Arno Therapeutics, Inc. Completes $18 Million Financing and Reverse Merger with Laurier International, Inc.

Private offering provides new funding as Arno Therapeutics, Inc. becomes a

publicly reporting company.

Jun 04, 2008, 01:00 ET from Arno Therapeutics, Inc.

    FAIRFIELD, N.J., June 4 /PRNewswire-FirstCall/ -- Arno Therapeutics,
 Inc., a biopharmaceutical company focused on developing therapies for the
 treatment of cancer, announced the successful completion of its merger with
 Laurier International, Inc., a publicly traded company currently traded
 under the ticker symbol "LRRI.OB". Arno will continue to trade under the
 symbol LRRI.OB until such time as it receives a new symbol.
     As previously announced on March 5, 2008, Arno, Laurier and Laurier
 Acquisition, Inc., a wholly-owned subsidiary of Laurier, entered into a
 merger agreement pursuant to which Laurier Acquisition would merge into
 Arno, with Arno becoming the wholly-owned subsidiary of Laurier. The merger
 was completed on June 3, 2008. Immediately thereafter, Arno merged with and
 into Laurier, and Laurier changed its name to Arno Therapeutics, Inc. In
 addition, upon the completion of the merger, the officers and directors of
 the former Arno Therapeutics became the officers and directors of the
 resulting company.
     Prior to the merger, Arno completed an $18 million private financing
 through the sale of shares of common stock to an investor group comprised
 of select institutional and qualified investors. Riverbank Capital
 Securities, Inc., a FINRA member broker dealer, acted as placement agent in
 connection with the financing.
     "We are extremely excited about the successful financing and merger,
 which leaves us in a strong position to advance our pipeline as rapidly as
 possible," said Scott Fields, M.D., President and Chief Medical Officer of
 Arno. "We look forward to moving into Phase II clinical studies with our
 lead product, AR-67, and to completing IND enabling pre-clinical work for
 AR-12 and AR-42."
     The proceeds from the financing will be used primarily to fund further
 development of Arno's oncology pipeline that includes its lead compound,
 AR- 67, which is currently being investigated in a Phase I clinical study,
 as well as AR-12 and AR-42, two novel, preclinical, cancer therapies.
     AR-67 is a novel, third-generation camptothecin analogue that has
 demonstrated high potency in preclinical studies and improved
 pharmacokinetic properties, as demonstrated by the increased stability of
 the active lactone form of AR-67 in blood samples. Preclinical studies and
 preliminary Phase I data confirm that AR-67 maintains a greater proportion
 of drug in the active lactone form as compared with approved
 second-generation products, a characteristic that Arno believes may
 translate to superior clinical activity. Moreover, the potential for oral
 administration may increase patient convenience. A Phase I clinical study
 of AR-67 in patients with advanced solid tumors is currently ongoing.
 Multiple Phase II studies are planned for initiation in 2008 in a variety
 of cancers, including glioblastoma multiforme (GBM), a highly aggressive
 form of brain cancer.
     AR-12 is a PDK-1 inhibitor that targets the Akt pathway while also
 possessing activity in the endoplasmic reticulum (ER) stress and other
 pathways targeting apoptosis. Preclinical data have demonstrated that AR-12
 has activity in a wide range of tumor types and shows promising activity in
 combination with several widely used anti-cancer agents including
 Avastin(R), Herceptin(R), Gleevec(R), Tarceva(R) and tamoxifen.
     AR-42 is a targeted inhibitor of the Pan-DAC and Akt pathways. In
 preclinical studies, AR-42 has demonstrated greater potency and a
 competitive profile in tumors when compared with vorinostat (SAHA), the
 leading marketed histone deacetylase inhibitor. Arno plans to initiate
 Phase I studies of AR-42 and AR-12 in early 2009.
     Arie Belldegrun, M.D., FACS, Chairman of the Board of Directors of Arno
 added, "This is an important milestone for our company. Attracting
 sufficient capital was a key objective for us this year. We are extremely
 pleased to have assembled such a strong group of institutional investors,
 which is a testament to our accomplished management team and to the trust
 in our robust oncology pipeline."
     The securities sold in the private offering have not been registered
 under the Securities Act of 1933 and may not be resold absent registration
 under or exemption from such Act. Arno has agreed to file with the
 Securities and Exchange Commission a registration statement for the resale
