Arrowhead Announces Redemption of Stock Purchase Warrants.PASADENA, Calif. -- Arrowhead arrowhead, any plant of the genus Sagittaria, widely distributed marsh or aquatic herbs of the primitive family Alismataceae (water-plantain family). The name derives from the arrowhead-shaped leaves of many species. Research Corporation (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :ARWR) announced today that it will redeem its outstanding warrants to purchase common stock (NASDAQ:"ARWRW") on Wednesday, June 15, 2005. The last day to exercise the warrants (the exercise deadline) is Tuesday, June 14, 2005. Arrowhead intends to de-list the warrants from The Nasdaq SmallCap Market on Wednesday, June 8, 2005 to allow for an orderly redemption. The warrants are exercisable for $1.50 per share and are redeemable at the redemption price Redemption price See: Call price redemption price 1. The price at which an open-end investment company will buy back its shares from the owners. In most cases, the redemption price is the net asset value per share. 2. of $0.001 per share upon 30 days' written notice. A Notice of Redemption of Warrants and Letter of Transmittal Letter of Transmittal A document used by security holder to accompany certificates surrendered in an exchange or other corporate action. will be sent to each warrantholder providing instructions on how to exercise the warrants. Any warrant not exercised by Tuesday, June 14, 2005 will expire and will be redeemed by the Company for $0.001 per share. To date, 1.8 million of the 13.8 million warrants originally issued have been exercised. There are 12 million warrants that remain outstanding. If all of these outstanding warrants are exercised, the Company will have received, in total, approximately $21 million in exercise proceeds. The Company anticipates using the proceeds to fund the Company's subsidiaries, to fund the Company's research projects and for general working capital. About Arrowhead Research Corporation Arrowhead Research is a development-stage nanotechnology company structured to bring together a diverse and innovative mix of technologies, rights to a broad suite of intellectual property, and some of the most respected minds in this dynamic field. There are three strategic components to Arrowhead's business model: --The Commercialization Program: Arrowhead forms or acquires majority-owned subsidiary majority-owned subsidiary A firm in which more than 50% of outstanding voting stock is owned by the parent company. companies pursuing products based on nanotechnology in high-growth technology markets. --The Research Program: Arrowhead funds nanoscience research at universities in exchange for exclusive rights to license the technology. --The Patent Toolbox: Arrowhead acquires, licenses, and sublicenses intellectual property in nanotechnology. Arrowhead Research operates four majority-owned subsidiary companies: --Aonex Technologies, Inc., developing and commercializing proprietary semiconductor nanomaterial technology. --Insert Therapeutics, Inc., developing and commercializing a proprietary nanoscale drug delivery system. --Nanotechnica, Inc., developing a variety of proprietary nanoscale devices and systems, including laboratory on a chip. --Calando Pharmaceuticals, Inc. is developing nanostructures for delivery and therapeutic use of RNA interference RNA interference n. A process in which the introduction of double-stranded RNA into a cell inhibits the expression of genes. . Arrowhead is funding three research and development efforts in nanotechnology at the California Institute of Technology California Institute of Technology, at Pasadena, Calif.; originally for men, became coeducational in 1970; founded 1891 as Throop Polytechnic Institute; called Throop College of Technology, 1913–20. . Safe Harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. Statement under the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995: 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 the recent economic slowdown affecting technology companies, the future success of our scientific studies, our ability to successfully develop products, rapid technological change in our markets, changes in demand for our future products, legislative, regulatory and competitive developments and general economic conditions. Our 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 10-K/A, recent and forthcoming Quarterly Reports on Form 10-Q Form 10-Q See 10-Q. and 10-Q/A, recent Current Reports on Forms 8-K and 8-K/A, our Registration Statement on Form S-3, and other SEC filings discuss some of the important risk factors that may affect our business, results of operations and financial condition. We undertake no obligation to revise or update publicly any forward-looking statements for any reason. |
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