Arrowhead Reports Fiscal 2017 First Quarter Results
February 06 2017 - 4:00PM
Business Wire
- Conference Call and Webcast Today at 4:30
p.m. EST
Arrowhead Pharmaceuticals, Inc. (NASDAQ: ARWR) today announced
financial results for its fiscal 2017 first quarter ended December
31, 2016. The company is hosting a conference call at 4:30 p.m. EST
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 59701860.
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 59701860.
Selected Fiscal 2017 First Quarter and Recent Events
- Took steps to redeploy company
resources to support development of RNAi therapeutics that utilize
the company’s new proprietary subcutaneous and extra-hepatic
delivery systems, including:
- Discontinued the development of
ARC-520, ARC-521, and ARC-AAT which utilized the intravenously
administered DPCiv™, or EX1, delivery vehicle
- Reduced the workforce by approximately
30%, while maintaining resources necessary to support current and
potential partner-based programs and the Company’s pipeline
- Continued progress on preclinical
pipeline including ARO-HBV, ARO-AAT, ARO-F12, ARO-HIF2, and
programs partnered with Amgen, ARO-LPA and ARO-AMG1
- Continued progress on former drug
candidates prior to the discontinuations
- Presented preclinical and clinical data
on former drug candidate ARC-AAT at the Liver Meeting, providing
validation of the potential of RNAi in alpha-1 liver disease
- Advanced former drug candidate ARC-521
into a Phase 1/2 study
- Conducted multiple dose and combination
studies of former drug candidate ARC-520
Selected Fiscal 2017 First Quarter Financial Results
ARROWHEAD PHARMACEUTICALS, INC. CONSOLIDATED CONDENSED
FINANCIAL INFORMATION (unaudited) Three Months
Ended December 31,
OPERATING
SUMMARY
2016 2015
REVENUE $ 4,365,496 $ 43,750
OPERATING EXPENSES Research and development 9,527,051
10,338,833 Salaries and payroll-related costs 4,276,105 3,919,886
General and administrative expenses 1,854,174 1,951,609 Stock-based
compensation 2,424,442 2,380,343 Depreciation and amortization
1,185,611 794,349 TOTAL OPERATING
EXPENSES 19,267,383 19,385,020
OPERATING LOSS (14,901,887 )
(19,341,270 ) OTHER INCOME/(EXPENSE), PROVISION
FOR INCOME TAXES 2,815,779
76,856 NET LOSS $ (12,086,108
) $ (19,264,414 ) EARNINGS
PER SHARE (BASIC AND DILUTED): $ (0.17 )
$ (0.32 ) WEIGHTED AVERAGE SHARES
OUTSTANDING 71,444,600
59,548,672
FINANCIAL
POSITION SUMMARY
December 31, September 30,
2016 2016 CASH
AND CASH EQUIVALENTS 102,105,569 85,366,448
OTHER ASSETS 42,152,537
42,810,057 TOTAL ASSETS
144,258,106 128,176,505 TOTAL
LIABILITIES 47,049,685 33,152,246 TOTAL
STOCKHOLDERS' EQUITY 97,208,421
95,024,259 TOTAL LIABILITIES AND STOCKHOLDERS'
EQUITY 144,258,106
128,176,505 SHARES OUTSTANDING
74,413,040 69,746,685
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.
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 the safety and efficacy of our
product candidates, the duration and impact of regulatory delays in
our clinical programs, 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.
Source: Arrowhead Pharmaceuticals, Inc.
View source
version on businesswire.com: http://www.businesswire.com/news/home/20170206005988/en/
Arrowhead Pharmaceuticals, Inc.Vince Anzalone,
CFA626-304-3400ir@arrowheadpharma.comorInvestor
Relations:The Trout GroupChad
Rubin646-378-2947ir@arrowheadpharma.comorMedia:Russo
PartnersRich Allan646-942-5588rich.allan@russopartnersllc.com
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