Arrowhead's Warrants to Delist at Close of Business on June 8, 2005 in Anticipation of June 14, 2005 Exercise Deadline
June 07 2005 - 7:00AM
Business Wire
Arrowhead Research Corporation (the "Company") will delist its
warrants to purchase common stock (the "Warrants") (NASDAQ:ARWRW)
from The Nasdaq Stock Market after the close of business on
Wednesday, June 8, 2005. The Company is delisting the Warrants as
part of its previously announced Warrant Redemption plan. Warrant
holders will be able to exercise their Warrants after delisting,
until 4:00 PM PT on Tuesday, June 14, 2005 (the "Exercise
Deadline"). Unless the Exercise Deadline is extended, Warrants not
properly exercised by the Exercise Deadline will be redeemed by the
Company for $0.001 per share on Wednesday, June 15, 2005. Currently
the Company has 18.3 million shares of common stock and 9.9 million
common stock purchase warrants outstanding. If all 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, the Company's research projects and for general
working capital. About Arrowhead Research Corporation Arrowhead
Research Corporation is a diversified nanotechnology company
structured to commercialize products expected to have revolutionary
impacts on a variety of industries, including materials,
electronics, life sciences, and energy. There are three strategic
components to Arrowhead's business model: -- Outsourced R&D
Program: Arrowhead identifies patented or patent-pending
technologies at universities or government labs and funds
additional development of those technologies in exchange for
exclusive rights to commercialize the resulting prototypes.
Leveraging the resources and infrastructure of these institutions
provides Arrowhead with a highly cost-effective development
pipeline. Currently, Arrowhead is supporting efforts in stem cell
technology, nanomaterials, nanoelectronics, and nanobiotools at the
California Institute of Technology and Stanford University. --
Commercialization Program: After prototypes have been sufficiently
developed in the laboratories, Arrowhead forms or acquires
majority-owned subsidiaries to commercialize the technology and
provides the subsidiaries with strategic, managerial, and
operational support. At present, Arrowhead owns majority interest
in subsidiaries commercializing diverse technologies, including
anti-cancer drugs, RNAi therapeutics, and compound semiconductor
materials. -- The Patent Toolbox: Arrowhead has acquired or
exclusively licensed patents and patent applications covering a
broad range of nanotechnology. The Company is actively seeking to
add to this intellectual property portfolio. 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; 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-KSB, recent and forthcoming Quarterly
Reports on Form 10-QSB, recent Current Reports on Forms 8-K, our
Registration Statements 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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