Nanotechnology Now

Our NanoNews Digest Sponsors

Heifer International

Wikipedia Affiliate Button

Home > Press > Arrowhead Reports Fiscal 2012 Third Quarter Financial Results

Abstract:
Arrowhead Research Corporation (NASDAQ: ARWR), a targeted therapeutics company, today announced financial results for its fiscal 2012 third quarter ended June 30, 2012.

Arrowhead Reports Fiscal 2012 Third Quarter Financial Results

Pasadena, CA | Posted on August 13th, 2012

"During the last quarter, Arrowhead made significant progress moving our pipeline forward and building on our broader business strategy," said Dr. Chris Anzalone, President and Chief Executive Officer of Arrowhead. "In addition, the integration of the Homing PeptideTM targeting platform from the Alvos Therapeutics acquisition into our research and development program is progressing rapidly. We believe we are very well positioned to fill our future pipeline with peptide-drug conjugates and targeted RNAi therapeutics that can selectively home to and accumulate in virtually any tissue in the body while sparing off-target tissues."

Fiscal 2012 Third Quarter and Recent Company Highlights

* Pipeline Highlights

- Presented data for its Dynamic PolyConjugateTM (DPC) delivery platform for siRNA delivery including its RNAi therapeutic candidate for the treatment of hepatitis B virus (HBV) at six scientific conferences;
- Completed all internal preclinical requirements and named a clinical candidate, ARC-520, for its HBV program. Arrowhead initiated the final IND-enabling steps for ARC-520, an RNAi therapeutic actively targeted to the liver using the company's Dynamic Polyconjugate (DPC) delivery system. ARC-520 includes two siRNA sequences targeting two different regions of the HBV genome;
- Announced the publication of a new study in the Journal of the American Diabetes Association demonstrating rapid improvement in pro-diabetic metabolic markers with its anti-obesity drug candidate, Adipotide®;
- Announced the dosing of the first patient in a Phase 1 clinical trial with the anti-obesity drug candidate Adipotide®; and
- Dosed additional patients in a Phase 1b study of CALAA-01.

*Financial Highlights

- Drew down $1 million from the equity line of credit with Lincoln Park Capital which was put in place to provide financing of up to $15 million that may be drawn down over three years, as needed; and
- Received gross proceeds of $6.2 million in a registered offering of common stock and warrants to institutional and individual investors announced today.

Selected Financial Results

For the quarter ended June 30, 2012, Arrowhead reported revenues of $47,917. There was no revenue in the comparable prior period. Total operating expenses for the quarter ended June 30, 2012 were $6.9 million, compared to $1.8 million during the quarter ended June 30, 2011. The increase in operating expenses includes a noncash charge of $2.0 million to record a reserve against a receivable from an unconsolidated affiliate. The remaining increase in operating expenses was due to higher R&D spending related to operations at its recently- acquired Madison research laboratory.

Net loss attributable to Arrowhead for the quarter ended June 30, 2012 was $8.0 million, or $0.71 per share based on 11,238,291 weighted average shares outstanding. This compares with a net loss attributable to Arrowhead of $1.8 million, or $0.25 per share based on 7,182,628 weighted average shares outstanding, for the quarter ended June 30, 2011.

The Company's net cash used in operations for the first nine months of fiscal 2012 was $10.8 million, compared with $6.0 million for the first nine months of fiscal 2011. Cash provided by investing activities was $0.3 million, primarily due to cash received from the sale of marketable securities. Cash provided by financing activities was $5.3 million, primarily due to the issuance of Arrowhead common stock. As of June 30, 2012, Arrowhead had cash resources of $3.3 million; which includes cash and cash equivalents of $2.3 million and $1.0 million in subscriptions receivable from previous financings.

Arrowhead further enhanced its cash position by entering into securities purchase agreements to sell units of common stock and warrants to institutional and individual investors on August 10, 2012. Each unit was sold at $2.76 and included one share of common stock and a warrant to purchase 0.75 share of common stock at an exercise price of $3.25. Gross proceeds are expected to be approximately $6.2 million.

Conference Call

Management will host a conference call today, Monday, August 13, 2012 at 4:30 p.m. Eastern time (1:30 p.m. Pacific time). To participate in the conference call, please dial 877-317-6789 (toll free from the US), 1-866-605-3852 (toll free from Canada), or 412-317-6789 (for international callers). Investors may also access a live audio webcast of this conference call on the Company's website at www.arrowheadresearch.com.

