Company sells about 14.5 million common shares at $0.38 per share
By Devika Patel
Knoxville, Tenn., Oct. 4 - Arrowhead Research Corp. said it raised about $5.5 million in a private placement of stock on Sept. 30. Jim Mellon was the lead investor.
The company sold about 14.5 million common shares at $0.38 per share. The price per share is a 5% discount to the Sept. 29 closing share price of $0.40.
Proceeds will be used for operations.
"We are making good progress in advancing our clinical and preclinical nanomedicine technology platforms and this capital raise helps us to continue our momentum," chief executive officer Christopher Anzalone said in a press release.
"We are proud to bring in such high quality new investors in an at-market transaction, particularly in light of current market conditions."
Located in Pasadena, Calif., Arrowhead develops nanotechnology used in life sciences, electronics and energy.
| Issuer: | Arrowhead Research Corp.
|
| Issue: | Common shares
|
| Amount: | $5.5 million (approximate)
|
| Shares: | 14.5 million (approximate)
|
| Price: | $0.38
|
| Warrants: | No
|
| Investor: | Jim Mellon (lead)
|
| Settlement date: | Sept. 30
|
| Stock symbol: | Nasdaq: ARWR
|
| Stock price: | $0.39 at close Sept. 30
|
| Market capitalization: | $28.01 million
|
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