Aradigm Corporation receives $891,000 to purchase common stock shares

Sep 23 2010

Aradigm Corporation (OTCBB:ARDM) (the "Company") today announced that it has received proceeds of approximately $891,000 from the exercise of all of the warrants to purchase an aggregate of 7,527,214 shares of the Company's common stock that were issued in the private placement that closed on June 21, 2010.

The warrants became exercisable following the Special Meeting of Shareholders held on September 14, 2010, at which the Company obtained the requisite approval by the Company's shareholders of all three proposals presented at the Special Meeting to approve an amendment to the Company's Amended and Restated Articles of Incorporation to increase the total number of authorized shares of the Company's common stock.