HAYWARD, Calif.--(BUSINESS WIRE)--Aradigm Corporation (OTCBB:ARDM) today announced that it has closed its public offering of 37,950,000 shares of common stock, which includes the exercise in full by the underwriters of their over-allotment option of 4,950,000 shares. Aradigm intends to use the net proceeds from the offering, after the underwriting discount and expenses, of approximately $33.3 million to fund continued preclinical and clinical testing, completion of development of a next-generation delivery device, and for working capital and other general corporate expenses and general development efforts.
