ARROWHEAD NANOBIOTECHNOLOGY SUBISIDARIES, CALANDO PHARMACEUTICALS AND INSERT THERAPEUTICS COMPLETE MERGER
PASADENA, Calif.-April 24, 2008-Arrowhead Research Corporation (Nasdaq: ARWR) announced today the completion of the merger between Insert Therapeutics, Inc. and Calando Pharmaceuticals, Inc. The merger is part of a streamlining of the two companies in which Arrowhead assumed active management to increase efficiency and focus resources on bringing multiple products to the clinic as rapidly as possible. The merged company will do business under the name "Calando Pharmaceuticals, Inc."
"Both Calando and Insert are on track to maximize value from their core technologies and each has recently announced progress toward additional clinical trials," said Christopher Anzalone, Arrowhead's CEO. "The companies are built around very similar platforms and we saw compelling reasons to merge them into a single, more efficient entity. We believe the result will be a leaner and stronger company going forward with multiple compounds in clinical development."
Calando has an active clinical program that spans small molecule and siRNA therapeutics for the treatment of cancer. Calando's IT-101 compound is moving into phase II clinical trials for the treatment of ovarian cancer. Calando's CALAA-01 has been cleared by the FDA to begin phase I clinical trials and is on track to be the first use of siRNA for the treatment of cancer in humans.
About Arrowhead Research Corporation
Arrowhead Research Corporation (www.arrowheadresearch.com) is a publicly-traded nanotechnology company commercializing new technologies in the areas of life sciences, electronics, and energy. Arrowhead is building value for shareholders through the progress of majority owned subsidiaries founded on nanotechnologies originally developed at universities. The company works closely with universities to source early stage deals and to generate rights to intellectual property covering promising new nanotechnologies. Currently, Arrowhead has four subsidiaries commercializing nanotech products and applications, including anti-cancer drugs, RNAi therapeutics, carbon-based electronics and compound semiconductor materials.
About Calando Pharmaceuticals, Inc. and Insert Therapeutics, Inc.
Calando Pharmaceuticals Inc. is a biopharmaceuticals company using proprietary technologies developed by Professor Mark Davis at Caltech to deliver targeted siRNA and small molecule therapeutics. Calando combines its innovative RONDEL(TM) system of polymeric delivery with siRNA to solve the long-standing obstacle of effective delivery and targeting for this revolutionary new field of medicine using RNA interference, or "RNAi". Based upon the innovative breakthrough in siRNA delivery enabled by the RONDEL(TM) system, the potential of using siRNA in new systemic therapies, upstream from the mode of action of most drugs today, may finally be realized.
Insert's lead therapeutic candidate, IT-101, composed of its Cyclosert(TM) delivery technology and a small molecule anticancer agent - camptothecin - is currently in a phase 1 trial at City of Hope in Pasadena, CA. The combined company plans to continue its development of RONDEL(TM) and Cyclosert(TM) through both internal R&D and in collaborations and partnerships with pharmaceutical and biotechnology companies. Calando expects that it will enter into collaborations with other companies working in the siRNA field to combine our delivery system with their siRNA to advance other innovative treatments for indications in oncology, viral infections, CNS, and metabolic and autoimmune diseases, among others.
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995:
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 future success of our scientific studies, our ability to successfully develop products, rapid technological change in our markets, changes in demand for our future products, legislative, regulatory and competitive developments and general economic conditions. Arrowhead Research Corporation's Annual Report on Form 10-K and 10-K/A, recent and forthcoming Quarterly Reports on Form 10-Q and 10-Q/A, recent Current Reports on Forms 8-K and 8-K/A, our Registration Statements on Form S-3, and other SEC filings discuss some of the important risk factors that may affect our business, results of operations and financial condition. We undertake no obligation to revise or update publicly any forward-looking statements for any reason.