Arno Therapeutics, Inc. announced that it expects to receive $2.98 million in funding from a group of investors
August 15, 2016
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Arno Therapeutics, Inc. (OTCPK:ARNI) announced that it has entered into a securities purchase agreement for the private placement of 8,501,421 units at $0.35 per unit for gross proceeds of $2,975,497.35 on August 15, 2016. Each unit will consist of one common share and one 2016 series F common stock purchase warrant exercisable into half common share at $0.4375 per whole share. The warrants will be exercisable for a period of five years expiring on August 15, 2021. The transaction will include participation from 15 investors existing investors including, affiliates of Arie S. Belldegrun, the company's chairman of the board of directors, Pontifax Ltd., Opko Health, Inc. (NasdaqGS:OPK), Perceptive Advisors LLC, Commercial Street Capital, LLC, Bonderman Family Limited Partnership, and Auriga Capital Management, LLC. The securities will be issued pursuant to exemption provided under Regulation D. The company will not pay any brokerage or finder's fees or commissions.
On the same day, the company closed the first tranche for 6,286,423 units for gross proceeds of $2,200,248.05. The first tranche included participation from accredited investors including, Arie S. Belldegrun for $250,000 and a returning investor, Pontifax Ltd. for $250,000. The second tranche is subject to the satisfaction of customary closing conditions, including the effectiveness of a registration statement.
Arno Therapeutics, Inc. is an early-stage company focused on developing products for the treatment of cancer and other life threatening diseases. The Company's product development pipeline includes Onapristone, AR-42, and AR-12 and analogs. Onapristone is indicated for endometrial, prostate and breast cancer indications. AR-42 is provided for hematological malignancies and solid tumors indications. AR-12 is offered for solid tumors and hematological malignancies, and various anti-microbial targets. Onapristone is a type 1 anti-progestin hormone blocker that has considerable anti-tumor activity in patients with breast cancer. The Company is engaged in developing and commercializing AR-42, which is an oral cancer therapy in early clinical development. AR-42 is a spectrum deacetylase inhibitor of both histone and non-histone proteins, which has potency and activity in solid tumors and hematological malignancies. AR-12 is an orally available cancer treatment.
ARNO THERAPEUTICS, INC. 
