- About Us
- Career Center
- Nano-Social Network
- Nano Consulting
- My Account
Arrowhead Research Corporation (NASDAQ: ARWR) today announced that it has raised approximately $3.2 million in gross proceeds from a private placement of approximately 5.0 million units.
Units were sold for $0.634 each, $0.125 higher than the $0.509 closing bid price of the Company's common stock on the NASDAQ Stock Market on December 11, 2009, the date of the sale. Each unit consisted of one share of newly issued common stock and one warrant to purchase an additional share of common stock at an exercise price of $0.509 per share.
"This capital infusion helps put us on more solid footing for 2010," said Arrowhead's President and CEO, Christopher Anzalone. "These new funds provide the resources to continue Calando's clinical study where we are gaining important headway. The preliminary trial results are encouraging and we expect our data set will ultimately bolster the value of Calando's drug candidate and proprietary RNAi delivery system. In addition, we plan to use funds from this financing to continue exploring exciting new prospects in the nanobiotech space where we see the opportunity to enhance our portfolio and create additional shareholder value."
The Company has agreed to file a registration statement with the Securities and Exchange Commission covering the resale of the shares of common stock issued in the private placement and the shares of common stock issued upon exercise of the warrants.
The shares of common stock and warrants sold in the private placement have not been registered under the Securities Act of 1933, as amended, or state securities laws and may not be offered or sold in the United States absent registration with the Securities and Exchange Commission or an applicable exemption from the registration requirements. The shares and warrants were offered and sold only to accredited investors. The offering is expected to close on or before December 21, 2009.
This news release is not an offer to sell or the solicitation of an offer to buy the shares of common stock or warrants to purchase shares of common stock or any other securities of the Company.
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. For example, there can be no assurance that Calando's clinical trials will be successful or that subsequent findings will be consistent with the initial findings. Arrowhead Research Corporation's most recent Annual Report on Form 10-K and subsequent Quarterly Reports on Form 10-Q 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.
About Arrowhead Research Corporation
Arrowhead Research Corporation (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 and minority investments commercializing nanotech products and applications.
For more information, please click here
The Piacente Group, Inc.
Copyright © Arrowhead Research CorporationIf 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.
|Related News Press|
Forge Nano raises $20 million in Series A Funding: Nano coating technology innovator Forge Nano will use funding to expand manufacturing capacity and grow Lithium-Ion battery opportunities November 3rd, 2016
Quantum obstacle course changes material from superconductor to insulator December 1st, 2016
Throwing new light on printed organic solar cells December 1st, 2016
Nanometrics Reports Second Quarter 2016 Financial Results July 26th, 2016
Nanobiotix revenue for Q2 2016 July 14th, 2016
Nanobiotix Provides Update on Global Development of Lead Product NBTXR3: Seven clinical trials across the world: More than 2/3 of STS patients recruited in the “act.in.sarc” Phase II/III trial: Phase I/II prostate cancer trial now recruiting in the U.S. November 28th, 2016
Making spintronic neurons sing in unison November 18th, 2016