Arrowhead Raises New Funds (NASDAQ:ARWR)

Arrowhead Research Corporation (NASDAQ:ARWR) has announced that they have raised approximately $3.2 million in gross proceeds from a private placement of approximately 6.0 million units. Each unit consisted of one share of newly issued common stock and one warrant to purchase an additional share of common stock at an exercise price of $0.509 per share. Units were sold for $0.634 each, $0.125 higher than the $0.509 closing bid price of the Company’s common stock on the NASDAQ Stock Market on December 11, 2009, the date of the sale.

Arrowhead Research Corporation is a nanotechnology company commercializing new technologies in the areas of life sciences, electronics, and energy. Arrowhead is seeking to build value for shareholders through the progress of majority-owned subsidiaries and minority investments commercializing nanotech products and applications. Talking about these new funds, President and CEO of Arrowhead, Christopher Anzalone said that this capital infusion will help them to put a solid footing in 2010 and these funds will provide the resources to continue Calando’s clinical study as well. He also further mentioned that the preliminary results of Calando study are encouraging and that expect the value of Calando’s drug candidate and proprietary RNAi delivery system will help them. He further stated that funds from this financing will also be used to explore other exciting new prospects in the nanobiotech space where they still see more opportunities to enhance their portfolio and create additional shareholder value.