Registered Direct
Financing
$4.5 million
February 2009
Announced: February 2009Security: Common Stock
Raised: $4.5 million
Location: Hayward, CA
President and Chief Executive Officer: Igor Gonda
Chief Financial Officer: Nancy Pecota
Board of Directors: Virgil Thompson , Frank Barker, John Siebert
Aradigm is a specialty pharmaceutical company focused on drugs delivered by inhalation for the treatment of severe respiratory diseases by pulmonologists with current activities that include partnered and self-initiated development programs addressing the treatment of cystic fibrosis, bronchiectasis, pulmonary hypertension and COPD, inhalation anthrax infections and smoking cessation. In February 2009, Aradigm entered into definitive agreements with investors to sell up to approximately 40.7 million shares of its common stock for gross proceeds of approximately $4.1 million, before deducting placement agent fees and estimated offering expenses, in a "registered direct" offering. The investors agreed to purchase the shares of common stock at a negotiated purchase price of $0.10 per share. The investors in the offering are all current Aradigm shareholders. Later in the week, Aradigm entered into a definitive agreement with an investor to sell an additional 4 million shares of its common stock for gross proceeds of $400,000, before deducting placement agent fees and estimated offering expenses. Reedland Capital Partners, Torreya Partners’ financing partner, acted as financial advisor in the transaction.
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Securities offered through Financial West Group, member FINRA/SIPC. Torreya Partners LLC and Financial West Group are unaffiliated entities.