Arrowhead Research Corporation
announced today that it has completed its previously announced registered direct
offering, increasing total gross proceeds to approximately $6.9 million. The
final closing raised an additional $2.5 million over the $4.4 million previously
announced. A total of 3.9 million units consisting of common stock and common
stock warrants were sold to investors, the large majority of whom are either
long-standing shareholders or members of Arrowhead's senior management team.
"As we announced on August 26, 2008, we were interested in increasing
our liquidity during this period of market uncertainty, but with a
keen eye to limiting dilution of our shareholders," said Arrowhead
CEO, Christopher Anzalone. "The offering initially sought to raise up
to $5mm but the unsolicited response from current shareholders was
strong. By accepting the additional capital provided by the over
subscriptions and closing the offering early, we believe we have
balanced our dual goals of increasing our ability to grow the company
while maintaining a capital structure that is fair to our
shareholders."
The offering was made pursuant to the Company's effective shelf
registration statement on Form S-3 (Registration No. 333-148218)
previously filed with, and declared effective by, the Securities and
Exchange Commission. Pursuant to Rule 424(b) under the Securities Act
of 1933, on September 9, 2008, the Company filed with the Securities
and Exchange Commission a prospectus and prospectus supplement
relating to the offering. The offering was made under the foregoing
prospectus and prospectus supplement.
Copies of the final prospectus supplement and accompanying base
prospectus relating to this offering may be obtained at the
Securities and Exchange Commission's website at http://www.sec.gov or
from the company at 201 South Lake Avenue, Suite 703, Pasadena, CA
91101. This news release is not an offer to sell or the solicitation
of an offer to buy the shares of common stock or warrants to purchase
shares of common stock or any other securities of the Company.