Existing shareholders have agreed to purchase additional Aradigm Corporation common stock for a total of $4.75 million. The three shareholders will pay $0.19 per share for 25 million shares. The net proceeds for Aradigm after fees and expenses should be about $4.4 million.
“We are very pleased for the support demonstrated by our shareholders in this private placement,” commented Igor Gonda, Aradigm President and CEO.”These proceeds, together with the proceeds from our recent royalty financing transaction, will enable us to further our product development and formation of partnerships for commercialization.”
Aradigm is developing inhaled liposomal ciprofloxacin for the treatment of cystic fibrosis and bronchiectasis. Most recently, the company announced positive results from a Phase 2 study and received orphan drug designation from the FDA for the bronchiectasis indication.
Read the Aradigm press release.
