Private offering provides new funding as Arno Therapeutics, Inc. becomes a
publicly reporting company.
FAIRFIELD, N.J., June 4 /PRNewswire-FirstCall/ -- Arno Therapeutics, Inc., a biopharmaceutical company focused on developing therapies for the treatment of cancer, announced the successful completion of its merger with Laurier International, Inc., a publicly traded company currently traded under the ticker symbol "LRRI.OB". Arno will continue to trade under the symbol LRRI.OB until such time as it receives a new symbol.
As previously announced on March 5, 2008, Arno, Laurier and Laurier Acquisition, Inc., a wholly-owned subsidiary of Laurier, entered into a merger agreement pursuant to which Laurier Acquisition would merge into Arno, with Arno becoming the wholly-owned subsidiary of Laurier. The merger was completed on June 3, 2008. Immediately thereafter, Arno merged with and into Laurier, and Laurier changed its name to Arno Therapeutics, Inc. In addition, upon the completion of the merger, the officers and directors of the former Arno Therapeutics became the officers and directors of the resulting company.
Prior to the merger, Arno completed an $18 million private financing through the sale of shares of common stock to an investor group comprised of select institutional and qualified investors. Riverbank Capital Securities, Inc., a FINRA member broker dealer, acted as placement agent in connection with the financing.
"We are extremely excited about the successful financing and merger, which leaves us in a strong position to advance our pipeline as rapidly as possible," said Scott Fields, M.D., President and Chief Medical Officer of Arno. "We look forward to moving into Phase II clinical studies with our lead product, AR-67, and to completing IND enabling pre-clinical work for AR-12 and AR-42."
The proceeds from the financing will be used primarily to fund further
development of Arno's oncology pipe
|SOURCE Arno Therapeutics, Inc.|
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