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Posted: Oct 04, 2011
Arrowhead Research Corporation Completes $5.5 Million Private Placement
(Nanowerk News) Arrowhead Research Corporation today announced that on September 30, 2011, it closed a private placement of approximately 14.5 million shares of common stock priced at market for $0.38 per share. Gross proceeds were approximately $5.5 million and will be used to fund current operations.
"We are making good progress in advancing our clinical and preclinical nanomedicine technology platforms and this capital raise helps us to continue our momentum," said Christopher Anzalone, Chief Executive Officer of Arrowhead. "We are proud to bring in such high quality new investors in an at market transaction, particularly in light of current market conditions."
The offering was led by prominent investor Jim Mellon, who is well known for his experience in emerging markets, real estate, mining and biotechnology. He has also authored two books: Wake Up! Survive and Prosper in the Coming Economic Turmoil, and Top Ten Investments to Beat the Crunch. Arrowhead will be featured in Mr. Mellon's next book about biotech investing, Cracking the Code, due to be published in February 2012.
About Arrowhead Research Corporation
Arrowhead Research Corporation is a nanomedicine company developing innovative therapies at the interface of biology and nanoengineering to cure disease and improve human health. Arrowhead addresses its target markets through focused subsidiaries, which include: Calando Pharmaceuticals, a leader in delivering small RNAs for gene silencing; Ablaris Therapeutics, an anti-obesity therapeutics company; and Nanotope, a regenerative medicine company. For more information please visit http://www.arrowheadresearch.com.
Source: Arrowhead Research Corporation (press release)