanotube-based products for the
electronics industry. The company's first product is a transparent
electrode that is intended to replace the indium tin oxide (ITO)
electrodes in products such as flat-panel displays used in
televisions, laptop computers, mobile phones and touch screens, solar
cells, and solid state lighting. The total existing market for this
product is approximately $1 billion. Unidym has already provided
samples to potential customers in each of its target industries.
Unidym's second product is a carbon nanotube-based thin film
transistor (TFT) intended for the emerging flexible (also known as
printable) electronics industry.

Under the terms of the deal, Arrowhead transferred to the combined
company its sponsored research agreements with Duke University and
the University of Florida, as well as accelerated an additional
capital contribution of $4 million. Arrowhead maintains
majority-ownership of Unidym.


About Arrowhead Research Corporation
Arrowhead Research Corporation ( ) is a
publicly-traded nanotechnology company commercializing new
technologies in the areas of life sciences, electronics, and energy.
Arrowhead is building value for shareholders through the progress of
majority owned subsidiaries founded on nanotechnologies originally
developed at universities. The company works closely with
universities to source early stage deals and to generate rights to
intellectual property covering promising new nanotechnologies.
Currently, Arrowhead has four subsidiaries commercializing nanotech
products and applications, including anti-cancer drugs, RNAi
therapeutics, carbon-based electronics and compound semiconductor

About Unidym

Unidym, Inc. is developing low-cost, carbon-based materials,
processes, and devices for the electronics industry. The Company's
initial product is a thin, transparent film of carbon nanotubes that
replaces the expensive, failure-prone materials currently employed by
manufacturers of devices such as touch screens, flat panel displays,
and solid state lighting. Unidym is also developing novel carbon
nanotube-based transistors and conductive inks for the printable
electronics industry to replace today's complex and capital intensive
semiconductor manufacturing processes with inexpensive,
solution-based printing processes. Unidym differentiates itself
through its emphasis on low-cost materials and processes, in-house
carbon nanotube production, aggressive partnership strategy, and
significant intellectual property portfolio that includes
foundational IP in both of its initial applications.

About Carbon Nanotechnologies, Inc.

CNI has more than 100 patents and patent applications with a total of
about 5000 claims in various stages of prosecution. The portfolio of
100 patents and applications includes about 850 composition of matter
claims. CNI has several pilot plants to produce single-wall and other
small-diameter carbon nanotubes in operation at its location in west

Safe Harbor Statement under the Private Securities Litigation Reform
Act of 1995

This news release contains forward-looking statements within the
meaning ofthe "safe harbor" provisions of the Private Securities
Litigation Reform Actof 1995. These statements are based upon our
current expectations and speak onlyas of the date hereof. Our actual
results may differ materially and adversely from those expressed in
any forward-looking statements as a result of various factorsand
uncertainties, including the recent economic slowdown affecting
technology companies, the future success of our scientific studies,
our ability to successfully develop products, rapid technological
change in our markets, changes in demand for our future products,
legislative, regulatory and competitive developments and general
economic conditions. Our Annual Report on Form 10-K and 10-K/A,
recent and forthcoming Quarterly Reports on Form 10-Q and 10-Q/A,
recent Current Reports on Forms 8-K and 8-K/A, our Registration
Statement on Form S-3, and other SEC filingsdiscuss some of the
important risk factors that may affect our business, results of
operations and financial condition. We undertake no obligation to
revise or update publicly any forward-looking statements for any

For more information, please click here

Virginia Dadey; Vice President, Investor Relations
Telephone: 212.541.3707

Sean Olson, President
Telephone: 626.304.3400

Copyright © Arrowhead Research Corporation

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