April 6, 2011 - Ablaris Secures $2.9 Million to Enter Phase I Trial in Second Half 2011 — Arrowhead Research Corporation (NASDAQ: ARWR), a nanomedicine company with development programs in oncology, obesity and regenerative medicine, announced that majority-owned subsidiary Ablaris Therapeutics, Inc. has completed a second closing of its Series A financing round for gross proceeds of $1.2 million, with aggregate gross proceeds of $2.9 million to date. Arrowhead invested $1.3 million in the offering and holds a 64% stake in the obesity company post closing. Use of proceeds includes upfront licensing payments and expenses associated with preparation for a Phase I clinical trial, expected in the second half of 2011."The offering achieved our goal of securing outside capital for Ablaris' license and operations, and provides for incidental costs as we make our way to the clinic," said Arrowhead President and CEO Dr. Chris Anzalone. Direct costs for a Phase 1 clinical trial of Ablaris' first compound are expected to be borne by licensor MD Anderson Cancer Center.
"Preclinical studies of Ablaris' technology have demonstrated considerable promise as a novel way to treat the growing problem of obesity," continued Dr. Anzalone. "While much attention has been given to various anti-obesity therapeutic candidates, the FDA has not approved a new anti-obesity drug in over a decade, leaving a large underserved market in search of a safe and effective treatment. We believe Ablaris’ unique technology that directly targets blood vessels feeding white fat tissue presents a significant advantage as we look to enter the clinic with Ablaris' first drug candidate later this year."
Arrowhead launched Ablaris in December 2010 to commercialize the innovative technology platform developed by Drs. Wadih Arap and Renata Pasqualini at MD Anderson Cancer Center for use in weight loss and obesity-related metabolic conditions... Arrowhead Research's Press Release -
