PASADENA, Calif.--(BUSINESS WIRE)--
Arrowhead Research Corporation (NASDAQ: ARWR - News), a nanomedicine company with development programs in RNA therapeutics and obesity, today announced financial results for its fiscal 2012 second quarter ended March 31, 2012.
Fiscal 2012 Second Quarter and Recent Company Highlights
Recent acquisitions of Roches siRNA business and Alvos Therapeutics, Inc., coupled with our own assets, have given Arrowhead a platform from which we can rapidly generate and optimize therapeutic candidates, said Dr. Christopher Anzalone, President and Chief Executive Officer. Our ability and experience in combining the right targeting agent with the right delivery vehicle and the right payload is unique in the industry and is generating increasing collaboration interest from potential partners. During the second quarter, we continued to enroll patients in our Phase 1b trial for CALAA-01 and we expect to wrap up this trial during the summer. Additionally, we received clearance to commence a Phase I trial for Adipotide, our anti-obesity candidate, and anticipate dosing the first patient shortly.
Selected Financial Results
For the quarter ended March 31, 2012, Arrowhead reported revenues of $31,250. There was no revenue in the comparable prior period. Total operating expenses for the quarter ended March 31, 2012 were $4.9 million, compared to $1.8 million during the quarter ended March 31, 2011.
Net loss attributable to Arrowhead for the quarter ended March 31, 2012 was $5.3 million, or $0.50 per share based on 10,663,869 weighted average shares outstanding. This compares with a net loss attributable to Arrowhead of $2.9 million, or $0.37 per share based on 7,891,395 weighted average shares outstanding, for the quarter ended March 31, 2011.
The Company's net cash used in operations for the first half of fiscal 2012 was $6.9 million, compared with $5.0 million for the first half of fiscal 2011. Cash provided by investing activities was $0.3 million, primarily due to cash received from the sale of investments. Cash provided by financing activities was $2.6 million, primarily due to the issuance of Arrowhead common stock. As of March 31, 2012, Arrowhead had cash resources of $6.3 million; which includes cash and cash equivalents of $3.6 million and $2.7 million in subscriptions receivable from previous financings.
Upcoming Conference Presentations
Conference Call
Link:
Arrowhead Reports Fiscal 2012 Second Quarter Financial Results