Exercise Deadline for Arrowhead's Warrant Redemption is Tuesday, June 14, 2005 -- Redemption Scheduled to Close Wednesday, June
June 02 2005 - 7:00AM
Business Wire
Arrowhead Research Corporation (NASDAQ:ARWR) will redeem its
outstanding warrants to purchase common stock (NASDAQ:ARWRW) on
Wednesday, June 15, 2005, as previously announced on May 4, 2005.
The last day to exercise 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 warrant. 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, 3.3 million of the 13.8 million warrants
originally issued have been exercised. There are remaining
approximately 10.6 million outstanding warrants. 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: -0- *T
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. *T 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. 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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