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.
Net loss attributable to Arrowhead for the quarter ended March 31, 2012 was $5.3 million, or $0.50 per share based on 10,663,869 weighted average shares outstanding. This compares with a net loss attributable to Arrowhead of $2.9 million, or $0.37 per share based on 7,891,395 weighted average shares outstanding, for the quarter ended March 31, 2011.The Company's net cash used in operations for the first half of fiscal 2012 was $6.9 million, compared with $5.0 million for the first half of fiscal 2011. Cash provided by investing activities was $0.3 million, primarily due to cash received from the sale of investments. Cash provided by financing activities was $2.6 million, primarily due to the issuance of Arrowhead common stock. As of March 31, 2012, Arrowhead had cash resources of $6.3 million; which includes cash and cash equivalents of $3.6 million and $2.7 million in subscriptions receivable from previous financings. Upcoming Conference Presentations
- European Foundation for Clinical Nanomedicine (CLINAM) May 7 - 9 in Basel, Switzerland
- TIDES: Oligonucleotide & Peptide® Research, Technology & Product DevelopmentMay 20 - 23 in Las Vegas, NV
- RNA Society Annual Meeting May 29 - June 1 in Ann Arbor, MI
- RNAi Research & Therapeutics ConferenceMay 30 - 31 in Boston, MA
- RNAi & Nanotechnology ConferenceJune 11 - 12 in London, UK
- International Congress on Infectious DiseasesJune 15 in Bangkok, Thailand
About Arrowhead Research CorporationArrowhead Research Corporation is a clinical stage nanomedicine company developing innovative therapies at the interface of biology and nanoengineering. Arrowhead’s world-class capabilities and intellectual property covering nucleic acid delivery, siRNA chemistry, and tissue targeting allow it to design and develop therapeutic agents for a wide range of diseases. The company’s lead products include CALAA-01, an oncology drug candidate based on the gene silencing RNA interference (RNAi) mechanism, and Adipotide TM, an anti-obesity peptide that targets and kills the blood vessels that feed white adipose tissue. Arrowhead is leveraging its proprietary Dynamic PolyConjugate (DPC), Liposomal Nanoparticle (LNP), and RONDEL TM delivery platforms to support its own pipeline of preclinical and clinical candidates and to secure external partnerships and collaborations with biotech and pharmaceutical companies. For more information please visit http://www.arrowheadresearch.com, or follow us on Twitter @ArrowRes. To be added to the Company's email list to receive news directly, please send an email to email@example.com Safe Harbor Statement under the Private Securities Litigation Reform Act: This news release contains forward-looking statements within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. These statements are based upon our current expectations and speak only as of the date hereof. Our actual results may differ materially and adversely from those expressed in any forward-looking statements as a result of various factors and uncertainties, including our ability to finance our operations, the future success of our scientific studies, our ability to successfully develop drug candidates, the timing for starting and completing clinical trials, rapid technological change in our markets, and the enforcement of our intellectual property rights. Arrowhead Research Corporation's most recent Annual Report on Form 10-K and subsequent Quarterly Reports on Form 10-Q discuss some of the important risk factors that may affect our business, results of operations and financial condition. We assume no obligation to update or revise forward-looking statements to reflect new events or circumstances.