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Arrowhead Research Corporation (NASDAQ: ARWR) today announced that Paul McDonnel, the Company's Chief Financial Officer, intends to resign as the Company's Chief Financial Officer in order pursue another opportunity out of the state. Mr. McDonnel has agreed to serve as Chief Financial Officer of the Company at least until August 10, 2009 in order to assist with the Company's next quarterly report and the quarterly earnings conference call. On July 6, 2009, Joseph T. Kingsley, Arrowhead's former President and Chief Financial Officer, was named Vice President of Finance and Accounting and will assist the Company with executive and financial management until a permanent replacement is hired.
"We thank Paul for his contributions to the company and are pleased that he will be staying on part time through our quarterly reporting cycle and as needed as a consultant," said Dr. Christopher Anzalone, Arrowhead's President and Chief Executive Officer. "During this transition, we are delighted to report that Mr. Kingsley will rejoin the Company. He has a long history with Arrowhead and we welcome his expertise."
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 seeking to build value for shareholders through the progress of majority owned subsidiaries. Currently, Arrowhead has four subsidiaries commercializing nanotech products and applications and minority investments in two privately held nanobiotech companies.
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