Arrowhead Announces Completion of $2.76 Million Private Placement

PASADENA, Calif. – August 7, 2009 – Arrowhead Research Corporation (NASDAQ: ARWR) today announced that it has completed a second and final closing of its private offering with selected institutional and accredited investors bringing the proceeds of the offering to a total of $2.76 million.  The second closing of the offering was significantly oversubscribed and added $900,000 to the previously announced $1.8 million in proceeds from the offering.

Under the terms of the offering, Arrowhead sold 9.2 million units at a purchase price of $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.

 

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This press release does not and shall not constitute an offer to sell or the solicitation of any offer to buy any of the securities, nor shall there be any sale of the securities, in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any state.

About Arrowhead Research Corporation

Arrowhead Research Corporation (www.arrowheadresearch.com) (NASDAQ: ARWR) is a nanotechnology company commercializing new technologies in the areas of life sciences, electronics, and energy. Arrowhead is seeking to build value for shareholders through the progress of majority owned subsidiaries. Currently, Arrowhead has four subsidiaries commercializing nanotech products and applications and minority investments in two privately held nanobiotech companies.