Arrowhead Announces Redemption of Stock Purchase Warrants
May 04 2005 - 7:00AM
Business Wire
Arrowhead Research Corporation (NASDAQ:ARWR) announced today that
it will redeem its outstanding warrants to purchase common stock
(NASDAQ:"ARWRW") on Wednesday, June 15, 2005. The last day to
exercise the warrants (the exercise deadline) is Tuesday, June 14,
2005. Arrowhead intends to de-list the warrants from The Nasdaq
SmallCap Market on Wednesday, June 8, 2005 to allow for an orderly
redemption. The warrants are exercisable for $1.50 per share and
are redeemable at the redemption price of $0.001 per share upon 30
days' written notice. A Notice of Redemption of Warrants and Letter
of Transmittal will be sent to each warrantholder providing
instructions on how to exercise the warrants. Any warrant not
exercised by Tuesday, June 14, 2005 will expire and will be
redeemed by the Company for $0.001 per share. To date, 1.8 million
of the 13.8 million warrants originally issued have been exercised.
There are 12 million warrants that remain outstanding. If all of
these outstanding warrants are exercised, the Company will have
received, in total, approximately $21 million in exercise proceeds.
The Company anticipates using the proceeds to fund the Company's
subsidiaries, to fund the Company's research projects and for
general working capital. About Arrowhead Research Corporation
Arrowhead Research is a development-stage nanotechnology company
structured to bring together a diverse and innovative mix of
technologies, rights to a broad suite of intellectual property, and
some of the most respected minds in this dynamic field. There are
three strategic components to Arrowhead's business model: -- The
Commercialization Program: Arrowhead forms or acquires
majority-owned subsidiary companies pursuing products based on
nanotechnology in high-growth technology markets. -- The Research
Program: Arrowhead funds nanoscience research at universities in
exchange for exclusive rights to license the technology. -- The
Patent Toolbox: Arrowhead acquires, licenses, and sublicenses
intellectual property in nanotechnology. Arrowhead Research
operates four majority-owned subsidiary companies: -- Aonex
Technologies, Inc., developing and commercializing proprietary
semiconductor nanomaterial technology. -- Insert Therapeutics,
Inc., developing and commercializing a proprietary nanoscale drug
delivery system. -- Nanotechnica, Inc., developing a variety of
proprietary nanoscale devices and systems, including laboratory on
a chip. -- Calando Pharmaceuticals, Inc. is developing
nanostructures for delivery and therapeutic use of RNA
interference. Arrowhead is funding three research and development
efforts in nanotechnology at the California Institute of
Technology. Safe Harbor Statement under the Private Securities
Litigation Reform Act of 1995: This news release contains
forward-looking statements within the meaning of the "safe harbor"
provisions of the Private Securities Litigation Reform Act of 1995.
These statements are based upon our current expectations and speak
only as of the date hereof. Our actual results may differ
materially and adversely from those expressed in any
forward-looking statements as a result of various factors and
uncertainties, including the recent economic slowdown affecting
technology companies, the future success of our scientific studies,
our ability to successfully develop products, rapid technological
change in our markets, changes in demand for our future products,
legislative, regulatory and competitive developments and general
economic conditions. Our Annual Report on Form 10-K and 10-K/A,
recent and forthcoming Quarterly Reports on Form 10-Q and 10-Q/A,
recent Current Reports on Forms 8-K and 8-K/A, our Registration
Statement on Form S-3, and other SEC filings discuss some of the
important risk factors that may affect our business, results of
operations and financial condition. We undertake no obligation to
revise or update publicly any forward-looking statements for any
reason.
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