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Arno Therapeutics Completes $7.4 Million Common Stock Financing
Arno Therapeutics Completes $7.4 Million Common Stock Financing.
About this update from Arno Therapeutics Inc
[{"type":"text","content":"\n\n FLEMINGTON, N.J., Jan. 13, 2016 (GLOBE NEWSWIRE) -- Arno Therapeutics, Inc. (OTCQB:ARNI), a clinical stage biopharmaceutical company primarily focused on the development of therapeutics for cancer and other life threatening diseases, today announced that it has completed a private placement of its common stock resulting in gross proceeds to the company of approximately $7.4 million, which includes approximately $2.1 million through the automatic conversion of convertible promissory notes issued by the company in October 2015.  The financing was led by the Company’s existing investors, including affiliates of Chairman, Arie Belldegrun, MD, OPKO Health, Inc., Soros Fund Management, LLC, Commercial Street Capital LLC, Pontifax, Bonderman Family Limited Partnership, Perceptive Advisors LLC and Auriga Capital Management. The Company intends to use the proceeds from this financing to fund its ongoing clinical development of onapristone, its lead product candidate, and for general corporate purposes.\n Alex Zukiwski, MD, Chief Executive Officer of Arno Therapeutics, commented, “We are very pleased to announce the closing of this financing. The proceeds will allow us to continue the clinical development of our lead product onapristone. The board and management are pleased that several of our existing investors have participated in this raise, and I am grateful for the continued strong support of our current shareholders and Board.”   The private placement was made pursuant to the terms of a stock purchase agreement entered into among the company and the investors.  Pursuant to the agreement, the Company sold approximately 21.2 million shares of its common stock at a per share price of $0.35, including approximately 6.1 million shares issued upon the automatic conversion of the Company’s 6% Unsecured Convertible Promissory Notes in the aggregate principal amount of $2.1 million issued in October 2015. The Company has also agreed to file a registration statement under the Securities Act of 1933, as amended, covering the resale by the investors of the shares sold in the private placement.       The common stock sold in the private placement has not been registered under the Securities Act of 1933 and may not be resold absent registration under or exemption from such act. ...