-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
Originator-Key-Asymmetric:
 MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen
 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
 OeqR1JhKiQBe3+ZqXxMgyJnmH4L/1jbgiPTQBwh+m5idotrJx7GRs0IUbNWwHNTu
 gXKrplnbFNWuBZqMsRQ1mQ==

<SEC-DOCUMENT>0001193125-10-286621.txt : 20101222
<SEC-HEADER>0001193125-10-286621.hdr.sgml : 20101222
<ACCEPTANCE-DATETIME>20101222160258
ACCESSION NUMBER:		0001193125-10-286621
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20101222
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20101222
DATE AS OF CHANGE:		20101222

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ARROWHEAD RESEARCH CORP
		CENTRAL INDEX KEY:			0000879407
		STANDARD INDUSTRIAL CLASSIFICATION:	SERVICES-COMMERCIAL PHYSICAL & BIOLOGICAL RESEARCH [8731]
		IRS NUMBER:				460408024
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			0930

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-21898
		FILM NUMBER:		101268776

	BUSINESS ADDRESS:	
		STREET 1:		201 SOUTH LAKE AVENUE
		STREET 2:		SUITE 703
		CITY:			PASADENA
		STATE:			CA
		ZIP:			91101
		BUSINESS PHONE:		626-304-3400

	MAIL ADDRESS:	
		STREET 1:		201 SOUTH LAKE AVENUE
		STREET 2:		SUITE 703
		CITY:			PASADENA
		STATE:			CA
		ZIP:			91101

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	INTERACTIVE GROUP INC
		DATE OF NAME CHANGE:	20020509

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	INTERACTIVE INC
		DATE OF NAME CHANGE:	19940224
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>d8k.htm
<DESCRIPTION>FORM 8-K
<TEXT>
<HTML><HEAD>
<TITLE>Form 8-K</TITLE>
</HEAD>
 <BODY BGCOLOR="WHITE">

 <P STYLE="line-height:0px;margin-top:0px;margin-bottom:0px;border-bottom:0.5pt solid #000000">&nbsp;</P>
<P STYLE="line-height:3px;margin-top:0px;margin-bottom:2px;border-bottom:0.5pt solid #000000">&nbsp;</P> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="5"><B>UNITED STATES </B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="5"><B>SECURITIES AND EXCHANGE COMMISSION </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="3"><B>WASHINGTON, D.C. 20549 </B></FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P><center>
<P STYLE="line-height:6px;margin-top:0px;margin-bottom:2px;border-bottom:1pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="5"><B>FORM 8-K
</B></FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P><center> <P STYLE="line-height:6px;margin-top:0px;margin-bottom:2px;border-bottom:1pt solid #000000;width:21%">&nbsp;</P></center>
<P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="3"><B>CURRENT REPORT </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="3"><B>PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 </B></FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">Date of Report (Date of earliest event reported): December&nbsp;22, 2010 </FONT></P>
<P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P><center> <P STYLE="line-height:6px;margin-top:0px;margin-bottom:2px;border-bottom:1pt solid #000000;width:21%">&nbsp;</P></center>
<P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="6"><B>Arrowhead Research Corporation </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="1"><B>(Exact name of registrant as specified in its charter) </B></FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P><center>
<P STYLE="line-height:6px;margin-top:0px;margin-bottom:2px;border-bottom:1pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>0-21898
</B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>(Commission File Number) </B></FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" ALIGN="center">

<TR>
<TD WIDTH="50%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="48%"></TD></TR>
<TR>
<TD VALIGN="top" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Delaware</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>46-0408024</B></FONT></TD></TR>
<TR>
<TD VALIGN="top" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>(State or other jurisdiction of incorporation)</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>(IRS Employer Identification No.)</B></FONT></TD></TR></TABLE> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><B>201 South Lake Avenue, Suite 703, Pasadena, CA 91101 </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>(Address of
principal executive offices) (Zip Code) </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">Registrant&#146;s telephone number, including area code (626)&nbsp;304-3400
</FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P><center> <P STYLE="line-height:6px;margin-top:0px;margin-bottom:2px;border-bottom:1pt solid #000000;width:21%">&nbsp;</P></center>
<P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of </FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">the registrant under any of the following provisions: </FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2"><FONT STYLE="FONT-FAMILY:WINGDINGS">&#168;</FONT></FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) </FONT></TD></TR></TABLE>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2"><FONT STYLE="FONT-FAMILY:WINGDINGS">&#168;</FONT></FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) </FONT></TD></TR></TABLE>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2"><FONT STYLE="FONT-FAMILY:WINGDINGS">&#168;</FONT></FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) </FONT></TD></TR></TABLE>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2"><FONT STYLE="FONT-FAMILY:WINGDINGS">&#168;</FONT></FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Pre-commencement communications pursuant to Rule 13e-4 (c)&nbsp;under the Exchange Act (17 CFR 240.13e-4(c)) </FONT></TD></TR></TABLE>
<P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P> <P STYLE="line-height:0px;margin-top:0px;margin-bottom:0px;border-bottom:0.5pt solid #000000">&nbsp;</P>
<P STYLE="line-height:3px;margin-top:0px;margin-bottom:2px;border-bottom:0.5pt solid #000000">&nbsp;</P>

