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news.Aradigm, a specialty pharmaceutical company, has entered into a definitive agreement with an investor to sell four million shares of its common stock for gross proceeds of $400,000, before deducting placement agent fees and estimated offering expenses, in a registered direct offering.
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This offering is in addition to the offering Aradigm announced on February 23, 2009, relating to the sale of approximately 41 million shares of common stock for gross proceeds of approximately $4.1 million.
The investor has agreed to purchase the shares of common stock at a negotiated purchase price of $0.10 per share.
Piper Jaffray served as sole lead placement agent for the offering and Ladenburg Thalmann served as co-placement agent for the offering.