SEC Uses in No Material Adverse Effect Clause

No Material Adverse Effect from Subscription Agreement

This Series A Preferred Subscription Agreement (this Agreement) is made and entered into as of October , 2011 by and among Arrowhead Research Corporation, a Delaware corporation (the Company), and the undersigned hereto (each a Purchaser and together the Purchasers). Certain terms used and not otherwise defined in the text of this Agreement are defined in Section 10 hereof.

No Material Adverse Effect. There shall have been no Material Adverse Effect with respect to the Company since the date of the latest audited balance sheet of the Company included in the SEC Reports.

No Material Adverse Effect from Subscription Agreement

This Subscription Agreement (this Agreement) is made and entered into as of October 21, 2011 by and among Arrowhead Research Corporation, a Delaware corporation (the Company), and the undersigned hereto (each a Purchaser and together the Purchasers). Certain terms used and not otherwise defined in the text of this Agreement are defined in Section 9 hereof.

No Material Adverse Effect. There shall have been no Material Adverse Effect with respect to the Company since the date of the latest audited balance sheet of the Company included in the SEC Reports.

No Material Adverse Effect from Subscription Agreement

This Subscription Agreement (this Agreement) is made and entered into as of September , 2011 by and among Arrowhead Research Corporation, a Delaware corporation (the Company), and the undersigned hereto (each a Purchaser and together the Purchasers). Certain terms used and not otherwise defined in the text of this Agreement are defined in Section 9 hereof.

No Material Adverse Effect. There shall have been no Material Adverse Effect with respect to the Company since the date of the latest audited balance sheet of the Company included in the SEC Reports.