================================================================================
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
SCHEDULE 13D
UNDER THE SECURITIES EXCHANGE ACT OF 1934
(AMENDMENT NO. 4)*
ARADIGM CORPORATION
--------------------------------------------------------------------------------
(Name of Issuer)
Common Stock, no par value
--------------------------------------------------------------------------------
(Title of Class of Securities)
038505103
--------------------------------------------------------------------------------
(CUSIP Number)
Louis S. Citron, Esq.
New Enterprise Associates
1119 St. Paul Street, Baltimore, MD 21202
--------------------------------------------------------------------------------
(Name, Address and Telephone Number of Person
Authorized to Receive Notices and Communications)
June 9, 2003 and June 20, 2003
--------------------------------------------------------------------------------
(Date of Event which Requires Filing of this Statement)
If the filing person has previously filed a statement on Schedule 13G to report
the acquisition that is the subject of this Schedule 13D, and is filing this
schedule because of ss.ss.240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the
following box. [_]
NOTE: Schedules filed in paper format shall include a signed original and five
copies of the schedule, including all exhibits. See ss.240.13d-7 for other
parties to whom copies are to be sent.
*The remainder of this cover page shall be filled out for a reporting person's
initial filing on this form with respect to the subject class of securities, and
for any subsequent amendment containing information which would alter
disclosures provided in a prior cover page.
The information required on the remainder of this cover page shall not be deemed
to be "filed" for the purpose of Section 18 of the Securities Exchange Act of
1934 ("Act") or otherwise subject to the liabilities of that section of the Act
but shall be subject to all other provisions of the Act (however, see the
Notes).
================================================================================
==================== ===================
CUSIP NO. 038505103 13D PAGE 2 OF 27 PAGES
==================== ===================
================================================================================
1 NAMES OF REPORTING PERSONS.
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY).
New Enterprise Associates 10, Limited Partnership
----- -------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS)(a)[_]
(b)[_]
----- -------------------------------------------------------------------------
3 SEC USE ONLY
----- -------------------------------------------------------------------------
4 SOURCE OF FUNDS (SEE INSTRUCTIONS)
WC
----- -------------------------------------------------------------------------
5 CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(d) or 2(e) [_]
----- -------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware Limited Partnership
----- -------------------------------------------------------------------------
7 SOLE VOTING POWER
0 shares
----- --------------------------------------------------------
NUMBER OF 8 SHARED VOTING POWER
SHARES
BENEFICIALLY 9,069,376 shares
OWNED BY ----- --------------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
REPORTING
PERSON 0 shares
WITH ----- --------------------------------------------------------
10 SHARED DISPOSITIVE POWER
9,069,376 shares
----- -------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
9,069,376 shares
----- -------------------------------------------------------------------------
12 CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
(SEE INSTRUCTIONS) [_]
----- -------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
15.8%
----- -------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)
PN
================================================================================
Page 2 of 28 pages
==================== ===================
CUSIP NO. 038505103 13D PAGE 3 OF 27 PAGES
==================== ===================
================================================================================
1 NAMES OF REPORTING PERSONS.
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY).
NEA Partners 10, Limited Partnership
----- -------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS)(a)[_]
(b)[_]
----- -------------------------------------------------------------------------
3 SEC USE ONLY
----- -------------------------------------------------------------------------
4 SOURCE OF FUNDS (SEE INSTRUCTIONS)
AF
----- -------------------------------------------------------------------------
5 CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(d) or 2(e) [_]
----- -------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware Limited Partnership
----- -------------------------------------------------------------------------
7 SOLE VOTING POWER
0 shares
----- --------------------------------------------------------
NUMBER OF 8 SHARED VOTING POWER
SHARES
BENEFICIALLY 9,139,403 shares
OWNED BY ----- --------------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
REPORTING
PERSON 0 shares
WITH ----- --------------------------------------------------------
10 SHARED DISPOSITIVE POWER
9,139,403 shares
----- -------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
9,139,403 shares
----- -------------------------------------------------------------------------
12 CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
(SEE INSTRUCTIONS) [_]
----- -------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
16.0%
----- -------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)
PN
================================================================================
Page 3 of 28 pages
==================== ===================
CUSIP NO. 038505103 13D PAGE 4 OF 27 PAGES
==================== ===================
================================================================================
1 NAMES OF REPORTING PERSONS.
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY).