<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="font-size:18px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="9%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Item&nbsp;2.02</B></FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Results of Operations and Financial Condition </B></FONT></TD></TR></TABLE> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2">On December&nbsp;22, 2010, Arrowhead Research Corporation announced and commented on its fourth quarter and year-end financial results for the period ended September&nbsp;30, 2010. A copy of the press
release is furnished herewith as Exhibit&nbsp;99.1 and incorporated by reference herein. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I>In accordance with General Instruction B.2 of
Form 8-K, the information in this Current Report on Form 8-K, including Exhibit&nbsp;99.1, shall not be deemed &#147;filed&#148; for purposes of Section&nbsp;18 of the Securities Exchange Act of 1934, as amended (the &#147;Exchange Act&#148;), or
otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, whether made before or after the date hereof, except as expressly
set forth by specific reference in such filing to this Current Report on Form 8-K. </I></FONT></P> <P STYLE="font-size:18px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="9%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Item&nbsp;9.01.</B></FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Financial Statements and Exhibits. </B></FONT></TD></TR></TABLE>
<P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">(d)&nbsp;Exhibits </FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" ALIGN="center">

<TR>
<TD></TD>
<TD VALIGN="bottom" WIDTH="7%"></TD>
<TD WIDTH="90%"></TD></TR>
<TR>
<TD VALIGN="bottom" NOWRAP> <P STYLE="border-bottom:1px solid #000000;width:39pt"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Exhibit&nbsp;No.</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="border-bottom:1px solid #000000"> <P STYLE="margin-top:0px;margin-bottom:1px"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Description</B></FONT></P></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top" NOWRAP><FONT STYLE="font-family:Times New Roman" SIZE="2">99.1</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Press Release, dated December 22, 2010.</FONT></TD></TR></TABLE> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">. </FONT></P>

<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>SIGNATURES </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2">Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Date: December&nbsp;22, 2010 </FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0">

<TR>
<TD WIDTH="6%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="92%"></TD></TR>
<TR>
<TD VALIGN="top" COLSPAN="3"><FONT STYLE="font-family:Times New Roman" SIZE="2">ARROWHEAD RESEARCH CORPORATION</FONT></TD></TR>
<TR>
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">By:</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="2">/s/ Kenneth A. Myszkowski</FONT></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">Kenneth A. Myszkowski</FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="2">Chief Financial Officer</FONT></P></TD></TR></TABLE></DIV> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
</BODY></HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>dex991.htm
<DESCRIPTION>PRESS RELEASE
<TEXT>
<HTML><HEAD>
<TITLE>Press Release</TITLE>
</HEAD>
 <BODY BGCOLOR="WHITE">

 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Exhibit 99.1 </B></FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center">

<IMG SRC="g132095g11q74.jpg" ALT="LOGO"> </P>
 <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" ALIGN="center">

