Conference Call and Webcast Today at 4:30 p.m.
EDT
Arrowhead Pharmaceuticals, Inc. (NASDAQ: ARWR) today announced
financial results for its fiscal 2016 third quarter ended June 30,
2016. The company is hosting a conference call at 4:30 p.m. EDT to
discuss results.
Conference Call and Webcast Details
Investors may access a live audio webcast on the Company's
website at http://ir.arrowheadpharma.com/events.cfm. For analysts
that wish to participate in the conference call, please dial
855-215-6159 or 315-625-6887 and enter Conference ID 57990579.
A replay of the webcast will be available on the company’s
website approximately two hours after the conclusion of the call
and will remain available for 90 days. An audio replay will also be
available approximately two hours after the conclusion of the call
and will be available for 3 days. To access the audio replay, dial
404-537-3406 and enter Conference ID 57990579.
Fiscal 2016 Third Quarter and Recent Company
Highlights
Corporate Events
- Today priced an at-the-market private
offering of $45 million of common stock
ARC-520
- Presented promising ARC-520 hepatitis B
data at The International Liver Congress™ 2016
- Expanded the MONARCH study to include
additional sites, investigators, and cohorts, including patients
with HBV and hepatitis Delta virus co-infection
ARC-521
- Initiated a Phase 1/2 study of ARC-521
designed to evaluate the safety, tolerability, and pharmacokinetics
of single doses of ARC-521 in healthy volunteers and the safety,
tolerability, and antiviral activity of single and multiple doses
of ARC-521 in patients with chronic HBV. Two of a planned six
normal volunteer cohorts have dosed, with the third cohort expected
to dose this week
ARC-AAT
- Completed enrollment in Part A of a
Phase 1 study in healthy volunteers
- Received approval from regulatory
authorities in Canada, Ireland, and Sweden to begin a Phase 2 study
designed to determine the effect of multiple doses of ARC-AAT on
intrahepatic alpha-1 antitrypsin levels as evidenced by changes in
liver biopsy in patients with alpha-1 antitrypsin deficiency
Platform and Early Pipeline
- Presented promising new preclinical
data on ARC-LPA for cardiovascular diseases and ARC-HIF2 for renal
cell carcinoma showing that important advancements are being made
to Arrowhead’s delivery platforms to include subcutaneous
administration and extra-hepatic targeting capabilities
Selected Fiscal 2016 Third Quarter Financial Results
ARROWHEAD PHARMACEUTICALS, INC. CONSOLIDATED CONDENSED
FINANCIAL INFORMATION (unaudited)
Three
Months Ended
June 30,
Nine Months Ended
June 30,
OPERATING
SUMMARY
2016 2015 2016 2015
REVENUE $ 39,583 $ 123,750
$ 127,083 $ 338,250 OPERATING
EXPENSES Research and development 9,423,195 7,490,400
29,782,854 36,877,925 Acquired in-process research and development
- - - 10,142,786 Salaries and payroll-related costs 4,113,262
3,570,531 12,281,841 10,262,799 General and administrative expenses
2,275,628 1,829,393 8,045,571 5,612,219 Stock-based compensation
2,750,785 2,486,074 7,547,967 6,706,009 Depreciation and
amortization 818,200 741,058 2,416,461
1,480,656 TOTAL OPERATING EXPENSES 19,381,070
16,117,456 60,074,694 71,082,394
OPERATING
LOSS (19,341,487 ) (15,993,706 )
(59,947,611 ) (70,744,144 ) OTHER
INCOME/(EXPENSE), PROVISION FOR INCOME TAXES
(79,256 ) 57,653 446,595
3,546,398 NET LOSS $ (19,420,743
) $ (15,936,053 ) $
(59,501,016 ) $ (67,197,746 )
EARNINGS PER SHARE (BASIC AND DILUTED): $
(0.32 ) $ (0.27 ) $
(1.00 ) $ (1.19 ) WEIGHTED
AVERAGE SHARES OUTSTANDING 59,966,955
59,492,867 59,764,129 56,631,297
FINANCIAL
POSITION SUMMARY
June 30, September 30, 2016 2015
CASH AND CASH EQUIVALENTS 43,616,543
81,214,354 SHORT-TERM INVESTMENTS
1,030,556 17,539,902 TOTAL CASH RESOURCES
(CASH, CASH EQUIVALENTS AND INVESTMENTS) 44,647,099
98,754,256 OTHER ASSETS 40,886,397
33,513,658 TOTAL ASSETS
85,533,496 132,267,914 TOTAL
LIABILITIES 26,108,330 22,646,280 TOTAL
STOCKHOLDERS' EQUITY 59,425,166
109,621,634 TOTAL LIABILITIES AND STOCKHOLDERS'
EQUITY 85,533,496 132,267,914
SHARES OUTSTANDING 60,429,405
59,544,677 PROFORMA SHARES OUTSTANDING (INCLUDING
CONVERSION OF PREFERRED SHARES) 63,100,395
62,215,667
About Arrowhead Pharmaceuticals
Arrowhead Pharmaceuticals develops medicines that treat
intractable diseases by silencing the genes that cause them. Using
a broad portfolio of RNA chemistries and efficient modes of
delivery, Arrowhead therapies trigger the RNA interference
mechanism to induce rapid, deep, and durable knockdown of target
genes. RNA interference, or RNAi, is a mechanism present in living
cells that inhibits the expression of a specific gene, thereby
affecting the production of a specific protein. Arrowhead’s
RNAi-based therapeutics leverage this natural pathway of gene
silencing. The company’s pipeline includes ARC-520 and ARC-521 for
chronic hepatitis B virus infection, ARC-AAT for liver disease
associated with alpha-1 antitrypsin deficiency, ARC-F12 for
hereditary angioedema and thromboembolic disorders, ARC-LPA for
cardiovascular disease, and ARC-HIF2 for renal cell carcinoma.
For more information please visit www.arrowheadpharma.com, or
follow us on Twitter @ArrowheadPharma. To be added to the Company's
email list and receive news directly, please visit
http://ir.arrowheadpharma.com/alerts.cfm.
Safe Harbor Statement under the Private Securities Litigation
Reform Act:
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 our ability to finance our
operations, the future success of our scientific studies, our
ability to successfully develop drug candidates, the timing for
starting and completing clinical trials, rapid technological change
in our markets, and the enforcement of our intellectual property
rights. Our most recent Annual Report on Form 10-K and subsequent
Quarterly Reports on Form 10-Q discuss some of the important risk
factors that may affect our business, results of operations and
financial condition. We assume no obligation to update or revise
forward-looking statements to reflect new events or
circumstances.
DYNAMIC POLYCONJUGATES is a trademark of Arrowhead
Pharmaceuticals, Inc.
Source: Arrowhead Pharmaceuticals, Inc.
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version on businesswire.com: http://www.businesswire.com/news/home/20160809005558/en/
Arrowhead Pharmaceuticals, Inc.Vince Anzalone,
CFA626-304-3400ir@arrowheadpharma.comorInvestor
Relations:The Trout GroupChad
Rubin646-378-2947ir@arrowheadpharma.comorMedia:Russo
PartnersMatt Middleman,
M.D.212-845-4272matt.middleman@russopartnersllc.com
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