Arrowhead Research Corporation (NASDAQ: ARWR), a biopharmaceutical company developing targeted RNAi therapeutics, today announced financial results for its fiscal 2013 third quarter ended June 30, 2013. The company is hosting a conference call at 4:30 p.m. Eastern time to discuss results. To participate, please dial 877-300-8521 (toll free from the US), 855-669-9657 (toll free from Canada), or 412-317-6026 (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 2013 Third Quarter and Recent Company Highlights
- Strengthened the balance sheet with a $36 million financing from a syndicate of high-quality biotech investors. This provided sufficient capital to fund development into 2015;
- Successfully completed the Clinical Trial Notification regulatory process in Australia for ARC-520; and
- Initiated dosing in a Phase 1 trial of ARC-520 with the second of six planned dose cohorts scheduled to be completed today.
Selected Fiscal 2013 Third Quarter Financial Results
Total operating expenses for the three months ended June 30, 2013 were $6.4 million, compared to 6.9 million for the three months ended June 30, 2012.Net loss attributable to Arrowhead for the three months ended June 30, 2013 was $6.1 million, or $0.23 per share based on 26.1 million weighted average shares outstanding. This compares with a net loss attributable to Arrowhead of $8.0 million, or $0.71 per share based on 11.2 million weighted average shares outstanding, for the three months ended June 30, 2012. Net cash used in operating activities for the first nine months of fiscal 2013 were $13.6 million, compared with $10.8 million in the prior year period. The increase in cash used in operating activities reflects final pre-clinical requirements, including GMP manufacturing and GLP toxicology, to enable our HBV candidate, ARC-520, to enter clinical trials.