By Devika Patel
Knoxville, Tenn., Aug. 26 - Arrowhead Research Corp. announced it completed a $4.4 million registered direct offering of units, which also included inside investors.
The company sold 2,281,990 units of one common share and one warrant at $1.80 per unit to non-insiders for $4.11 million. Each warrant will be exercisable at $2.00.
It also sold 177,596 units at $1.83 apiece to members of its senior management for $325,000.
The company may sell an additional 3,095,968 units in follow-on offerings at $1.80 per unit (or $1.83 per unit if purchased by a director or officer).
The offering is expected to remain ongoing until Sept. 15.
Proceeds will help fund operations and contribute to Arrowhead's runway to monetization events of its subsidiaries.
Located in Pasadena, Calif., Arrowhead develops nanotechnology used in life sciences, electronics and energy.
| Issuer: | Arrowhead Research Corp.
|
| Issue: | Units of one common share and a warrant
|
| Amount: | $4,432,582.68 ($325,000.68 bought by senior management)
|
| Units: | 2,459,586
|
| Price: | $1.80 (non-insiders, or 2,281,990 units), $1.83 (senior management, or 177,596 units)
|
| Warrants: | One warrant per unit
|
| Warrant strike price: | $2.00
|
| Settlement date: | Aug. 26
|
| Stock symbol: | Nasdaq: ARWR
|
| Stock price: | $1.63 at close Aug. 25
|
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