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Arrowhead Reports Fiscal 2013 First Quarter Financial Results

Stocks in this article: ARWR

Arrowhead Research Corporation (NASDAQ: ARWR), a targeted therapeutics company, today announced financial results for its fiscal 2013 first quarter ended December 31, 2012. The company is hosting a conference call at 4:30 p.m. Eastern time (1:30 p.m. Pacific time) to discuss results. To participate, please dial 877-317-6789 (toll free from the US), 866-605-3852 (toll free from Canada), or 412-317-6789 (for international callers). Investors may also access a live audio webcast of this conference call on the Company's website at www.arrowheadresearch.com.

"Fiscal 2012 was a productive building year for Arrowhead as we acquired substantial RNAi assets and the world’s largest human-derived peptide targeting library," said Dr. Christopher Anzalone, President and Chief Executive Officer. "We are now in a position to begin demonstrating the value of these programs in 2013. This means entering the clinic with what we believe to be a potential breakthrough hepatitis B treatment; continuing clinical studies in our obesity program; building new clinical candidates; publishing data demonstrating the power of our platforms and candidates; and entering into new collaborations and partnerships. As such, we achieved some key milestones in the first fiscal quarter and expect to achieve significant milestones throughout the year."

Fiscal 2013 First Quarter and Recent Company Highlights

  • Program and Pipeline Highlights
    • Advanced manufacturing and GLP toxicology studies of ARC-520, with regulatory filing expected in Q2 2013 to begin first-in-man studies;
    • Presented data at multiple scientific conferences including data on new DPC subcutaneous formulation showing 99% target gene knockdown in non-human primates without observed toxicity;
    • Published studies in the journal Nucleic Acid Therapeutics demonstrating high levels of knockdown in non-human primates using cholesterol-conjugated siRNA, DPCs, and a novel co-injection strategy;
    • Received additional patents on the DPC siRNA delivery system;
    • Established a Clinical Advisory Board for hepatitis B including prominent hepatologist Dr. Robert G. Gish;
  • Business Development Highlights
    • Entered into a Collaboration and License Agreement with Shire for peptide-targeted therapeutics that includes research funding for Arrowhead, up to $32.8 million in potential milestone payments, and royalties on sales;
  • Financial Highlights
    • Strengthened the balance sheet through equity financings with gross proceeds of $7.5 million.

Selected Fiscal 2013 First Quarter Financial Results

Total operating expenses for the quarter ended December 31, 2012 were $5.0 million, compared to $4.1 million during the quarter ended December 31, 2011.

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