Arrowhead Research Raises $2.76 Million From Private Placement
August 10, 2009 (FinancialWire) — Arrowhead Research Corp. (NASDAQ: ARWR) (Current Market Cap: $18.89 Mil.) said it has completed a second and final closing of a private offering with institutional and accredited investors for total proceeds of $2.76 million.
The company said that the second closing of the offering was “significantly oversubscribed” and added $900,000 to the previously expected $1.8 million in proceeds from the offering.
Under the terms of the offering, Arrowhead sold 9.2 million units at $0.30 per unit, with each unit consisting of one share of common stock and one warrant to purchase one additional share of common stock at an exercise price of $0.50 per share.
Pasadena, California-based Arrowhead Research is a nanotechnology company commercializing new technologies in the areas of life sciences, electronics, and energy.
Arrowhead has four subsidiaries commercializing nanotech products and applications and minority investments in two privately held nanobiotech companies.
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