Aradigm Corporation has agreed to sell 50 million shares of common stock at $0.12 per share to two existing shareholders, generating net proceeds of approximately $5.6 million after fees and expenses. According to Aradigm President and CEO Igor Gonda, the company will use the funds for product development and finding partners for commercialization. The company’s inhaled ciprofloxacin products, Pulmaquin and Lipoquin, are being developed for the treatment of lung infections in cystic fibrosis and bronchiectasis patients.
An IND for a Phase 3 trial of Pulmaquin for bronchietasis was cleared by the FDA in March 2012. In November, Aradigm announced that a study had demonstrated Lipoquin’s ability to prevent plague in mice, and the company said that it was seeking funding to develop the product as a defense against bioterrorism.
Read the Aradigm press release.
