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Arrowhead Research Corporation (NASDAQ: ARWR) ("the Company") today announced that it has increased its ownership of majority owned subsidiary Calando Pharmaceuticals through the exchange of Calando Series A Preferred Stock for Arrowhead warrants. This exchange follows recent milestones achieved by Calando, including several notable first accomplishments in RNAi technology. These include proof of the first definitive systemic siRNA delivery and first to show RNAi mediated knockdown of target mRNA and protein in humans.
"We see significant value in Calando and, therefore, are interested in maximizing our ownership position in the company," said Christopher Anzalone, Arrowhead's CEO. "Acquisition of this majority block of Calando Series A stock is a good transaction for us because it increases our ownership in Calando and enables us additional flexibility as we work to negotiate the right partnership or series of partnerships for Calando's industry leading RNAi delivery platform and exciting therapeutic candidate, CALAA-01. Calando is making continued progress toward completing the phase 1 clinical trial of CALAA-01 and interfacing with potential strategic partners."
Pursuant to the exchange agreement between Arrowhead and the Calando Series A holders, Arrowhead exchanged a warrant to purchase approximately 3.9 million shares of Arrowhead stock for Calando Series A Preferred Stock with a liquidation preference of approximately $3.9 million. The Calando preferred stock is convertible into 2.7 million shares of Calando common stock at the discretion of the holder. The warrants have an exercise price of $0.50 per share and are exercisable beginning March 17, 2011, with an expiration date of September 16, 2015.
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 and electronics. Arrowhead is seeking to build value for shareholders through the progress of its portfolio companies. Currently, Arrowhead is focused primarily on its two majority owned subsidiaries, Unidym, a leader in carbon nanotube technology for electronic applications, and Calando, at the forefront of clinical application of RNAi delivery technology. Arrowhead also has minority investments in two privately held nanobiotech companies.
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 clinical studies, our ability to successfully develop and manufacture products, rapid technological change in our industry, changes in demand for our future products, legislative, regulatory and competitive developments and general economic conditions. Our Annual Report on Form 10-K, and other SEC filings discuss these and other 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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