<TR>
<TD WIDTH="51%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="47%"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>PRESS RELEASE</B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:1px"><FONT STYLE="font-family:Times New Roman" SIZE="2">December&nbsp;22, 2010</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Investor Relations Contact:</B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"><FONT
STYLE="font-family:Times New Roman" SIZE="2">Brandi Floberg</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">The Piacente Group, Inc.</FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">212-481-2050</FONT></P>
<P STYLE="margin-top:0px;margin-bottom:1px" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">ir@arrowres.com</FONT></P></TD></TR></TABLE> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><B>ARROWHEAD REPORTS FISCAL 2010 FOURTH QUARTER AND YEAR-END </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>FINANCIAL
RESULTS </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>PASADENA, Calif. &#150; December&nbsp;22, 2010 &#150; Arrowhead Research Corporation (NASDAQ: ARWR) </B>today announced
financial results for its fiscal 2010 fourth quarter and year ended September&nbsp;30, 2010. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;Fiscal 2010 was a pivotal year for
Arrowhead based on key technology and corporate advancements that reinforce the strength of our business model,&#148; said Dr.&nbsp;Christopher Anzalone, Arrowhead&#146;s CEO. &#147;Having accomplished the vast majority of our key goals outlined for
shareholders earlier this year, we are increasing our ability to operate as a focused nanomedicine company with a strong technology base that address large market opportunities. Some of our most recent achievements include attaining financial
independence for Unidym, establishing a new anti-obesity subsidiary to augment our portfolio, entering into the first corporate partnership for Nanotope, and strengthening our team by appointing additional renowned industry leaders to our Board of
Directors and Scientific Advisory Board. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;With preliminary data that demonstrates the first successful systemic delivery of siRNA and
gene silencing via RNAi in humans, Calando represents an exceptional opportunity for the RNAi industry and for our company. We had hoped to execute an initial partnership for Calando by year&#146;s end but the landscape for RNAi partnerships has
shifted. We are still seeing a large appetite for RNAi and an appreciation for Calando&#146;s lead in addressing the great limiting factor of therapeutic RNAi: effective systemic delivery. However, the bar for large deals has changed and more
extensive clinical data is now critical. While this has extended our expected timing, we believe that it may actually work to our benefit in the mid- and long-term. Because of our advanced position in the clinic and potential partners&#146; greater
reliance on clinical data, we believe the universe of our competition for large siRNA delivery deals has decreased </FONT></P>

<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">
substantially. In addition, we remain confident that the value of Calando and the deals it may enter into increase with every patient treated. We continue to be focused on completing
Calando&#146;s Phase I clinical trial and establishing a large pharma partnership. In line with our model, we are simultaneously advancing our other subsidiaries in our growing nanomedicine portfolio.&#148; </FONT></P>
<P STYLE="margin-top:18px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>FISCAL 2010 FOURTH QUARTER AND RECENT COMPANY HIGHLIGHTS </B></FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>&#149;</B></FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Business highlights: </B></FONT></P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="8%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">o</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Calando continued to enroll patients in its Phase I cancer trial and build relationships with potential partners and acquirers. </FONT></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="8%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">o</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Arrowhead consolidated its ownership interest in Calando and simplified Calando&#146;s capital structure through investment, conversion of debt, and acquisition of
minority interest. </FONT></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="8%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">o</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Unidym entered into IP cooperation and licensing agreements with Samsung Electronics generating revenue of $4.5 million in December 2010, alleviating Arrowhead of
funding obligations for Unidym operations. </FONT></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="8%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">o</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Nanotope entered into its first development partnership with Smith&nbsp;&amp; Nephew, a global leader in medical technology, for up to $26.55 million in milestone
payments plus potential sales royalties. </FONT></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="8%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">o</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Arrowhead formed a new subsidiary, Ablaris Therapeutics, Inc., to commercialize obesity fighting therapeutics. </FONT></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="8%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">o</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Drs. Mauro Ferrari and Doug Given joined Arrowhead&#146;s Board of Directors, deepening Arrowhead&#146;s scientific and business expertise. </FONT></TD></TR></TABLE>
<P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>&#149;</B></FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Financial highlights: </B></FONT></P></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="8%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">o</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Full year operating expenses decreased by 60% from $23.3 million in fiscal 2009 to $9.4 million in fiscal 2010. </FONT></TD></TR></TABLE>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="8%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">o</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Cash used in operating activities decreased from $15.1 million in fiscal 2009 to $7.7 million in fiscal 2010. </FONT></TD></TR></TABLE>

