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Arrowhead Research Corporation (Nasdaq: ARWR) announced today that its majority owned subsidiary, Unidym, Inc., has closed its Houston, Texas operation in order to consolidate its carbon nanotube (CNT) production capabilities with the rest of its operations in California's Silicon Valley. This move was the latest in a series of steps taken to improve efficiencies implemented by Unidym's newly appointed chief executive officer, Mark Tilley, Ph.D., who also serves as Arrowhead's Vice President of Advanced Materials.
"Unidym has built what we believe to be a dominant position in high value CNTs for electronics and energy applications by rolling up foundational technologies from over a dozen institutions and acquiring three companies," said Dr. Christopher Anzalone, Arrowhead's chief executive officer. "A challenge for this type of roll-up is integration, and consolidating CNT production in California represents the completion of Unidym's integration of Houston-based Carbon Nanotechnologies, Inc., which was acquired in 2007."
As part of the consolidation, Unidym is also sharpening its focus to better serve its ongoing joint development agreements with touch panel and LCD manufacturers. Unidym's CNT production efforts are now aimed solely at producing the proprietary high grade of material needed for its CNT inks and films for the electronic industry. Unidym is expanding its licensing program to extract value from production of other grades of CNTs for non-core markets.
"Although the timing of the plant closure was based on the expiration of our facility sublease, the decision to consolidate in the Valley is driven by longer term considerations including integration of our business development, R&D and production teams in the same location during our commercial ramp up and an improved cost structure," Dr. Tilley said.
Unidym is a leader in carbon nanotube-based transparent, conductive films (TCFs) for the electronics industry. TCFs are a critical component in devices such as touch panels, displays, and thin-film solar cells. For example, both touch panels and LCDs typically employ two TCF layers per device. Unidym's TCFs offer substantial advantages over the incumbent technology, indium-based metal oxides, including: improved durability, lower processing costs, and lower overall cost structure.
About Arrowhead Research Corporation
Arrowhead Research Corporation (www.arrowheadresearch.com) (NASDAQ:ARWR) is a 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. Currently, Arrowhead has four subsidiaries commercializing nanotech products and applications and investments in two minority-owned subsidiaries.
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995:
This news release contains forward-looking statements within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. These statements are based upon our current expectations and speak only as 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 factors and uncertainties, including 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, the financial resources available to us, and general economic conditions. Arrowhead Research Corporation's 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 Statements on Form S-3, and other SEC filings discuss 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 reason.
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