Arrowhead Reports Fiscal 2017 First Quarter Results

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Arrowhead Reports Fiscal 2017 First...

– Conference Call and Webcast Today at 4:30 p.m. EST

PASADENA, Calif.–(BUSINESS WIRE)–

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.

Arrowhead Pharmaceuticals, Inc.
Vince Anzalone, CFA
626-304-3400
ir@arrowheadpharma.com
or
Investor

Relations:
The Trout Group
Chad Rubin
646-378-2947
ir@arrowheadpharma.com
or
Media:
Russo

Partners
Rich Allan
646-942-5588
rich.allan@russopartnersllc.com

Source: Arrowhead Pharmaceuticals, Inc.

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