<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>SELECTED FISCAL 2010 FOURTH QUARTER FINANCIAL RESULTS </B></FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">For the quarter ended September&nbsp;30, 2010, Arrowhead&#146;s revenue was $181,000, compared with $187,000 in the quarter ended September&nbsp;30, 2009.
Total operating expenses for the quarter ended September&nbsp;30, 2010 were $2.5 million, a decrease of $1.2 million from $3.7 million during the quarter ended September&nbsp;30, 2009. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2">Net loss attributable to Arrowhead for the quarter ended September&nbsp;30, 2010 was $2.0 million, or $0.03 per share based on 71.1&nbsp;million weighted average shares outstanding. This compares with a
net loss attributable to Arrowhead of $3.5 million, or $0.06 per share based on 51.5&nbsp;million weighted average shares outstanding, for the quarter ended September&nbsp;30, 2009. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><B>SELECTED FISCAL 2010 FULL YEAR FINANCIAL RESULTS </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">For the fiscal year ended
September&nbsp;30, 2010, Arrowhead reported revenues of $620,000, compared with $3.8 million for the fiscal year ended September&nbsp;30, 2009. Net loss attributable to Arrowhead for the 2010 fiscal year was $5.8 million, or $0.09 per share based on
64.3&nbsp;million weighted average shares outstanding, compared with a net loss attributable to Arrowhead of $19.3 million, or $0.43 per share based on 45.2&nbsp;million weighted average shares outstanding in fiscal 2009. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">The Company&#146;s net cash used in operations for fiscal 2010 was $7.7 million, compared with $15.1 million in fiscal 2009. Cash provided by financing
activities was $12.0 million, primarily due to proceeds from the issuances of equity and warrants of $12.8 million offset by payments on capital lease obligation of $0.7 million. As of September&nbsp;30, 2010, Arrowhead had cash and cash equivalents
of $6.8 million and stockholders&#146; equity of $8.1 million. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>CONFERENCE CALL </B></FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Management will host a conference call today, Wednesday, December&nbsp;22, 2010 at 4:30 p.m. Eastern time (1:30 p.m. Pacific time). To participate in the
conference call, please dial 877-407-4134 (toll free from the US and Canada), or 201-689-8430 (for international callers). Investors may also access a live audio webcast of this conference call on the Company&#146;s website at
www.arrowheadresearch.com. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">A replay of the webcast will be available approximately two hours after the conclusion of the call. The webcast
archive will remain available for 90 days. An audio replay will also be available approximately two hours after the conclusion of the call and will be made available until Wednesday, December&nbsp;29, 2010. The audio replay can be accessed by
dialing 877-660-6853 (toll free from the US and Canada), or 201-612-7415 (for international callers) and entering account number 356 and passcode 363073. </FONT></P>