Stewart Alsop
----- -------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS)(a)[_]
(b)[_]
----- -------------------------------------------------------------------------
3 SEC USE ONLY
----- -------------------------------------------------------------------------
4 SOURCE OF FUNDS (SEE INSTRUCTIONS)
AF
----- -------------------------------------------------------------------------
5 CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(d) or 2(e) [_]
----- -------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
United States citizen
----- -------------------------------------------------------------------------
7 SOLE VOTING POWER
0 shares
----- --------------------------------------------------------
NUMBER OF 8 SHARED VOTING POWER
SHARES
BENEFICIALLY 9,139,403 shares
OWNED BY ----- --------------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
REPORTING
PERSON 0 shares
WITH ----- --------------------------------------------------------
10 SHARED DISPOSITIVE POWER
9,139,403 shares
----- -------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
9,139,403 shares
----- -------------------------------------------------------------------------
12 CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
(SEE INSTRUCTIONS) [_]
----- -------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
16.0%
----- -------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)
IN
================================================================================
Page 4 of 28 pages
==================== ===================
CUSIP NO. 038505103 13D PAGE 5 OF 27 PAGES
==================== ===================
================================================================================
1 NAMES OF REPORTING PERSONS.
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY).
M. James Barrett
----- -------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS)(a)[_]
(b)[_]
----- -------------------------------------------------------------------------
3 SEC USE ONLY
----- -------------------------------------------------------------------------
4 SOURCE OF FUNDS (SEE INSTRUCTIONS)
AF
----- -------------------------------------------------------------------------
5 CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(d) or 2(e) [_]
----- -------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
United States citizen
----- -------------------------------------------------------------------------
7 SOLE VOTING POWER
0 shares
----- --------------------------------------------------------
NUMBER OF 8 SHARED VOTING POWER
SHARES
BENEFICIALLY 9,139,403 shares
OWNED BY ----- --------------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
REPORTING
PERSON 0 shares
WITH ----- --------------------------------------------------------
10 SHARED DISPOSITIVE POWER
9,139,403 shares
----- -------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
9,139,403 shares
----- -------------------------------------------------------------------------
12 CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
(SEE INSTRUCTIONS) [_]
----- -------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
16.0%
----- -------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)
IN
================================================================================
Page 5 of 28 pages
==================== ===================
CUSIP NO. 038505103 13D PAGE 6 OF 27 PAGES
==================== ===================
================================================================================
1 NAMES OF REPORTING PERSONS.
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY).
Peter J. Barris
----- -------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS)(a)[_]
(b)[_]
----- -------------------------------------------------------------------------
3 SEC USE ONLY
----- -------------------------------------------------------------------------
4 SOURCE OF FUNDS (SEE INSTRUCTIONS)
AF
----- -------------------------------------------------------------------------
5 CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(d) or 2(e) [_]
----- -------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
United States citizen
----- -------------------------------------------------------------------------
7 SOLE VOTING POWER
0 shares
----- --------------------------------------------------------
NUMBER OF 8 SHARED VOTING POWER
SHARES
BENEFICIALLY 9,139,403 shares
OWNED BY ----- --------------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
REPORTING
PERSON 0 shares
WITH ----- --------------------------------------------------------
10 SHARED DISPOSITIVE POWER
9,139,403 shares
----- -------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
9,139,403 shares
----- -------------------------------------------------------------------------
12 CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
(SEE INSTRUCTIONS) [_]
----- -------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
16.0%
----- -------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)
IN
================================================================================
Page 6 of 28 pages
==================== ===================
CUSIP NO. 038505103 13D PAGE 7 OF 27 PAGES
==================== ===================
================================================================================
1 NAMES OF REPORTING PERSONS.
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY).
Robert T. Coneybeer
----- -------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS)(a)[_]
(b)[_]
----- -------------------------------------------------------------------------
3 SEC USE ONLY
----- -------------------------------------------------------------------------
4 SOURCE OF FUNDS (SEE INSTRUCTIONS)
AF
----- -------------------------------------------------------------------------
5 CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(d) or 2(e) [_]
----- -------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
United States citizen
----- -------------------------------------------------------------------------
7 SOLE VOTING POWER
0 shares
----- --------------------------------------------------------
NUMBER OF 8 SHARED VOTING POWER
SHARES
BENEFICIALLY 9,139,403 shares
OWNED BY ----- --------------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
REPORTING
PERSON 0 shares
WITH ----- --------------------------------------------------------
10 SHARED DISPOSITIVE POWER
9,139,403 shares
----- -------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
9,139,403 shares
----- -------------------------------------------------------------------------
12 CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
(SEE INSTRUCTIONS) [_]
----- -------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
16.0%
----- -------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)
IN
================================================================================
Page 7 of 28 pages
==================== ===================
CUSIP NO. 038505103 13D PAGE 8 OF 27 PAGES
==================== ===================
================================================================================
1 NAMES OF REPORTING PERSONS.
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY).
