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Unidym Licenses Technology for Semiconductor Applications

MENLO PARK, Calif.-(Business Wire)-October 2, 2008 - Unidym, Inc., a majority-owned subsidiary of Arrowhead Research Corporation (NASDAQ: ARWR), announced today that it has completed a non-exclusive license for certain intellectual property in its portfolio to one of the world’s leaders in advanced semiconductor materials for high performance integrated circuits.

"This licensing agreement is an excellent illustration of our strategy, in which we monetize our intellectual property in product areas outside of our core vertical application segments, through licensing our technology to third parties,” said Art Swift, Unidym's president and CEO. “Our foundational patent portfolio covers many critical aspects of carbon nanotube manufacturing, processing and product applications.”

About Unidym, Inc.

Unidym is a leader in the manufacture and application of carbon nanotubes (CNTs), a novel material with extraordinary electrical, thermal, and mechanical properties. Unidym provides bulk materials, CNT-enabled products, and intellectual property to a wide range of customers and business partners. As a result of its recent merger with CNI, Unidym possesses a foundational patent portfolio that covers nearly every aspect of CNT manufacturing and processing as well as multiple product applications.

Unidym is focused on the electronics industry where its initial products include transparent electrodes for touch screens, flat panel displays, solar cells, and solid state lighting; electrodes for fuel cells; and thin film transistors for printable electronics. Unidym is also pursuing a cross-industry partnership strategy to capture value from the wide ranging uses of CNTs. Unidym’s licensing program, technical expertise and manufacturing facilities can enable partners to rapidly develop CNT solutions for their specific applications.

Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995:

This news release contains forward-looking statements within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. These statements are based upon our current expectations and speak only as of the date hereof. Our actual results may differ materially and adversely from those expressed in any forward-looking statements as a result of various factors and uncertainties, including the future success of our scientific studies, our ability to successfully develop products, rapid technological change in our markets, changes in demand for our future products, legislative, regulatory and competitive developments and general economic conditions. Arrowhead Research Corporation’s Annual Report on Form 10-K and 10-K/A, recent and forthcoming Quarterly Reports on Form 10-Q and 10-Q/A, recent Current Reports on Forms 8-K and 8-K/A, our Registration Statements on Form S-3, and other SEC filings discuss some of the important risk factors that may affect our business, results of operations and financial condition. We undertake no obligation to revise or update publicly any forward-looking statements for any reason.

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