<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>ABOUT ARROWHEAD RESEARCH CORPORATION </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2">Arrowhead Research Corporation (www.arrowheadresearch.com) (NASDAQ: ARWR) is a nanotechnology company commercializing new technologies in the areas of life sciences and electronics. Arrowhead is seeking
to build value for shareholders through the progress of its subsidiaries and investments. Currently, Arrowhead is focused primarily on its two majority owned subsidiaries; Unidym, a leader in carbon nanotube technology for electronic applications,
and Calando, at the forefront of clinical application of RNAi delivery technology. Arrowhead also has minority investments in two privately held nanobiotech companies. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><B><I>Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995: </I></B></FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I>This news release contains forward-looking statements within the meaning of the &#147;safe harbor&#148; provisions of the Private Securities Litigation
Reform Act of 1995. These statements are based upon our current expectations and speak only as of the date hereof. Our actual results may differ materially and adversely from those expressed in any forward-looking statements as a result of various
factors and uncertainties, including the future success of our scientific studies, our ability to successfully develop products, rapid technological change in our markets, changes in demand for our future products, legislative, regulatory and
competitive developments, the financial resources available to us, and general economic conditions. For example, there can be no assurance that Arrowhead or its subsidiaries will be able to sustain operations for expected periods, that we will be
able to sustain targeted levels of expense reductions or that any of these entities will be successful in obtaining additional funding needed to sustain operations. Additionally, there can be no assurance that the company will successfully acquire
new programs or compounds, as may be currently expected. Arrowhead Research Corporation&#146;s most recent Annual Report on Form 10-K and subsequent Quarterly Reports on Form 10-Q discuss some of the important risk factors that may affect our
business, results of operations and financial condition. We assume no obligation to update or revise forward-looking statements to reflect new events or circumstances. </I></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><I># # # </I></FONT></P>
