Arrowhead Reports Fiscal 2012 Second Quarter Financial Results

Arrowhead Research Corporation (NASDAQ: ARWR), a nanomedicine company with development programs in RNA therapeutics and obesity, today announced financial results for its fiscal 2012 second quarter ended March 31, 2012.

Fiscal 2012 Second Quarter and Recent Company Highlights

• Acquired Alvos Therapeutics, Inc. (formerly known as Mercator Therapeutics, Inc.), a pioneer in targeting for tumors and tumor vasculature in humans, including a large proprietary library of human-derived targeting peptides;
• 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, for Arrowhead’s Dynamic Polyconjugate (DPC) enabled RNAi therapeutic candidate targeting hepatitis B virus (HBV), and allowing Alnylam to use DPC delivery technology for one RNAi therapeutic product; and
• Entered into a strategic alliance and master services agreement for RNAi therapeutics with Axolabs GmbH, a custom research organization offering preclinical solutions and consultancy in the field of oligonucleotide therapeutics.

“Recent acquisitions of Roche’s siRNA business and Alvos Therapeutics, Inc., coupled with our own assets, have given Arrowhead a platform from which we can rapidly generate and optimize therapeutic candidates,” said Dr. Christopher Anzalone, President and Chief Executive Officer. “Our ability and experience in combining the right targeting agent with the right delivery vehicle and the right payload is unique in the industry and is generating increasing collaboration interest from potential partners. During the second quarter, we continued to enroll patients in our Phase 1b trial for CALAA-01 and we expect to wrap up this trial during the summer. Additionally, we received clearance to commence a Phase I trial for Adipotide, our anti-obesity candidate, and anticipate dosing the first patient shortly.”

Selected Financial Results

For the quarter ended March 31, 2012, Arrowhead reported revenues of $31,250. There was no revenue in the comparable prior period. Total operating expenses for the quarter ended March 31, 2012 were $4.9 million, compared to $1.8 million during the quarter ended March 31, 2011.

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