Arrowhead Research INITIATES Securities Purchase Agreement and 1 Stock Falling to 52-Week Lows
Arrowhead Research (NASDAQ:ARWR) has entered into a securities purchase agreement with institutional and individual investors to increase gross proceeds of nearly $6.2 million. Investors include a number of existing investors in the Company, including James Mellon, and a new fund that is dedicated to health care investments. The placement involves the sale of 2.3 million shares of its common stock, and warrants to purchase 1.7 million shares of common stock. The stock and warrants are to be sold in units, with a pricing of $2.76 per unit, with each unit consisting of one share of common stock and a warrant to purchase 0.75 shares of common stock. The warrants have an exercise price of $3.25 per share of common stock, and a term of four years from the date of issuance and can be used starting 6 months after the closing of the offering. The shares closed at $2.79, down $0.46 or 14.15% on the day. They have traded in a 52-week range of $3.10 to $11.90.
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Verastem Inc. (VSTM) reports a Q2 EPS of 34c, consensus 34c. The shares closed at $8.02, down $0.9 or 10.09% on the day. They have traded in a 52-week range of $8.46 to $12.24.
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