Nancy L. Dorman
----- -------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS)(a)[_]
(b)[_]
----- -------------------------------------------------------------------------
3 SEC USE ONLY
----- -------------------------------------------------------------------------
4 SOURCE OF FUNDS (SEE INSTRUCTIONS)
AF
----- -------------------------------------------------------------------------
5 CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(d) or 2(e) [_]
----- -------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
United States citizen
----- -------------------------------------------------------------------------
7 SOLE VOTING POWER
0 shares
----- --------------------------------------------------------
NUMBER OF 8 SHARED VOTING POWER
SHARES
BENEFICIALLY 9,139,403 shares
OWNED BY ----- --------------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
REPORTING
PERSON 0 shares
WITH ----- --------------------------------------------------------
10 SHARED DISPOSITIVE POWER
9,139,403 shares
----- -------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
9,139,403 shares
----- -------------------------------------------------------------------------
12 CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
(SEE INSTRUCTIONS) [_]
----- -------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
16.0%
----- -------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)
IN
================================================================================
Page 8 of 28 pages
==================== ===================
CUSIP NO. 038505103 13D PAGE 9 OF 27 PAGES
==================== ===================
================================================================================
1 NAMES OF REPORTING PERSONS.
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY).
Ronald H. Kase
----- -------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS)(a)[_]
(b)[_]
----- -------------------------------------------------------------------------
3 SEC USE ONLY
----- -------------------------------------------------------------------------
4 SOURCE OF FUNDS (SEE INSTRUCTIONS)
AF
----- -------------------------------------------------------------------------
5 CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(d) or 2(e) [_]
----- -------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
United States citizen
----- -------------------------------------------------------------------------
7 SOLE VOTING POWER
0 shares
----- --------------------------------------------------------
NUMBER OF 8 SHARED VOTING POWER
SHARES
BENEFICIALLY 9,139,403 shares
OWNED BY ----- --------------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
REPORTING
PERSON 0 shares
WITH ----- --------------------------------------------------------
10 SHARED DISPOSITIVE POWER
9,139,403 shares
----- -------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
9,139,403 shares
----- -------------------------------------------------------------------------
12 CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
(SEE INSTRUCTIONS) [_]
----- -------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
16.0%
----- -------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)
IN
================================================================================
Page 9 of 28 pages
==================== ===================
CUSIP NO. 038505103 13D PAGE 10 OF 27 PAGES
==================== ===================
================================================================================
1 NAMES OF REPORTING PERSONS.
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY).
C. Richard Kramlich
----- -------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS)(a)[_]
(b)[_]
----- -------------------------------------------------------------------------
3 SEC USE ONLY
----- -------------------------------------------------------------------------
4 SOURCE OF FUNDS (SEE INSTRUCTIONS)
AF
----- -------------------------------------------------------------------------
5 CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(d) or 2(e) [_]
----- -------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
United States citizen
----- -------------------------------------------------------------------------
7 SOLE VOTING POWER
0 shares
----- --------------------------------------------------------
NUMBER OF 8 SHARED VOTING POWER
SHARES
BENEFICIALLY 9,139,403 shares
OWNED BY ----- --------------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
REPORTING
PERSON 0 shares
WITH ----- --------------------------------------------------------
10 SHARED DISPOSITIVE POWER
9,139,403 shares
----- -------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
9,139,403 shares
----- -------------------------------------------------------------------------
12 CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
(SEE INSTRUCTIONS) [_]
----- -------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
16.0%
----- -------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)
IN
================================================================================
Page 10 of 28 pages
==================== ===================
CUSIP NO. 038505103 13D PAGE 11 OF 27 PAGES
==================== ===================
================================================================================
1 NAMES OF REPORTING PERSONS.
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY).
