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Arrowhead to Raise $104M in Stock Offering

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Arrowhead Research this week announced that it will sell 5.5 million shares of its common stock at $18.95 apiece for gross proceeds of $104 million.

The company has also granted the underwriters of the offering an option to buy an additional 825,000 shares, which would add another $15.6 million.

The company said the offering is expected to close early next week. The funds raised will be used for general corporate purposes, including research and development.

Earlier this month, the company said that it had filed with US regulators to sell up to $200 million in common stock, preferred stock, and/or warrants. At the time, Arrowhead President and CEO Christopher Anzalone said that the ability to sell the securities would give the company the ability to fully develop its lead hepatitis B treatment, ARC-520.

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