Arrowhead Raises Additional Capital from Institutional Shareholders
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Arrowhead Research Corporation has announced that it has closed the sale of 204,918 shares of restricted common stock to Knott Partners, LP and Potomac Capital Partners, LP and certain of their affiliates.
A portion of the proceeds of the sale was used to increase Arrowhead's ownership position in its majority-owned subsidiary, Calando Pharmaceuticals.
Under the terms of the agreement, Knott Partners and Potomac Capital purchased 102,250 and 102,668 shares, respectively of restricted common stock at $4.88 per share which represents the 10-day trailing average price from August 4, the date Arrowhead's Board approved the transaction.
Arrowhead purchased 240,000 shares of the common stock of Calando Pharmaceuticals from a minority holder for an aggregate purchase price of $480,000. The remainder of the proceeds will be used for general corporate purposes.
