|Creating the next generation of cancer treatments
September 13, 2010
Arno Therapeutics, Inc. Raises $15 Million in Private Placement To Advance Clinical Development of Oncology Compounds
PARSIPPANY, N.J., September 13, 2010 -- Arno Therapeutics, Inc., a clinical-stage biopharmaceutical company focused on developing oncology therapeutics, today announced that it has closed a private placement of its securities resulting in gross proceeds to the company of over $15 million. The financing included both new and existing investors and was led by UTA Capital LLC and Pontifax Funds. Riverbank Capital Inc., a FINRA member broker dealer, acted as placement agent.
"We are extremely pleased to have the continued support of the investment community as we work to advance our promising technologies for the treatment of cancer," said Arie Belldegrun, M.D., FACS, Chairman of Arno. "We believe these funds will provide us with sufficient capital to complete our on-going clinical trials and generate meaningful clinical data."
The net proceeds of the financing will be used to advance Arno's three clinical stage compounds:
The securities sold in the private placement have not been registered under the Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration under such act and applicable state securities laws or an applicable exemption from those registration requirements. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such jurisdiction.
For more information on Arno please visit www.arnothera.com
David M. Tanen
Arno Therapeutics, Inc.
Forward-Looking Statements: This press release contains forward-looking statements that involve substantial risks and uncertainties. All statements, other than statements of historical facts, included in this press release regarding the timing, progress and anticipated results of the clinical development, regulatory processes, potential clinical trial initiations, potential IND and NDA filings, as well as our strategy, future operations, outlook, milestones, the success of Arno's product development, future financial position, future financial results, plans and objectives of management, are forward-looking statements. We may not actually achieve these plans, intentions or expectations and Arno cautions investors not to place undue reliance on our forward-looking statements. Actual results or events could differ materially from the plans, intentions and expectations disclosed in the forward-looking statements we make. Various important factors could cause actual results or events to differ materially from the forward-looking statements that we make. Such factors include, among others, risks that the results of clinical trials will not support our claims or beliefs concerning the effectiveness of our product candidates, our ability to finance the development of our product candidates, regulatory risks, and our reliance on third party researchers and other collaborators. Arno is providing this information as of the date of this presentation and does not undertake any obligation to update any forward-looking statements as a result of new information, future events or otherwise.