 of the securities held by the investors in the offering by August 2, 2008.
 This press release shall not constitute an offer to sell or the
 solicitation of an offer to buy nor shall there be any sale of these
 securities in any state in which such offer, solicitation or sale would be
 unlawful prior to registration or qualification under the securities laws
 of any such state.
     About Arno Therapeutics
     Arno Therapeutics is a biopharmaceutical company that develops and
 commercializes innovative products for the treatment of cancer patients.
 Arno is initially focusing its efforts on developing its lead compound,
 AR-67, a novel anti-cancer agent. AR-67 is a third generation campthothecin
 analogue currently in Phase I clinical trials that has demonstrated high
 potency and significantly improved pharmacokinetic properties when compared
 with marketed second-generation products in its class. Arno is also
 developing AR-12 and AR-42, two novel, preclinical oncology products. A key
 component of the Company's strategy is to acquire global rights to
 additional product candidates for the treatment of cancer while continuing
 to use its technology to develop and commercialize new products and line
 extensions. For more information on Arno please visit
     This press release contains statements that are not historical in
 nature but are forward-looking. These statements are often, but not always,
 made through the use of words or phrases such as "anticipates," "expects,"
 "plans," "believes," "intends," and similar words or phrases. These
 forward-looking statements include, without limitation, statements
 concerning Arno's business strategy, outlook, objectives, future
 milestones, plans, intentions, goals, future financial conditions, future
 collaboration agreements, plans to initiate clinical trials of Arno's
 product candidates, the success of Arno's product development, or otherwise
 as to future events. These forward-looking statements are subject to
 certain risks and uncertainties that could cause actual results to differ
 materially from the statements made. Examples of the risks and
 uncertainties include, but are not limited to: the risk that we may not
 successfully develop and market our products, and even if we do, we may not
 become profitable; risks relating to the progress of our research and
 development; risks relating to the rigorous regulatory approval process
 required for any products that we may develop independently, with our
 development partners or in connection with our collaboration arrangements;
 the risk that changes in the national or international political and
 regulatory environment may make it more difficult to gain U.S. Food and
 Drug Administration, or FDA, or other regulatory approval of our drug
 product candidates; risks that the FDA or other regulatory authorities may
 not accept any applications we file; risks that the FDA or other regulatory
 authorities may withhold or delay consideration of any applications that we
 file or limit such applications to particular indications or apply other
 label limitations; risks that, after acceptance and review of applications
 that we file, the FDA or other regulatory authorities will not approve the
 marketing and sale of our drug product candidates; risks relating to our
 own drug manufacturing operations and the drug manufacturing operations of
 our third-party suppliers and contract manufacturers; risks relating to the
 ability of our development partners and third-party suppliers of materials,
 drug substance and related components to provide us with adequate supplies
 and expertise to support manufacture of drug product for initiation and
 completion of our clinical studies; risks relating to the transfer of our
 manufacturing technology to third-party contract manufacturers, and the
 risk that recurring losses, negative cash flows and the inability to raise
 additional capital could threaten our ability to continue as a going
     Pharmaceutical and biotechnology companies have suffered significant
 setbacks in advanced clinical trials, even after obtaining promising
 results from earlier preclinical or clinical studies. Data obtained from
 such studies are susceptible to varying interpretations, which could delay,
 limit or prevent regulatory approval. Except to the extent required by
 applicable laws or rules, we do not undertake to update any forward-looking
 statements or to publicly announce revisions to any of our forward-looking
 statements, whether resulting from new information, future events or

SOURCE Arno Therapeutics, Inc.