</BODY></HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>3
<FILENAME>g132095g11q74.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 g132095g11q74.jpg
M_]C_X``02D9)1@`!`0$`W`#<``#_VP!#``(!`0$!`0(!`0$"`@("`@0#`@("
M`@4$!`,$!@4&!@8%!@8&!PD(!@<)!P8&"`L("0H*"@H*!@@+#`L*#`D*"@K_
MVP!#`0("`@("`@4#`P4*!P8'"@H*"@H*"@H*"@H*"@H*"@H*"@H*"@H*"@H*
M"@H*"@H*"@H*"@H*"@H*"@H*"@H*"@K_P``1"`!A`*P#`2(``A$!`Q$!_\0`
M'P```04!`0$!`0$```````````$"`P0%!@<("0H+_\0`M1```@$#`P($`P4%
M!`0```%]`0(#``01!1(A,4$&$U%A!R)Q%#*!D:$((T*QP152T?`D,V)R@@D*
M%A<8&1HE)B<H*2HT-38W.#DZ0T1%1D=(24I35%565UA96F-D969G:&EJ<W1U
M=G=X>7J#A(6&AXB)BI*3E)66EYB9FJ*CI*6FIZBIJK*SM+6VM[BYNL+#Q,7&
MQ\C)RM+3U-76U]C9VN'BX^3EYN?HZ>KQ\O/T]?;W^/GZ_\0`'P$``P$!`0$!
M`0$!`0````````$"`P0%!@<("0H+_\0`M1$``@$"!`0#!`<%!`0``0)W``$"
M`Q$$!2$Q!A)!40=A<1,B,H$(%$*1H;'!"2,S4O`58G+1"A8D-.$E\1<8&1HF
M)R@I*C4V-S@Y.D-$149'2$E*4U155E=865IC9&5F9VAI:G-T=79W>'EZ@H.$
MA8:'B(F*DI.4E9:7F)F:HJ.DI::GJ*FJLK.TM;:WN+FZPL/$Q<;'R,G*TM/4
MU=;7V-G:XN/DY>;GZ.GJ\O/T]?;W^/GZ_]H`#`,!``(1`Q$`/P#]_****`"B
MBB@`HHHH`****`"BB@G%`!17G_Q`_::^$'PX\0KX5U[QAI8OED5;RV.O6$+V
M8(#!I4GGC8`@@_*&.#G'2NTT+7]%\3Z1;Z_X=U6VOK&[C$EM>6<ZRQ2J>C*Z
MDAA[BDI1;LF<]/%X:M5E3A-.4=UV+E%%%,Z`HHHH`****`"BBB@`HHHH`***
M*`"BBB@`HHHH`****`"N+^/GQ0O/A)\,M0\7:3X5UO6=01/*TZP\/^'IM4G:
M=\JC&WA96:-3\S_.GRJ0&!(SV4KQQ1-+*X554EF8X``[U^6?[<G[7?P<_:0^
M*IBU/P=\2[G2?#;36.CS^'?$]O96MV/,.^Z$<EC*V9,+@E^41/E4Y%88BM[&
M%^IY6<8R>$P<O9_&]%_GL]CH]0^(/[0FJZA/JEW\-_BOYMS,TLOD_#3QM&FY
MB2<(GB<*HR>`H`'0`"O?OV%/CA\1Y/$5Q\*?B)\.O']M;WNZXTO4M<^'NN6<
M$$BH3(DMWJ6HWQ`9578NZ-`58<LX%<;^Q'^P9\&?B-\"M5^(/B;PSXXTY?&^
MDR6.G0>)O$D5U<V=IN5DO8"EK"(I6=`R%E?Y$4C*R,I^4OBAX9^%'[/7Q?U+
MP#K/@;XSVVL>&]3Q#>V7Q"M`&*D/#<1-_9@.UEV2*>#AAG!XKB4ZM%1J-;_U
MV/@,%E.-R7$4L<EOOJ]4]T].JU_X8_8P=.**\G_8Z_:@\/\`[57PDB\;Z7IU
MUIU_97+6>KZ7J$BM/!*O*N65$#!T*N&50N2RCE3CUBO3C)2BFC]0I5(5J:G'
M9A1113-`HHHH`****`"BBB@`HHHH`****`"BBB@`HHKC?CY\>?A9^S/\)]7^
M-?QH\70:'X<T2)'OM1N(Y'"EW6.-`D2N[LSNJA55B2W`-5&,IR48J[9%2I"E
M!SF[):MOHCPG_@IC^TK<?#_P$OP8^&OQU\+>#O%^M+'-=7FM>(C87%GI^7&^
M!D!97=TV!AT4/@@[37S-^QI\-?VLOVA/C#8V=Q^WC=Z]X8T>XBN?%:>&/BEJ
M5S,MODE8<!EVF4J4SN!`WL,E<5\._M"^/O@1^TI\9_$/QO\`B%_P4D\#OJ?B
M#4&N)(8_!/B?R[:/[L5O'G3LB..,+&N<G"C))R:^X/\`@G=_P4D_X)"_L+?L
M_6WPS/[5J:IXAOKAK[Q5KMOX$UI5N[IN`B;K3<(HT"HH.,X9]JF1A7HU\BQ"
M@I<DF^R3_P`CXREGV!QF._>U81@MKSCKVV?4_4)%"*%`Z#UKYJ_X*1_!GXW>
M-/AU!\2_@-\<]6\&ZAX;2676Q'XJN].LI]."%Y)9/))&^+;NW$#*%P2<*!](
M:;J%IJVGP:I82;X+F%987*D;D8`@X/(X(KP3]J__`(*<?L/_`+&?CNU^$O[3
M7Q<?0=9U+14U.WL/^$<O[P2V<DLL*N6MX)$&7AE7:3GY>1@C/GPP]3$2]G"+
M;[+<^JQM;"TL*Y5YJ,>[=EY:GQG^R'^T[\5?@M\;--\4?%[]NKP?XI\+W"M:
M:WIVJ_$VYO3'"Y!$\*S*0)$8*W'++N7(W9'ZC:;J>GZSI\&K:3>Q7-K=0K-;
