Arrowhead Announces Private Placement, CFO’s Departure

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Arrowhead Research Corp. on Friday said its chief financial officer was resigning. The Pasadena nanotechnology holding company also announced a $2 million private placement.

Arrowhead, whose subsidiaries and other holdings are developing new technologies in the life sciences, electronics, and energy, said CFO Paul McDonnel was resigning to pursue an opportunity out of the state. Joseph T. Kingsley, a former CFO for the company, is rejoining the company as vice president of finance and accounting and will assist with executive and financial management until a permanent CFO is hired, it said.

In the separately announced private placement, Arrowhead will sell at least 7.1 million units at 30 cents per unit, with each unit consisting of one share of common stock and a warrant to purchase one additional share at an exercise price of 50 cents. The offering is expected to close no later than July 16.

Arrowhead shares were down less than 1 cent, or 3 percent, to 36 cents in midday trading on the Nasdaq.

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