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Arrowhead Reports Fiscal 2012 Third Quarter Financial Results

Arrowhead Research Corporation (NASDAQ: ARWR), a targeted therapeutics company, today announced financial results for its fiscal 2012 third quarter ended June 30, 2012.

“During the last quarter, Arrowhead made significant progress moving our pipeline forward and building on our broader business strategy,” said Dr. Chris Anzalone, President and Chief Executive Officer of Arrowhead. “In addition, the integration of the Homing Peptide™ targeting platform from the Alvos Therapeutics acquisition into our research and development program is progressing rapidly. We believe we are very well positioned to fill our future pipeline with peptide-drug conjugates and targeted RNAi therapeutics that can selectively home to and accumulate in virtually any tissue in the body while sparing off-target tissues.”

Fiscal 2012 Third Quarter and Recent Company Highlights

  • Pipeline Highlights
    • Presented data for its Dynamic PolyConjugate™ (DPC) delivery platform for siRNA delivery including its RNAi therapeutic candidate for the treatment of hepatitis B virus (HBV) at six scientific conferences;
    • Completed all internal preclinical requirements and named a clinical candidate, ARC-520, for its HBV program. Arrowhead initiated the final IND-enabling steps for ARC-520, an RNAi therapeutic actively targeted to the liver using the company’s Dynamic Polyconjugate (DPC) delivery system. ARC-520 includes two siRNA sequences targeting two different regions of the HBV genome;
    • Announced the publication of a new study in the Journal of the American Diabetes Association demonstrating rapid improvement in pro-diabetic metabolic markers with its anti-obesity drug candidate, Adipotide ®;
    • Announced the dosing of the first patient in a Phase 1 clinical trial with the anti-obesity drug candidate Adipotide ®; and
    • Dosed additional patients in a Phase 1b study of CALAA-01.
  • Financial Highlights
    • Drew down $1 million from the equity line of credit with Lincoln Park Capital which was put in place to provide financing of up to $15 million that may be drawn down over three years, as needed; and
    • Received gross proceeds of $6.2 million in a registered offering of common stock and warrants to institutional and individual investors announced today.

Selected Financial Results

For the quarter ended June 30, 2012, Arrowhead reported revenues of $47,917. There was no revenue in the comparable prior period. Total operating expenses for the quarter ended June 30, 2012 were $6.9 million, compared to $1.8 million during the quarter ended June 30, 2011. The increase in operating expenses includes a noncash charge of $2.0 million to record a reserve against a receivable from an unconsolidated affiliate. The remaining increase in operating expenses was due to higher R&D spending related to operations at its recently-acquired Madison research laboratory.

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