HAYWARD, Calif.--(BUSINESS WIRE)--Aradigm Corporation (OTCBB:ARDM) (“Aradigm”) announced today that Aradigm entered into definitive agreements with investors to sell up to approximately 40.7 million shares of its common stock for gross proceeds of approximately $4.1 million, before deducting placement agent fees and estimated offering expenses, in a “registered direct” offering. The investors have agreed to purchase the shares of common stock at a negotiated purchase price of $0.10 per share. The investors in the offering are all current Aradigm shareholders.
