| Ticker: ARDM | 26219 Eden Landing Road | |
| Exchange: NASDAQ-National Market | Hayward, California 94545 | |
| Industry: Manufacturing | (510) 783-0100 |
| Type of Shares: | Common Shares | Filing Date: | 4/30/96 | |
| U.S. Shares: | 2,500,000 | Offer Date: | 6/20/96 | |
| Non-U.S. Shares: | 0 | Filing Range: | $11.00 - $13.00 | |
| Primary Shares: | 2,500,000 | Offer Price: | $11.00 | |
| Secondary Shares: | 0 | Gross Spread: | $0.77 | |
| Offering Amount: | $30,000,000 | Selling: | $0.18 | |
| Expenses: | $900,000 | Reallowance: | $0.10 | |
| Shares Out After: | 10,068,410 |
| Manager | Tier | Phone |
| Cowen & Company | Lead Manager | (212) 495-6000 |
| Invemed Associates Inc. | Co-manager | (212) 421-2500 |
| Oppenheimer & Company, Inc. | Co-manager | (212) 667-7402 |
| Auditor: Ernst & Young | |||||
| Audited Income | Latest Unaudited Income | Prior Unaudited Income | Balance Sheet | ||
| 12/31/95 | 3/31/96 | 3/31/95 | 3/31/96 | ||
| Revenue: | $0.16 | $0.09 | $0.13 | Assets: | $11.82 |
| Net Income: | -$5.43 | -$1.61 | -$1.12 | Liabilities: | $1.22 |
| EPS: | -$0.76 | -$0.21 | Equity: | $10.60 | |
Note: Dollar amounts are in U.S. millions; Audited figures expressed as full year, unaudited figures are partial year | |||||
| Business Description |
| The company is engaged in the development of novel, hand-held pulmonary drug delivery systems designed to enhance the delivery and effectiveness of a number of existing development stage drugs and reduce the need for injectable drug therapy. The company plans to commercialize its proprietary technologies on two product platforms: (i) the SmartMist system, which is designed to improve the effectiveness of metered dose inhalers, such as those used to deliver asthma medications, and (ii) the AERx system, which creates aerosols from liquid drug formulation for delivery locally to the lung or into the blood stream via the lung. The company believes that its systems may be used to deliver existing drugs for a variety of applications, including the treatment of respiratory diseases, pain management and diabetes management, as well as to deliver imaging agents for certain lung diagnostic applications. In addition, the company's potential products also may offer a promising means of delivery for new drugs under development by pharmaceutical biotechnology companies. |
| Use of Proceeds |
| The proceeds from the offering will be used to fund research and development, manufacturing process development, manufacturing capacity, working capital and for general corporate purposes. |
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