This Day On The Street
Continue to site right-arrow
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Arno Therapeutics Completes $14.9 Million Financing To Advance Lead Clinical Compounds

Arno Therapeutics, Inc. (OTCBB: ARNI), a clinical-stage biopharmaceutical company focused on the development of oncology therapeutics, announced today the sale and issuance of an additional $2.15 million of 8% senior convertible debentures and warrants to purchase 14.3 million shares of common stock. Arno previously announced the initial closing of the private placement on November 27, 2012. With the completion of both closings, Arno has sold and issued convertible debentures in the principal amount of $14.9 million and warrants to purchase a total of 99 million shares of common stock. The terms of the financing are described in the company’s November 27, 2012 press release announcing the sale of the initial $12.7 million of the company’s debentures.

The proceeds from the private placement will support continued development of Arno’s oncology pipeline. Arno is currently conducting clinical and preclinical studies of three drug candidates to treat a variety of cancers.

Maxim Group LLC acted as sole placement agent for institutional investors and insiders of Arno who participated in the financing.

“This financing is an important milestone for us because it marks the completion of a transition that we began approximately two years ago to refocus our company on innovative drugs to treat breast, endometrial and other cancers,” said Arno’s Chairman, Arie S. Belldegrun, M.D. “This effort began with recruiting a world-class management team, acquiring exclusive rights to our lead program, onapristone, revamping our existing development programs and identifying strategic investors who support our vision. As a result, I believe Arno is in a much stronger position to achieve clinical and commercial success.”

Glenn Mattes, Arno’s President and CEO, stated “We greatly appreciate the financial support of our board members, industry leading institutional investors and retail investors, which will allow us to continue our development work with onapristone, AR-42 and AR-12, advance these compounds into later-stage clinical trials and prepare for their eventual commercialization. With continued clinical progress and success, we also look forward to expanding our relationships with key U.S. cancer research centers, which share our interest in developing these promising product candidates.”

1 of 3

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!


DOW 17,698.18 -77.94 -0.44%
S&P 500 2,059.69 -8.20 -0.40%
NASDAQ 4,880.2280 -20.6570 -0.42%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs