By Devika Patel
Knoxville, Tenn., June 23 - Arrowhead Research Corp. said it raised $8.66 million in a registered direct offering of units via agent Oppenheimer & Co. Inc.
The company sold 6.6 million units of one common share and one half-share warrant at $1.312 per unit. Each whole 4.5-year warrant will be exercisable at $1.65.
The offering strengthens Arrowhead's balance sheet and enables continued progress with its subsidiaries while also positioning the company to take advantage of new opportunities.
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 half-share warrant
|
| Amount: | $8,659,200
|
| Units: | 6.6 million
|
| Price: | $1.312
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | Dec. 11, 2014
|
| Warrant strike price: | $1.65
|
| Agent: | Oppenheimer & Co. Inc.
|
| Settlement date: | June 23
|
| Stock symbol: | Nasdaq: ARWR
|
| Stock price: | $1.24 at close June 22
|
| Market capitalization: | $81.2 million
|
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