M7,$@=)8V`*NK#@J0001P0:_G@_:`T3_@GEXF^,GB#Q'\`_V^O#FC^$M1OVN=
M&T?6/`_B+S[%'`9H,QV#*41RRH<YV!<Y.2?TJ_X(K?MM?!KQ3X%M_P!C8_M8
M^'_B!XDT&VFG\,M8:1JMG(VEIMS;DZA:PB1H2_RJC,?*(&T+$37?6R>OA</[
M11E;K=/3\#Y[*,]P]7$_5I3CKLU.+N^RUOKT/ORB@$&BO-/K0HHHH`****`"
MBBB@`HHI&.!0`M%>8?!']LK]FC]H_P"(GC?X3_!7XJVFN^(/ASJ8T_QEIT%I
M/$VGW'F2Q;=TL:I,-\$JEHBZ@IR>1GTX,",YJIPG3ERS33\]"*=2G5CS0=UY
M"T4FY?44%AV/Y5)8M?,G_!6S]AGQ3_P4&_8\U'X%^`_%UMH_B"VU>VU?09M0
M=UM)[F`.ODW!1681LDK@$*=K[&P0"#],AN>_Y5QK?M!_"!?V@A^RPWC!?^$]
M;P>?%(T`V4^3I(NA:&Y\[9Y/^O.S9OW]]NWFML/4K4:RJTMXZ]]CFQ='#XG#
MRHUOAGIVO?\`4_`)_P#@VZ_X*IK(43P7X.8*2`P\80X/OR,_G33_`,&WG_!5
M4#'_``A'@_TX\8P?X5_1D3@4`@]<_C7T'^MF9VVC]S_S/E?]1<C3^U]Z_P`C
M.\':;=Z/X2TO2+]5$]KIT$,P5L@.L:J>>_(K\LO^"ZW_``26_;3_`&\OVMO#
MOQ=_9Q\/:%=Z)IWP[M-(NI-4UZ.UD%U'?W\S`(PR5V7$?S>I([5^KQ8`9S7%
M_!O]H7X/_M`OXK3X1>,%U=O!'C&]\*^)P+*>'[%JUIL^T6Q\Y%\S9YB?.FY#
MGAC@UXV!QN(P.(^L4E=KNM-3Z#,LNPF98586N]';9ZZ'X!'_`(-N_P#@JKC_
M`)$CP?\`^%C!_A7U=_P1W_X(3?M>?LK_`+8FA_M1?M*ZYX<TBQ\)VUZ=.T?1
M]4-Y<ZA<7%I+:@,44)'$J3NY.XL655VX8L/M3Q5_P7#_`."7'@GQKJOP\\5_
MM30V>K:)JT^F:K!)X2U@I;74,IBEC:46AC^5U(W!MO&<XYKZ<\&>-?"7Q%\)
MZ;X]\!^)++6-$UBRCO-*U33KA98+N"10R21NI(96!!!'K7LXW/<YGAW3K4U&
M,E:_*U]USP,!PMP[2Q<:M"7-*#O;F3LUM>R[FF!@4M(#GN:-W/>OF3[(6BDW
M9/>@D#J:`%HI"WO7%>"/VA_@_P#$?XO>-O@/X+\8K?>*_AR=.'C/25LIT.G?
M;X&N+3,CH(Y/,B5F_=L^W&&VGBFHR:;2VW)<X1:3>^QVU%%%(H*\/_X*+?&;
MXS?`_P#9&\5^*/V=/ACX@\6^/KZU72_!^E^'='FO98KZY/E)=NL<;A(H`S3L
MS@(?*"%AO%>X4$`]:TI3C3JQE)72=[=_(SK0E4I2A%V;5K]C\@_@[^Q7^W]_
MP2]^,?P1_:$D^"_A+Q'X?T.S_P"$!^(MM\'IM9UG5]6TJ_N9KR75;RWDL@6\
MB[9IRT66.8XL!!E>[_9S_8]_:1UOX`?%/]IGQ9\0_CEH7Q!T+5_B3;:+X2NM
M;U81^([.XLIH=+"V4['Y8G?S;9K=%+2;""VU,?J`54C!`(]Z`H`QBO3J9Q7J
M*[BN9[ONM=/Q?X=CR*>24*32C)\JO9=GIKI;LOQ[GY6^(/V-OVV/AY_P3'LO
MCI^S]\4/C?'\2/$OPN\/6WQ!^']QXFOY]1$BW$4^IW=E%>R--:ZD8M\7E1[/
MDWJD>]@#FVG[-WQI^.OQ(^(_PU_8+L_CY\.?A9>?`]Y'N?B+J>OZ<Q\=1WOV
MFR-DVK2&Y61O+6*Y>+]R8S*I^9HRWZRX&,"D.%[4+.*RNW%7;;_+==;6T[:C
M>2T7RI2=DDG\K[/I>^O<_'1OB_\`\%?A*/\`@J0WP;^*O]I@GP,WP!7PO?Y"
M?\([D:V+';O\C^VLOOV%_+.W=BN^^"7_``37^(<O[;OP]\(?M)0?%#6;;2/V
M.EC\1>/[+Q;K5IN\52^(9+F>S.JVDT1F9!<2[+9Y&!BCC8QG8I'Z!^*?VEM"
M\->.=4\"6/PY\6:W+H9LQKEYH6E)/%9&Y&8P5,BR2?+\Q\M'P/?(JC/^UOX3
MBU>6W7X>>*9-+M_%R>&I_$:65O\`8DOVO5L=IS.)=HN'"%O+QWZ<U,\]TM"*
MCTTO>VR7RN_7J>2XY12FU6Q'-9ZWU5T_>>VUUJ]E9GY1RZ7_`,%<=>^`_P"S
M7J'Q?T7XK7GA>W\'ZY;>,].O-+\5MJ2:RFK7Z6[ZM!H<L&J.GV%;'R'8E,AB
MV0Y)[_XGVW[0^I#X7>!W_9Z\?VNB)\.+RZOO'5MI7Q9N8TOO[;O5737T^SU!
M+^*41$3>=>EV9'4(1$(EK]%M!_;,^&FN^.T\!0>']9A>;7]3T:VOY5M3#+=V
M'VHSJ$2=IE7_`$.?:S1J#M'/S+G"T+_@H=\$]=T5M<&@>(((G\-?V[8QO#:2
MR7EJ9[6`!5AN',;E[RW`67RS\Y_NM@?$%)M/D2LV]';>[_"_W=#G]OD:C_OB
