Nanotechnology Now

Our NanoNews Digest Sponsors

Heifer International

Wikipedia Affiliate Button

Home > Press > Arrowhead Reports First Quarter Fiscal 2009 Financial Results

Abstract:
Arrowhead Research Corporation (NASDAQ: ARWR) today announced financial results for the first quarter of fiscal 2009 ended December 31, 2008.

Arrowhead Reports First Quarter Fiscal 2009 Financial Results

PASADENA, CA | Posted on February 9th, 2009

FIRST FISCAL QUARTER 2009 AND RECENT BUSINESS HIGHLIGHTS:
· Calando Pharmaceuticals completed its Phase I trial for IT-101, its first anti-cancer drug candidate;
· Calando announced the potential application of its RONDEL™ systemic delivery technology for sepsis, representing an extension of its siRNA delivery technology beyond its initial application to oncology;
· Dr. Mark Tilley, Vice President of Advanced Materials at Arrowhead, was appointed CEO of Unidym, Inc.;
· Subsequent to the close of the quarter, Unidym announced the consolidation of its operations to California's Silicon Valley as part of a series of steps to improve efficiencies and reduce costs within the subsidiary.

"We continued to pursue opportunities to commercialize our subsidiaries' nanotechnology-based solutions in the first fiscal quarter, while simultaneously taking steps to improve our balance sheet," stated Dr. Christopher Anzalone, Arrowhead's President and CEO. "Our subsidiaries' solutions gained further traction, most notably via key milestones reached and a strengthening of existing partnerships with industry leaders such as Samsung Electronics and Tokyo Electron. Furthermore, Calando's IT-101 anti-cancer therapeutic completed its Phase I trials and moved forward with Phase II trials for ovarian cancer, while Calando's first RNAi therapeutic, CALAA-01, continues to move quickly through Phase I trials."

"At the same time, we are clearly operating in an unprecedented economic environment that requires us to take decisive action to ensure that Arrowhead and its subsidiaries remain competitive through the downturn. Central to this effort is a reorganization that focuses each subsidiary's business model on nearer-term revenue streams and is supplemented by aggressive cost-cutting measures. We believe these measures will result in a leaner, more nimble organization."

Dr. Anzalone concluded, "The impact of the cash saving actions taken by Arrowhead and our subsidiaries is expected to become more fully realized as part of our consolidated results in the coming quarters. We expect that our subsidiaries' lower cost structures, coupled with real near-term value creation via partnerships and commercial opportunities, will provide Arrowhead and its subsidiary companies with access to the capital required to realize their potential. As owners of key nanotechnology assets in the areas of advanced materials, biotechnology and clean energy technologies, we believe that Arrowhead has the potential to capitalize on a vast market opportunity."

SELECTED FIRST QUARTER FISCAL 2009 FINANCIAL RESULTS

For the first quarter of fiscal 2009 ended December 31, 2008, Arrowhead reported revenues of $0.7 million, compared with $0.4 million in the same period in the prior year. GAAP consolidated net loss was ($8.0 million), or ($0.19) per undiluted share for the first quarter of fiscal 2009, compared with a loss of ($5.2 million), or ($0.14) per undiluted share in the first quarter of fiscal 2008. The Company's operational use of cash during the first quarter of fiscal 2009 was $7.4 million, compared to $5.8 million in the year-ago period. Arrowhead's consolidated cash flows include approximately $2.5 million raised or committed through a note offering by Calando and $2.0 million of mezzanine financing at Unidym, together with the $0.7 million cash sale of Unidym's equity interest in Ensysce BioSciences, Inc. Cash and cash equivalents totaled $7.6 million as of December 31, 2008, compared with $10.1 million for the fiscal year ended September 30, 2008.

Conference Call Dial-in Details
The Company will conduct a financial announcement conference call today, Monday, February 9, 2009, at 5:00 P.M. ET/2:00 P.M. PT to discuss the Company's results for the quarter. To participate on the conference call, please dial 800-218-8862 or 303-228-2960. Investors may also access a live audio web cast of this conference call on the Company's website at www.arrowheadresearch.com.

A replay of the webcast will be available two hours after the conclusion of the call and will be available for 90 calendar days. An audio replay will also be available approximately two hours after the conclusion of the call and will be made available until Friday, February 13, 2009. The audio replay can be accessed by dialing 800-405-2236 or 303-590-3000 and entering access ID number 11125969#.

####

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. 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. There can be no assurance that Arrowhead or its subsidiaries will be able to sustain operations for expected periods or that any of these entities will be successful in obtaining additional funding needed to sustain operations. 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 disclaim any intent to revise or update publicly any forward-looking statements for any reason.

