Arrowhead raises $104.2 million in follow-on

RNAi company Arrowhead Research Corp. (NASDAQ:ARWR) raised $104.2 million through the sale of 5.5 million shares at $18.95 in a follow-on underwritten by Jefferies; Barclays; Deutsche Bank; and Piper Jaffray. Arrowhead proposed the offering late Tuesday, when its share price was $18.95. Arrowhead's lead internal compound is ARC-520, which is in Phase I testing to treat chronic HBV infection, with a Phase IIa trial slated to start this half. 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. ...