Arrowhead Research (MM) (NASDAQ:ARWRW)
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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.