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Aradigm Corporation (ARDM) Announces Equity for Debt Transaction with Novo Nordisk (NC) (NVO)



8/2/2010 8:18:17 AM

HAYWARD, Calif.--(BUSINESS WIRE)--Aradigm Corporation (OTCBB:ARDM) (the “Company”) today announced that it has entered into a Stock Purchase Agreement providing for the issuance by the Company of 26 million shares of the Company’s common stock to Novo Nordisk A/S (“Novo Nordisk”) in a private placement as consideration for the termination of a promissory note in favor of Novo Nordisk under which approximately $9.1 million is currently outstanding, representing an effective price per share of $0.3505.

Read at BioSpace.com


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