Arrowhead raises $64 million in private placement

Arrowhead Research Corp. (NASDAQ:ARWR) raised $64 million in a private placement through the sale of 3.1 million shares at $5.86 and 46,000 series C convertible preferred stock at $1,000. The preferred stock initially converts at $5.86. Arrowhead's ARC-520 is in Phase I testing to treat chronic HBV infection, with a Phase IIa trial slated to start early next year. The product consists of siRNAs targeting two regions of the HBV genome conjugated to N-acetylgalactosamine-polymer and cholesterol ligands using Arrowhead's Dynamic Polyconjugate delivery system. ...