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TMCNet: Arrowhead seeks to regain Nasdaq compliance [San Gabriel Valley Tribune, West Covina, Calif.]

[March 20, 2010]

Arrowhead seeks to regain Nasdaq compliance [San Gabriel Valley Tribune, West Covina, Calif.]

(San Gabriel Valley Tribune (CA) Via Acquire Media NewsEdge) Mar. 20--PASADENA -- Arrowhead Research Corp., a nanotechnology company that commercializes new technologies, has received another 180-day grace period to regain compliance with Nasdaq Capital Market's $1 minimum bid requirement.


To meet the extension, which runs until Sept. 13, the Pasadena-based firm's stock must maintain a minimum closing price of $1 per share for 10 consecutive business days.

Arrowhead is eligible for the additional grace period because it meets the initial listing requirements for the Nasdaq Capital Market except for the bid price.

The notification indicated that the company did not regain compliance during the initial 180-day grace period provided under the rule.

The company's common stock will continue to trade on the Nasdaq Capital Market during the 180-day extension.

Originally known as the Nasdaq SmallCap Market, the Nasdaq Capital Market handles securities of smaller, less-capitalized companies that don't qualify for inclusion in the Nasdaq National Market.

Arrowhead's stock remained unchanged Friday to close at 54 cents a share. Over the past 52 weeks, the company's shares have ranged from a high of 80 cents to a low of 31 cents.

"The company looks at this as another six months to continue executing their business strategy," said Brandi Floberg, Arrowhead's outside investor relations counsel.

"They hope that by adding business technology they'll experience organic growth and the market will value their stock at a higher price." If Arrowhead fails to meet the minimum bid requirement during the 180-day grace period, its common stock will be subject to delisting.

Christopher Anzalone, Arrowhead's CEO, said progress was achieved during the first quarter of fiscal 2010, which ended Dec. 31.

"During the first quarter, we made steady progress in advancing our portfolio companies, and at Arrowhead where we further improved our cost structure and strengthened our balance sheet with the completion of our financing in December," Anzalone said in a statement issued last month.

Unidym, he said, has made "excellent business development progress" by completing several partnering and licensing agreements with industry leaders.

As an example, Arrowhead's Unidym division extended its partnership with Samsung Electronics for flexible displays into a third year. Unidym also entered into a new joint development agreement with another major LCD manufacturer for glass- based LCDs.

kevin.smith@sgvn.com, 626-962-8811, ext. 2701 To see more of the San Gabriel Valley Tribune or to subscribe to the newspaper, go to http://www.sgvtribune.com.

Copyright (c) 2010, San Gabriel Valley Tribune, West Covina, Calif.

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