Arrowhead Reports Fiscal 2010 Third Quarter Financial Results

Arrowhead Research Corporation ARWR today announced financial results for its fiscal 2010 third quarter ended June 30, 2010. For the quarter ended June 30, 2010, Arrowhead reported revenue of $134,000, compared with $2.6 million in the quarter ended June 30, 2009. The prior period revenue included $2.4 million related to revenue from a license agreement between Calando and Cerulean Pharma, Inc. which was not repeated in the current period. Revenue at Unidym was comparable to the prior period. Total operating expenses for the quarter ended June 30, 2010 were $2.3 million, a decrease of $2.6 million from $4.9 million during the quarter ended June 30, 2009. The significant reduction in operating expenses was a result of measures undertaken by management during 2009 to streamline its businesses and better align its cost structure with its capital resources.