Proceeds for research and development, general corporate purposes
By Devika Patel
Knoxville, Tenn., Aug. 13 - Arrowhead Research Corp. said it has arranged a $6.35 million registered direct offering of units. Rodman & Renshaw, LLC is the agent.
The company will sell 2.3 million units of one common share and 0.75 of a warrant at $2.76 per unit.
The whole warrants are each exercisable at $3.25 for four years. The strike price is identical to the Aug. 10 closing share price.
Settlement is expected Aug. 16.
Proceeds will be used for general corporate purposes, research and development and clinical trial expenditures.
Based in Pasadena, Calif., Arrowhead is a nanomedicine company developing therapeutics for the treatment of cancer and obesity, as well as the regeneration of wounded or diseased tissue.
| Issuer: | Arrowhead Research Corp.
|
| Issue: | Units of one common share and 0.75 of a warrant
|
| Amount: | $6,348,000
|
| Units: | 2.3 million
|
| Price: | $2.76
|
| Warrants: | 0.75 of a warrant per unit
|
| Warrant expiration: | Four years
|
| Warrant strike price: | $3.25
|
| Agent: | Rodman & Renshaw, LLC
|
| Pricing date: | Aug. 13
|
| Settlement date: | Aug. 16
|
| Stock symbol: | Nasdaq: ARWR
|
| Stock price: | $3.25 at close Aug. 10
|
| Market capitalization: | $30.95 million
|
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