PASADENA, Calif.--(BUSINESS WIRE)--Arrowhead Research Corporation (NASDAQ: ARWR) today announced
that it has entered into a securities purchase agreement with
institutional and individual investors to raise gross proceeds of
approximately $6.2 million. Investors include several existing investors
in the Company, including James Mellon, and a new fund dedicated to
health care investments. The placement consisted of the sale of 2.3
million shares of its common stock, and warrants to purchase 1.7 million
shares of common stock. The stock and warrants will be sold in units, at
a price of $2.76 per unit, with each unit consisting of one share of
common stock and a warrant to purchase 0.75 shares of common stock. The
warrants have an exercise price of $3.25 per share of common stock, with
a term of four years from the date of issuance and are exercisable
commencing 6 months following the closing of the offering.
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Rodman & Renshaw, LLC is acting as the exclusive placement agent for the
offering. Use of proceeds includes general corporate, research and
development, and clinical trial expenditures. The closing is expected to
take place on or about August 16, 2012, subject to the satisfaction of
customary closing conditions.
The securities will be issued under Arrowhead’s shelf registration
statement filed on Form S-3 (File No. 333-176159), which was declared
effective by the Securities and Exchange Commission on August 17, 2011.
The final prospectus supplement related to this offering will be filed
with the Securities and Exchange Commission.
This press release does not constitute an offer to sell or a
solicitation of an offer to buy the securities referred to herein, nor
shall there be any sale of these securities in any state in which such
an offer, solicitation or sale would be unlawful prior to registration
or qualification under the securities laws of any such state.
The prospectus, forming part of the effective registration statement,
and prospectus supplement relating to this offering contain this and
other information about the Company.
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 leverages its platform technologies to design and
develop peptide-drug conjugates (PDCs) which specifically home to cell
types of interest while sparing off-target tissues, creates targeted
drugs based on the gene silencing RNA interference (RNAi) mechanism, and
works with partners to create improved versions of traditional small
molecule drugs.
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