ARDM - “In the last two months, we entered into two financial transactions that were very important to the Company. The equity for debt transaction with Novo Nordisk will allow us to significantly strengthen our balance sheet by eliminating all outstanding debt once we receive shareholder approval for the additional shares needed for this transaction, while the proceeds from the June 2010 private placement are being used to enable us to take further steps in the development of our lead product candidate, inhaled liposomal ciprofloxacin. We continue our focus on aggressive cost containment even as we conduct our two ongoing clinical trials, ORBIT-1 and ORBIT-2,” said Nancy E. Pecota, the Company’s Vice President, Finance and Chief Financial Officer.