MUTUU^%1OJ^EK/YZ,_.[X4V'_``4%N?@+^SI/^U5X?_:-U;X<Z1XK\76?Q1TO
MPI!KMOXEN(B2=&>[B@9-3DM`=Q#`G:@P3GRP?J__`((:_#;Q%\-_AC\=#JGP
MP\:>%=)US]I#Q%JWA"U\?:3J%IJ-UH\T%C]EN'_M$?:9=RJ099"SLZON8L&K
MW_5_VQ?!OABUUL>,/AWXIT>^T&#2IKC2[^VM5FGCU&]>RM7C9;AH\&=&4EW7
M:`2>.:3_`(;1^%D'PXUWXC7^BZY"N@:Y'I%SHT5I%<WL]V\$-PL<"6\LBS'R
M9UD.QB0J.3C8V,L3G,<12E3Y5'FUT>GQ-[=^E^R.G#8C)L+B(S>)3<4W[V]D
MG%ZO9>ZW;NF?F9X1_8V_X*@1?LJ?M8Z[\"/B?XK\&1ZI\:?%]Q#\(]4^&UKN
M\9:;.L`GNK2[N[=KG,]LSQPF$%'>W`0AG+!WQ=^%G[4/@=/@7X4^`7PJ^+NF
M_`33_@HD%KX:U;1/%WVS3_$GVV1[S^U;7PY);7ZW1!7;(ZBT(9S"NTY'Z@Z_
M^U!H.C>+]$\'Z-\.O$NMCQ+9F[\/ZKHL=G):7\`BCE>2-WN5.U4E0DD#.?EW
M4RY_:M\(27MEHOAGP/XDUW4+^]UNWAL-*M(/,`TJ]6RNY"99D4()G0+\V6#`
MX&#C?^WY.;<HQW]-U;MJUT;NU=]R'2R>,7!8AWC9/=ZW3LEV?-&Z6CO%^OYK
M_'3X=_M$C6?"7C"R\2?%;5+-?AA9VT/@!/AU\5&TW3KM99F,JW.GWL=UY\G1
MUO7DE0%=W&S&3\84_P""EOC&_P#@KXF\:?`#X@^$_A_-\&FCN?!6GW7C35TT
MW7EU"4,]_P#V'=KJWGR6@MY$^V2.L:RM$=TJ2,/TW\/?MF_!'7-2\+:3?ZA>
M:1<>,&OX=)36+01*+JSN_LDUK(X9D24S!E0$XD*X4DE0?0/ASXZT3XH>`M(^
M(?AU)A8:U81W=HMS&%D$;KD;@"0#@],FBGGD7RV@FUY^72UM=5K9O[S;#X;+
ML?.4:&)4FTG:/_;KUU;M9Q=M%JC\I_C6G[2'B7QSX2\$7W[.WC[1-!T[X5::
M;7QS9:9\5;]-1NF=R]O]CTO4(Y[26(NX8W^^Y;8I9BK(!%\#/@I^W5^TQX._
M8Y^&G[2M[\==&COO"WQ%LOB=K?VC6=+O-,F1[A=&FU&9#&4E41V[0?:3^^P`
M1(KL&_7<HAZJ/RI0`.@I_P!L25-1C!)J^M[O5-:???U2/0621=1RE4;3MI:U
M[-/7[K>C9^8WB[X3_$3X2_MCZ]X!_;4M?VH?B1\+=)^'_AS3?@_K?PYN]?N;
M>5[:S6+4Y]4_L"1)C?RW*EP\P.Y6<DX\K'(^-_V.O'7C3XN_MN_&_P`%?#KX
MT:'?6WPX\&WGP/U/2M3\1:7=ZE=P>&7!C18Y$;4[B.6*"*1)A-)'(S*=KNV?
MUF*JW4`_6C:N,8%3'-ZT-4M;);Z:.+VZ7MKWNRIY-2G=.6EV]KO5-;];7T[6
M.`_91U#XAZO^R_\`#?5OBXFH)XKNO`>D2^)DU:V:&Z&H-91&X$T;`&.3S2^Y
M2`0V1@8KT"@`#H**\N4N:3=MSUZ<>2"C>]@HHHJ2PHHHH`*",T44`><>,OV7
M/AKXW\8ZAXVU+4/$-K<ZN;4ZO;Z7XCN;:WO?L^!%YD<;@'``'&,C\ZK3?LC_
M``KFUV36#J/B1;>7Q,OB"71E\27(L'U!;M;P3&#?M/\`I"K)M^[D=,<5ZA16
M?LJ;>QYD\FRJI)RE1BVW=Z;MWO\`?=W[W/-](_9.^"/A[QA%\0=!\*_8];2Y
MU.6;4[>8K+="_N);BXCF/_+5/-F=D#9\O.$*@G,Y_9=^"B_"1/@K:>#X[;18
M]+M=/#6CF*Y:*WV&$F=,2,RM&C;B<DC)SDUZ#11[*GV14<GRJ$7&-"*333]U
M;-)/[TDGWL>7Q_LB_"68ZE+XAEUS79M5.EB]N-?UV>\>2/3[PWEK%^\8@1K.
MS,5QAMQ!R#BHK7]BS]G2VMXM(D\!13Z/;ZI=:C9^'KF5GT^UNK@*))(X"=J$
M!6"`?+&)9`@4.17JM%'LJ79&?]AY,[7P\'ZQ3ZWZ^;OZZG#^$?V>?AEX'/AL
M>'=.N8D\()>Q>'8I+V1ULX;H@R0J&)S&H"JBGA%4*N``*S-3_91^%]]<V>HZ
M?>Z_I5Y8WFKW-O?:-K]Q:S!M2NUN[Q2R,-R/,JL%/"[0!@5Z713]G3M:W]?T
MD:O*<ME3Y'1C;3IVY;?=RQM_A78\TTO]D?X%:?X9C\'W?A(ZEIR:7?V$MMJ]
MU)=">*]NUO+DR>826=IU$F_JI^[CBNS^'O@3PY\,/`^D_#OPA;20Z7HMA'9Z
M?%+,TC)#&H5078EF.`.2236Q11&$(NZ1IA\NP&$FIT:48M+ENDD[::7[:+3R
M"BBBK.P****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`
/"BBB@`HHHH`****`/__9
`
end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----
