Arrowhead Research (MM) (NASDAQ:ARWRW)
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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.