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Provider: Thomson Reuters Stock Report
Provider: Wright Reports
Provider: New Constructs, LLC
Provider: Jefferson Research

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Arrowhead Research Corp Closes $36 Million Private Offering

Monday, 6 May 2013 07:30am EDT 

Arrowhead Research Corp announced that on May 3, 2013 it has closed a previously announced private offering of common and convertible preferred stock with gross proceeds of $36 million. The financing was led by RA Capital and included new investors Camber Capital, Special Situations Fund, and Aquilo Capital, as well as existing investors Sabby Capital, Sphera Global Healthcare Fund, and Jim Mellon. Approximately 14.3 million shares of common stock were issued at $1.83 per share. 9,900 shares of Series B convertible preferred stock were issued at $1,000 per share, and each are convertible into 546 shares of common stock which is a conversion price of $1.83 per share of common stock. The Series B preferred was used in the financing as an accommodation to those investors who desire to not own in excess of 9.99% of Arrowhead's outstanding voting securities following the financing. The Series B Preferred is non-voting above a beneficial ownership cap of 9.99%, pays no dividend, and carries no liquidation preference. Trout Capital acted as a financial advisor in the transaction. The Company did not engage an investment banker or placement agent. 

Company Quote

17 Dec 2014