For more information, please click here

Contacts:
Virginia Dadey
212-514-3707

Copyright © Arrowhead Research Corporation

If you have a comment, please Contact us.

Issuers of news releases, not 7th Wave, Inc. or Nanotechnology Now, are solely responsible for the accuracy of the content.

Bookmark:
Delicious Digg Newsvine Google Yahoo Reddit Magnoliacom Furl Facebook

Related News Press

News and information

Graphene and quantum dots put in motion a CMOS-integrated camera that can see the invisible May 29th, 2017

Ag/ZnO-Nanorods Schottky diodes based UV-PDs are fabricated and tested May 26th, 2017

New metamaterial-enhanced MRI technique tested on humans May 26th, 2017

Controlling 3-D behavior of biological cells using laser holographic techniques May 26th, 2017

Nanotubes/Buckyballs/Fullerenes/Nanorods

Ag/ZnO-Nanorods Schottky diodes based UV-PDs are fabricated and tested May 26th, 2017

Fed grant backs nanofiber development: Rice University joins Department of Energy 'Next Generation Machines' initiative May 10th, 2017

Nanotubes that build themselves April 14th, 2017

Intertronics introduce new nanoparticle deagglomeration technology March 15th, 2017

Nanomedicine

New metamaterial-enhanced MRI technique tested on humans May 26th, 2017

Controlling 3-D behavior of biological cells using laser holographic techniques May 26th, 2017

Zap! Graphene is bad news for bacteria: Rice, Ben-Gurion universities show laser-induced graphene kills bacteria, resists biofouling May 22nd, 2017

Sensors detect disease markers in breath May 19th, 2017

Announcements

Graphene and quantum dots put in motion a CMOS-integrated camera that can see the invisible May 29th, 2017

Ag/ZnO-Nanorods Schottky diodes based UV-PDs are fabricated and tested May 26th, 2017

New metamaterial-enhanced MRI technique tested on humans May 26th, 2017

Controlling 3-D behavior of biological cells using laser holographic techniques May 26th, 2017

Appointments/Promotions/New hires/Resignations/Deaths

Nanometrics Announces Retirement Plans of CEO Timothy Stultz: Dr. Stultz to Continue as Director May 25th, 2017

180 Degree Capital Corp. Announces the Start of Kevin Rendino as Chairman and Chief Executive Officer and Completion of its Transition to a Registered Closed-End Fund March 31st, 2017

Francis Alexander Named Deputy Director of Brookhaven Lab's Computational Science Initiative February 16th, 2017

Nanobiotix appoints senior executive from pharmaceutical industry, as Chief Operating Officer: Oncology industry veteran to oversee operations and product commercialization February 8th, 2017

Financial Reports

Arrowhead Pharmaceuticals to Webcast Fiscal 2017 Second Quarter Results April 27th, 2017

Nanometrics to Announce First Quarter Financial Results on May 2, 2017 April 11th, 2017

Harris & Harris Group Issues Its Financial Statements as of December 31, 2016, Posts Its Annual Shareholder Letter, And Will Host a Conference Call for Shareholders on Friday, March 17, 2017 March 15th, 2017

Arrowhead Pharmaceuticals to Webcast Fiscal 2017 First Quarter Results January 31st, 2017

Events/Classes

Nanomechanics, Inc. to Exhibit at the SEM Conference: Nanoindentation experts will attend and exhibit their instruments at the Conference and Exposition on Experimental and Applied Mechanics in Indianapolis May 25th, 2017

Leti to Demo 1st Wireless UNB Transceiver for ‘Massive Internet of Things’ at RFIC 2017 and IMS 2017: Leti Will also Present Three Papers & Two Workshops on 5G Communications IC Design, from RF to mm-Wave, During IMS 2017 and RFIC 2017 in Hawaii May 24th, 2017

Leti Will Demo World’s-first WVGA 10-µm Pitch GaN Microdisplays for Augmented Reality Video at Display Week in Los Angles: Invited Paper also Will Present Leti’s Success with New Augmented Reality Technology That Reduces Pixel Pitch to Less than 5 Microns May 22nd, 2017

Oxford Instruments Asylum Research and Microscopy and Analysis Present the Webinar: “Video-Rate Atomic Force Microscopy Enables New Research Opportunities” May 9th, 2017

NanoNews-Digest
The latest news from around the world, FREE



  Premium Products
NanoNews-Custom
Only the news you want to read!
 Learn More
NanoTech-Transfer
University Technology Transfer & Patents
 Learn More
NanoStrategies
Full-service, expert consulting
 Learn More











ASP
Nanotechnology Now Featured Books




NNN

The Hunger Project