Aradigm Closes Offering of Common Stock.Underwriters Exercise Over-Allotment Option HAYWARD, Calif. -- Aradigm Corporation (OTCBB OTCBB See OTC Bulletin Board (OTCBB). :ARDM) today announced that it has closed its public offering of 37,950,000 shares of common stock, which includes the exercise in full by the underwriters of their over-allotment option of 4,950,000 shares. Aradigm intends to use the net proceeds Net Proceeds The amount received after all costs are deducted from the sale of a piece of property or security. Notes: In the case of an investor selling a security, net proceeds represent the proceeds from the sale minus any trading costs (i.e. commissions). from the offering, after the underwriting discount and expenses, of approximately $33.3 million to fund continued preclinical and clinical testing, completion of development of a next-generation delivery device, and for working capital and other general corporate expenses and general development efforts. Punk, Ziegel & Company was the sole book runner Book Runner The managing or lead underwriter who maintains the books of securities sold for a new issue. Notes: In other words, this person is the underwriter who "runs" the books. Often the book runner is given credit for the total size of the deal. and lead managing underwriter Managing underwriter The leading firm in an underwriting group, which originates the deal and acts as an agent for the group. managing underwriter See lead underwriter. . Merriman Curhan Ford & Co. was the co-manager. About Aradigm Aradigm is an emerging specialty pharmaceutical company focused on the development and commercialization of a portfolio of drugs delivered by inhalation for the treatment of severe respiratory diseases by pulmonologists. Except for the historical information contained herein, this news release contains forward-looking statements that involve risk and uncertainties, including preclinical and clinical results, the timely availability and acceptance of new products, the impact of competitive products and pricing, the availability of funding from partners or capital markets, our ability to successfully complete this offering and receive and apply the proceeds, and the management of growth, as well as the other risks detailed from time to time in Aradigm Corporation's Securities and Exchange Commission (SEC) Filings, including the company's Annual Report on Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. , and quarterly reports on Form 10-Q Form 10-Q See 10-Q. . Aradigm and AERx are registered trademarks of Aradigm Corporation. SOURCE: Aradigm |
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