|[January 25, 2013]
Arrowhead Announces Pricing of a Public Offering of Common Stock and Warrants
PASADENA, Calif. --(Business Wire)--
Arrowhead Research Corporation (NASDAQ: ARWR) today announced that it
has priced a public offering of approximately 1.65 million units at a
price to the public of $2.12 per unit. The Company has received
commitments for approximately $3.5 million in gross proceeds. The sale
of the units is expected to close on or about January 30, 2013, subject
to the satisfaction of customary closing conditions. Each unit consists
of one share of common stock and one warrant to purchase 0.50 of a share
of common stock.
Arrowhead intends to use the net proceeds of this offering for general
corporate purposes, including working capital, research and development
expenditures, clinical trial expenditures, and capital expenditures.
Dawson James Securities, Inc. is acting as the sole book-running manager
for the offering. The shares of common stock and warrants will be issued
separately, and no units will be issued or certificated. The warrants
are exercisable immediately upon issuance, have a five-year term and an
exercise price of $2.14 per share. The warrants will be delivered to the
investors by physical delivery following the closing. There is no
established public trading market for the warrants and we do not expect
a market to develop.
The securities described above are being offered pursuant to an
effective registration statement on Form S-3, together with a prospectus
supplement and accompanying base prospectus, previously filed with, and
declared effective by, the Securities and Exchange Commission (the
"SEC (News - Alert)"). The securities may be offered only by means of a prospectus,
including a prospectus supplement, forming a part of the effective
registration statement. A preliminary prospectus supplement relating to
the terms of the offering has been filed with the SEC and is available
on the SEC's web site at http://www.sec.gov.
Copies of the final prospectus supplement relating to the offering, when
available, may be obtained from Dawson James Securities, Inc., 925 South
Federal Highway, 6th Floor, Boca Raton, FL 33432 or via telephone at
(866) 928-0928 or via e-mail at email@example.com,
or from the above-mentioned SEC website.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy these securities, nor shall there be any
sale of these securities in any jurisdiction in which such offer,
solicitation or sale would be unlawful prior to the registration or
qualification under the securities laws of any such jurisdiction.
About Arrowhead Research Corporation
Arrowhead Research Corporation is a clinical stage targeted therapeutics
company with development programs in oncology, obesity, and chronic
hepatitis B virus. 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 (News - Alert) @ArrowRes.
To be added to the Company's email list to receive news directly, please
send an email to firstname.lastname@example.org
Safe Harbor Statement under the Private Securities Litigation Reform
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 and the results of the offering described in this news release
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 sell the securities in the
offering described in this news release, 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.
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