Arrowhead Research Corporation ARWR today announced that it has
entered into a securities purchase agreement with institutional and individual
investors to raise gross proceeds of approximately $6.2 million. Investors
include several existing investors in the Company, including James Mellon, and
a new fund dedicated to health care investments. The placement consisted of
the sale of 2.3 million shares of its common stock, and warrants to purchase
1.7 million shares of common stock. The stock and warrants will be sold in
units, at a price of $2.76 per unit, with each unit consisting of one share of
common stock and a warrant to purchase 0.75 shares of common stock. The
warrants have an exercise price of $3.25 per share of common stock, with a
term of four years from the date of issuance and are exercisable commencing 6
months following the closing of the offering.
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