<SEC-DOCUMENT>0001193125-15-141878.txt : 20150529
<SEC-HEADER>0001193125-15-141878.hdr.sgml : 20150529
<ACCEPTANCE-DATETIME>20150422154236
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001193125-15-141878
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		4
FILED AS OF DATE:		20150422

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:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		225 SOUTH LAKE AVENUE
		STREET 2:		SUITE 1050
		CITY:			PASADENA
		STATE:			CA
		ZIP:			91101
		BUSINESS PHONE:		626-304-3400

	MAIL ADDRESS:	
		STREET 1:		225 SOUTH LAKE AVENUE
		STREET 2:		SUITE 1050
		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>
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<TYPE>CORRESP
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<TD VALIGN="top" NOWRAP> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Ryan A. Murr</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Direct:&nbsp;+1&nbsp;415.393.8373</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Fax: +1 415.374.8430</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">RMurr@gibsondunn.com</P></TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">April&nbsp;22, 2015 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>VIA
EDGAR </U></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">U.S. Securities and Exchange Commission </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Division
of Corporation Finance </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">100 F Street, N.E. </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Washington, D.C.
20549 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Attention: Jeffrey P. Riedler </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="top"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Re:</B></TD>
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<TD VALIGN="bottom"><B>Arrowhead Research Corporation</B></TD></TR>
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<TD VALIGN="top"><B>Form 10-K for the Fiscal Year Ended September&nbsp;30, 2014</B></TD></TR>
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<TD VALIGN="top"><B>Filed November&nbsp;25, 2014</B></TD></TR>
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<TD VALIGN="top"><B>File No. 000-21898</B></TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Dear Mr.&nbsp;Riedler: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Arrowhead Research Corporation (the &#147;Company&#148;) is in receipt of the April&nbsp;15, 2015 comment letter from the Staff of the
Division of Corporation Finance (the &#147;Staff&#148;) of the Securities and Exchange Commission (the &#147;Commission&#148;) regarding the Company&#146;s Annual Report on Form 10-K for the year ended September&nbsp;30, 2014 (the &#147;Annual
Report&#148;). Below are the Company&#146;s responses to the comment of the Staff. For your convenience, this letter is formatted to reproduce the Staff&#146;s sole outstanding comment in bold italicized text. </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>1.</B></TD>
<TD ALIGN="left" VALIGN="top"><B></B><B><I>We note your responses to our prior comments 1 and 3, including your determination that the company is not substantially dependent on either the Cerulean agreement or the license agreement with the Board of
Regents of the University of Texas System. With respect to each agreement, please provide a reasonably detailed analysis in support of this conclusion.</I></B><B></B> </TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">With respect to the Company&#146;s license agreements with Cerulean Pharmaceuticals, Inc. (the &#147;Cerulean Agreement&#148;) and the Board
of Regents of the University of Texas System (the &#147;University of Texas Agreement&#148;), the Company evaluated these agreements, determined that each was a contract &#147;such as ordinarily accompanies the kind of business conducted by the
registrant,&#148; pursuant to Item&nbsp;601(b)(10)(ii), and concluded further that none of the exceptions in Item&nbsp;601(b)(10)(ii)(A)-(D)&nbsp;applied. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In particular, pursuant to subsection (B)&nbsp;of the foregoing, the Company determined that it is substantially dependent on neither the
Cerulean Agreement nor the University of Texas </P>
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 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">U.S. Securities and Exchange Commission </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Attention: Jeffrey P. Riedler </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">April 22, 2015 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Page 2 </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
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Agreement. In accordance with the terms of subsection (B), neither agreement is a continuing contract to sell the major part of the Company&#146;s products or services or to purchase the major
part of the Company&#146;s requirements of goods, services or raw materials. Moreover, neither agreement is a license to use a patent, formula, trade secret, process or trade name upon which the Company&#146;s business depends to a material extent.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">As described in the Annual Report, the Company&#146;s subsidiary, Calando Pharmaceuticals, received an initial payment of $2.4 million
upon Calando&#146;s entry into the Cerulean Agreement in June 2009. However, since that time, neither Calando nor the Company has received any additional payments pursuant to the Cerulean Agreement. As described in the Annual Report, the Company
(indirectly through Calando) &#147;<U>may</U> receive . . . milestones and royalty payments <U>if</U>&#148; Cerulean successfully develops products, and is &#147;entitled&#148; to receive a share of sublicensing income &#147;<U>[s]hould</U>&#148;
Cerulean sublicense the relevant candidate. Therefore, although there have been historical revenues associated with the Cerulean Agreement from approximately six years ago, any potential future revenues associated with the Cerulean Agreement are
uncertain and indeterminate. Because any future revenues associated with this agreement are merely prospective the Company&#146;s business is not substantially dependent on the Cerulean Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Moreover, the Company notes that Calando is being liquidated in a bankruptcy proceeding under Chapter 7 of the United States Bankruptcy Code
(as disclosed in Note 6 to the consolidated financial statements included in the Annual Report). The Company has fully deconsolidated Calando from its financial statements as a result of the bankruptcy proceeding. Subsequent to the filing of the
Annual Report the Company determined that it was unlikely to receive any return on capital as an equity holder in Calando even if Cerulean was successful and made further payments under the Cerulean Agreement. Thus, the pending liquidation
proceeding further cements the Company&#146;s conclusion that it cannot be substantially dependent on this license agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">With
respect to the technology licensed under the University of Texas Agreement, this relates to a program that is currently in a Phase 1 clinical study. As a result of the early stage of this program, the Company has received no revenue from the program
and has no expectation of receiving any revenue (whether from a licensing partner or from commercial sales) for the foreseeable future. Given the inherently uncertain prospects of this program, the lack of historical revenue and the lack of the
prospect for any near-term revenue or partnership, the Company has not designated this program as one of its &#147;lead&#148; product candidates, which were identified in the Annual Report under Part I, Item I as ARC-520 and ARC-AAT. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In short, neither agreement has represented any meaningful revenue for the Company, nor does either agreement relate to a program that has the
prospect to generate meaningful revenue </P>

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 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">U.S. Securities and Exchange Commission </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Attention: Jeffrey P. Riedler </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">April 22, 2015 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Page 3 </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
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or value for the Company in the foreseeable future. Accordingly, the Company respectfully submits that it is not substantially dependent on either agreement, as contemplated in
Item&nbsp;601(b)(10) of Regulation S-K. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;* </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In responding to the Staff&#146;s comments, the Company acknowledges that: </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">the Company is responsible for the adequacy and accuracy of the disclosure in the filing; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Staff comments or changes to disclosure in response to Staff comments do not foreclose the Commission from taking any action with respect to the filing; and </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">the Company may not assert Staff comments as a defense in any proceeding initiated by the Commission or any person under the federal securities laws of the United States. </TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We appreciate the opportunity to respond to the Staff&#146;s comments. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:54%; text-indent:-2%; font-size:10pt; font-family:Times New Roman">Very truly yours, </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:54%; text-indent:-2%; font-size:10pt; font-family:Times New Roman">/s/ Ryan Murr </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:54%; text-indent:-2%; font-size:10pt; font-family:Times New Roman">Ryan Murr </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:54%; text-indent:-2%; font-size:10pt; font-family:Times New Roman">of GIBSON, DUNN&nbsp;&amp; CRUTCHER LLP </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left">cc:</TD>
<TD ALIGN="left" VALIGN="top">Christopher Anzalone, Arrowhead Research Corporation </TD></TR></TABLE>
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