LifeSci Advisors Initiates Coverage of Aradigm Corporation

Phase III Program in Bronchiectasis Planned to Launch in 2014; Recent Partnership With Grifols Worth Up to $90 Million Plus Tiered Royalties; Report Available for Download at http://lifesciadvisors.com/clients/aradigm/

Marketwired

NEW YORK, NY--(Marketwired - Oct 29, 2013) - LifeSci Advisors, LLC, a leading provider of investment research and investor relations services in the life sciences sector, today announced that it has initiated coverage of Aradigm Corporation (OTCBB: ARDM), an emerging specialty pharmaceutical company focused on the development and commercialization of a portfolio of drugs delivered by inhalation for the treatment of severe respiratory diseases. Aradigm has granted an exclusive worldwide license to Grifols for its proprietary, once-daily, inhaled liposomal formulations of ciprofloxacin, Pulmaquin® and Lipoquin®. The drugs are being developed to treat severe respiratory diseases such as non-cystic fibrosis bronchiectasis (BE) and cystic fibrosis (CF). The deal provides up to $65 million for developmental and clinical expenses related to the BE indication. Aradigm can receive an additional $25 million in development milestones plus tiered, double-digit royalties.

"Aradigm's Lipoquin and Pulmaquin inhalable antibiotics are potential best-in-class treatments designed for chronic use and to be effective at treating bacterial infections in patients' lungs, while also minimizing lung irritation that is common in cystic fibrosis and especially bronchiectasis patients," said Andrew I. McDonald, Ph.D., Founding Partner at LifeSci Advisors. "The recent partnership with Grifols provides adequate funding to bring the program through Phase III trials in bronchiectasis and may allow Aradigm to pursue additional indications."

Lipoquin is Aradigm's original formulation of liposomal ciprofloxacin for inhalation. Pulmaquin is a second-generation therapy that also contains a small amount of free ciprofloxacin to provide patients with quick plus long-lasting antibiotic exposure. Pulmaquin and Lipoquin have been tested in three Phase II trials. The ORBIT-2 trial was a randomized, double-blind, placebo-controlled trial in 42 bronchiectasis patients. The primary endpoint was met in this trial as Pulmaquin-treated patients experienced a 4.2 log10 units decrease in bacterial density -- corresponding to a 27,000-fold decrease -- compared to a 0.1 log10 decrease in the placebo group (p=0.002). Patients in the Pulmaquin arm also had an increased time to first exacerbation of 134 days versus 58 days for placebo (p=0.05). In addition to bronchiectasis, Pulmaquin and Lipoquin have potential to succeed in the expanding cystic fibrosis market. Aradigm is also developing products for biodefense and smoking cessation.

In a 62 page Initiation Report by LifeSci Advisors, we explain the clinical development plans for Aradigm in light of the new licensing agreement with Grifols. The report discusses additional market opportunities for Aradigm's products outside of bronchiectasis and the potential competitive advantages of liposomal formulations of ciprofloxacin compared to other product either existing or in development.

Dr. McDonald's full Initiation Report is available to download at no cost at the LifeSci Advisors website, www.lifesciadvisors.com. In addition to this Initiation Report, LifeSci Advisors will also provide ongoing coverage and event-based research updates on the Company as developments occur.

The LifeSci Advisors research team is led by Dr. Andrew I. McDonald, an industry veteran with more than 15 years of healthcare industry experience. Prior to co-founding LSA, Dr. McDonald was the Senior Biotechnology Analyst at Great Point Partners, a leading health care investment firm with over $500 million under management. Before Great Point, he was Co-Head of Healthcare Research and Lead Biotechnology Analyst at ThinkEquity Partners, a boutique investment banking firm focused on growth companies. Dr. McDonald holds a Ph.D. in organic chemistry from the University of California, Irvine, and, earlier in his career, worked as a medicinal chemist at both Pfizer and Cytokinetics.

About LifeSci Advisors:

LifeSci Advisors (LSA) is a leading research firm and communications consultancy dedicated to the life sciences industry. The firm provides strategic counsel, customized marketing communications, comprehensive research reports and investor relations services to companies that specialize in the discovery, development and commercialization of drugs, drug delivery systems, medical devices and diagnostics. To learn more about LSA, visit the company's website, www.lifesciadvisors.com.

Important Disclosures:

The research report described in this press release is not intended as an offering, recommendation, or a solicitation of an offer to buy or sell securities. The securities discussed in LSA research reports may be unsuitable for some investors depending on their specific investment objectives, financial status, risk profile, or particular needs. Investors should consider LSA reports as only a single factor in making their investment decisions and should not rely solely on these reports in evaluating whether or not to buy or sell the securities of the subject company. LifeSci Advisors has been compensated by the company that is the subject of the report described and future research reports, investor relations services, and general consulting services. Please read each report's full disclosures and analyst background on the LSA website, www.lifesciadvisors.com, before investing. LifeSci Advisors is not a registered investment adviser or broker-dealer.

Forward-looking statements:

This press release contains forward-looking statements subject to risks and uncertainties that could cause actual results to differ materially from those projected. These forward-looking statements represent LSA's judgment as of the date of this release. LifeSci Advisors disclaims, however, any intent or obligation to update these forward-looking statements.

Contact:
Media
Michael Rice
Phone: (646) 597-6979
Email: mrice@lifesciadvisors.com


Aradigm Corporation
Nancy Pecota
Chief Financial Officer
Phone: (510) 265-8800
Email: investor@aradigm.com

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