A replay of the webcast will be available approximately two hours after the conclusion of the call. The webcast archive will remain available until August 13, 2013. An audio replay will also be available approximately one hour after the conclusion of the call and will be made available until Thursday, September 13, 2012. The audio replay can be accessed by dialing 877-344-7529 (toll free from the US and Canada), or 412-317-0088 (for international callers) and entering Event ID 10017170.

####

About Arrowhead Research Corporation
Arrowhead Research Corporation is a clinical stage targeted therapeutics company with development programs in oncology, obesity, and infectious disease. The company is leveraging its platform technologies to design and develop peptide-drug conjugates (PDCs) that specifically home to cell types of interest while sparing off-target tissues, create targeted drugs based on the gene silencing RNA interference (RNAi) mechanism, and work with partners to create improved versions of traditional small molecule drugs.

For more information please visit http://www.arrowheadresearch.com, or follow us on Twitter @ArrowRes. To be added to the Company's email list to receive news directly, please send an email to

Safe Harbor Statement under the Private Securities Litigation Reform Act:

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 our ability to finance our operations, the future success of our scientific studies, our ability to successfully develop drug candidates, the timing for starting and completing clinical trials, rapid technological change in our markets, and the enforcement of our intellectual property rights. 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 assume no obligation to update or revise forward-looking statements to reflect new events or circumstances.

For more information, please click here

Contacts:
Investor Relations Contact:
Michael Levitan
The Trout Group, LLC
646-378-2920

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

Shape matters when light meets atom: Mapping the interaction of a single atom with a single photon may inform design of quantum devices December 4th, 2016

UTSA study describes new minimally invasive device to treat cancer and other illnesses: Medicine diffusion capsule could locally treat multiple ailments and diseases over several weeks December 3rd, 2016

Novel Electrode Structure Provides New Promise for Lithium-Sulfur Batteries December 3rd, 2016

Research Study: MetaSOLTM Shatters Solar Panel Efficiency Forecasts with Innovative New Coating: Coating Provides 1.2 Percent Absolute Enhancement to Triple Junction Solar Cells December 2nd, 2016

Nanomedicine

UTSA study describes new minimally invasive device to treat cancer and other illnesses: Medicine diffusion capsule could locally treat multiple ailments and diseases over several weeks December 3rd, 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

From champagne bubbles, dance parties and disease to new nanomaterials: Understanding nucleation of protein filaments might help with Alzheimer's Disease and type 2 Diabetes November 24th, 2016

Nanopolymer-modified protein array can pinpoint hard-to-find cancer biomarker November 17th, 2016

Announcements

Shape matters when light meets atom: Mapping the interaction of a single atom with a single photon may inform design of quantum devices December 4th, 2016

UTSA study describes new minimally invasive device to treat cancer and other illnesses: Medicine diffusion capsule could locally treat multiple ailments and diseases over several weeks December 3rd, 2016

Novel Electrode Structure Provides New Promise for Lithium-Sulfur Batteries December 3rd, 2016

Research Study: MetaSOLTM Shatters Solar Panel Efficiency Forecasts with Innovative New Coating: Coating Provides 1.2 Percent Absolute Enhancement to Triple Junction Solar Cells December 2nd, 2016

Financial Reports

Harris & Harris Group Issues Business Update and Reports Financial Statements as of September 30, 2016 November 9th, 2016

Nanometrics Reports Second Quarter 2016 Financial Results July 26th, 2016

Nanobiotix revenue for Q2 2016 July 14th, 2016

Nanometrics to Announce Second Quarter Financial Results on July 26, 2016 July 6th, 2016

Events/Classes

IEDM: Leti CEO Marie Semeria to Give Opening-day Keynote on Impact of ‘Hyperconnectivity’ and IoT: Speech to Portray Key Role Nonprofit Research and Technology Organizations Play in Making Technology More Efficient and Ensuring Safety and Security November 29th, 2016

Leti and Grenoble Partners Demonstrate World’s 1st Qubit Device Fabricated in CMOS Process: Paper by Leti, Inac and University of Grenoble Alpes Published in Nature Communications November 28th, 2016

Cutting-edge nanotechnologies are breaking into industries November 18th, 2016

IEDM: CEO Marie Semeria to Deliver Opening Day Keynote at IEDM 2016; Institute to Present 13 Papers November 17th, 2016

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