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Arrowhead Reports Fiscal 2012 First Quarter Financial Results

Arrowhead Research Corporation (NASDAQ: ARWR), a nanomedicine company with development programs in oncology and obesity, today announced financial results for its fiscal 2012 first quarter ended December 31, 2011.

“The first quarter of fiscal 2012 saw transformational change for Arrowhead,” said Dr. Christopher Anzalone, President and Chief Executive Officer. “With the acquisition of the Roche’s RNAi assets and facility, we now have a more complete set of capabilities to advance our own RNAi therapeutic pipeline products and are positioned as a more attractive partner to larger companies interested in this area. We have also made important progress on our obesity program which has been cleared by the FDA to initiate human clinical trials.”

Fiscal 2012 First Quarter and Recent Company Highlights

  • Pipeline Highlights
    • Acquired Roche’s RNAi assets including Dynamic Polyconjugate (DPC) delivery technology, select licenses and state-of-the-art research facility;
    • Published a white paper on the effectiveness and safety of Dynamic Polyconjugates™, one of the technologies acquired from Roche;
    • Reported results using Adipotide™ that demonstrated substantial weight loss and reduction in body mass index and abdominal circumference in obese rhesus monkeys in the prominent peer-reviewed journal, Science Translational Medicine;
    • Received FDA clearance to initiate an Adipotide Phase I clinical trial;
    • Executed a collaboration and joint licensing agreement with Alnylam, a leading RNAi therapeutics company, which allows Arrowhead to develop a DPC-enabled RNAi therapeutic candidate targeting hepatitis B virus (HBV) and allows Alnylam to utilize DPC delivery technology for one RNAi therapeutic product.
  • Financial Highlights
    • Received $1.5 million from the issuance of Common Stock and a further $0.5 million from the sale of an investment;
    • Recorded an additional $3.9 million in subscriptions receivable from announced financings over the next several months;
    • Established an equity line of credit with Lincoln Park Capital to provide financing of up to $15 million that may be drawn down over three years, as needed;
    • Implemented a 1-for-10 reverse stock split to decrease the number of common shares outstanding and regain compliance with Nasdaq continued listing standards.
  • Company Appointments
    • Bruce Given, M.D., as Chief Operating Officer;
    • Brendan P. Rae, Ph.D., J.D., as Chief Business Officer;
    • David Lewis, Ph.D., as Vice President of Biology;
    • David Rozema, Ph.D., as Vice President of Chemistry;
    • Michael S. Perry, DVM, Ph.D. to Board of Directors.

Selected Fiscal 2012 First Quarter Financial Results

Due to the added costs associated with the research facility we acquired from Roche and its people and research programs, operating expenses increased significantly during the quarter ended December 31, 2011. The Company anticipates these costs will increase throughout fiscal 2012 as research and development efforts are accelerated.

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