By Devika Patel
Knoxville, Tenn., Sept. 9 - Arrowhead Research Corp. raised another $2.53 million in a registered direct offering of units on Sept. 5, according to a prospectus supplement filed Tuesday with the Securities and Exchange Commission.
The company completed a $4.43 million tranche on Aug. 22.
In the first tranche, 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.
In the second tranche, the company sold 1,401,670 units at $1.80 per unit to non-insiders for $2.52 million.
It also sold 2,733 units at $1.83 apiece to insiders for $5,001.39.
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: | $6,960,590.07
|
| Units: | 3,863,989
|
| Price: | $1.80 (non-insiders, or 3,683,660 units), $1.83 (senior management, or 180,329 units)
|
| Warrants: | One warrant per unit
|
| Warrant strike price: | $2.00
|
| Settlement date: | Aug. 22 (for $4,432,582.68), Sept. 5 (for $2,528,007.39)
|
| Stock symbol: | Nasdaq: ARWR
|
| Stock price: | $1.63 at close Aug. 25
|
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