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Arrowhead Research Corporation (NASDAQ: ARWR) ("the Company") today announced that it has completed the first phase of its strategy to increase ownership in its electronics films subsidiary, Unidym Inc. as previously announced at its annual shareholder meeting on March 26, 2009. On July 15, 2009, Arrowhead agreed to a stock swap transaction with existing Unidym shareholders, most recent in a series of transactions that increased Arrowhead's ownership of Unidym to 70%. This follows recent milestones achieved by the Unidym, including progress toward commercialization in target displays markets, expanding its partnership model and aggressively reducing cash burn.
The transactions consist of:
∑ The agreement on July 15, 2009 to exchange approximately 750,000 shares of newly issued Arrowhead common stock in exchange for an equal number of Unidym Series C preferred stock with Unidym stockholders;
∑ The issuance and exchange of approximately 1.9 million shares of Arrowhead common stock for approximately 1.1 million shares of Unidym Series C Preferred Stock and 833,333 shares of Unidym Series C-1 Preferred Stock effective June 25, 2009;
∑ The investment by Arrowhead of approximately $875,000 of cash and the conversion of $950,000 of intercompany loans into Unidym Series C-1 Preferred Stock on May 12, 2009 and June 25, 2009; and
∑ The issuance and exchange of approximately 1.3 million shares of Arrowhead common stock to several Unidym stockholders for an equal number of Unidym Series A Preferred Stock completed June 11, 2009.
Pursuant to the agreements, the Arrowhead stock issued in the exchanges may not be sold for one year from the date of each agreement.
"Our ownership increase in Unidym is a key component of our 2009 strategic plan to capture value generated from Unidym's penetration of high-growth touch-screen and LCD markets," stated Dr. Christopher Anzalone, President and Chief Executive Officer of Arrowhead. "We are pleased with Unidym's success in forming and maintaining high quality partnerships and in continuing its penetration of the touch-screen and LCD markets despite challenging economic conditions. Our ownership increase in Unidym also reflects our confidence in Unidym's ongoing ability to pursue near-term commercialization opportunities in these markets."
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.
About Unidym Inc.
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.
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 current recessionary environment, capital resources available to us, 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 most recent Annual Report on Form 10-K and subsequent Quarterly Reports on Form 10-Q 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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Kristen McNally/Brandi Floberg
The Piacente Group, Inc.
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