Thomas C. McConnell
----- -------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS)(a)[_]
(b)[_]
----- -------------------------------------------------------------------------
3 SEC USE ONLY
----- -------------------------------------------------------------------------
4 SOURCE OF FUNDS (SEE INSTRUCTIONS)
AF
----- -------------------------------------------------------------------------
5 CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(d) or 2(e) [_]
----- -------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
United States citizen
----- -------------------------------------------------------------------------
7 SOLE VOTING POWER
0 shares
----- --------------------------------------------------------
NUMBER OF 8 SHARED VOTING POWER
SHARES
BENEFICIALLY 9,139,403 shares
OWNED BY ----- --------------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
REPORTING
PERSON 0 shares
WITH ----- --------------------------------------------------------
10 SHARED DISPOSITIVE POWER
9,139,403 shares
----- -------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
9,139,403 shares
----- -------------------------------------------------------------------------
12 CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
(SEE INSTRUCTIONS) [_]
----- -------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
16.0%
----- -------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)
IN
================================================================================
Page 11 of 28 pages
==================== ===================
CUSIP NO. 038505103 13D PAGE 12 OF 27 PAGES
==================== ===================
================================================================================
1 NAMES OF REPORTING PERSONS.
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY).
Peter T. Morris
----- -------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS)(a)[_]
(b)[_]
----- -------------------------------------------------------------------------
3 SEC USE ONLY
----- -------------------------------------------------------------------------
4 SOURCE OF FUNDS (SEE INSTRUCTIONS)
AF
----- -------------------------------------------------------------------------
5 CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(d) or 2(e) [_]
----- -------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
United States citizen
----- -------------------------------------------------------------------------
7 SOLE VOTING POWER
0 shares
----- --------------------------------------------------------
NUMBER OF 8 SHARED VOTING POWER
SHARES
BENEFICIALLY 9,139,403 shares
OWNED BY ----- --------------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
REPORTING
PERSON 0 shares
WITH ----- --------------------------------------------------------
10 SHARED DISPOSITIVE POWER
9,139,403 shares
----- -------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
9,139,403 shares
----- -------------------------------------------------------------------------
12 CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
(SEE INSTRUCTIONS) [_]
----- -------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
16.0%
----- -------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)
IN
================================================================================
Page 12 of 28 pages
==================== ===================
CUSIP NO. 038505103 13D PAGE 13 OF 27 PAGES
==================== ===================
================================================================================
1 NAMES OF REPORTING PERSONS.
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY).
Charles W. Newhall III
----- -------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS)(a)[_]
(b)[_]
----- -------------------------------------------------------------------------
3 SEC USE ONLY
----- -------------------------------------------------------------------------
4 SOURCE OF FUNDS (SEE INSTRUCTIONS)
AF
----- -------------------------------------------------------------------------
5 CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(d) or 2(e) [_]
----- -------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
United States citizen
----- -------------------------------------------------------------------------
7 SOLE VOTING POWER
0 shares
----- --------------------------------------------------------
NUMBER OF 8 SHARED VOTING POWER
SHARES
BENEFICIALLY 9,139,403 shares
OWNED BY ----- --------------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
REPORTING
PERSON 0 shares
WITH ----- --------------------------------------------------------
10 SHARED DISPOSITIVE POWER
9,139,403 shares
----- -------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
9,139,403 shares
----- -------------------------------------------------------------------------
12 CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
(SEE INSTRUCTIONS) [_]
----- -------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
16.0%
----- -------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)
IN
================================================================================
Page 13 of 28 pages
==================== ===================
CUSIP NO. 038505103 13D PAGE 14 OF 27 PAGES
==================== ===================
================================================================================
1 NAMES OF REPORTING PERSONS.
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY).
Mark W. Perry
----- -------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS)(a)[_]
(b)[_]
----- -------------------------------------------------------------------------
3 SEC USE ONLY
----- -------------------------------------------------------------------------
4 SOURCE OF FUNDS (SEE INSTRUCTIONS)
AF
----- -------------------------------------------------------------------------
5 CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(d) or 2(e) [_]
----- -------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
United States citizen
----- -------------------------------------------------------------------------
7 SOLE VOTING POWER
0 shares
----- --------------------------------------------------------
NUMBER OF 8 SHARED VOTING POWER
SHARES
BENEFICIALLY 9,139,403 shares
OWNED BY ----- --------------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
REPORTING
PERSON 0 shares
WITH ----- --------------------------------------------------------
10 SHARED DISPOSITIVE POWER
9,139,403 shares
----- -------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
9,139,403 shares
----- -------------------------------------------------------------------------
12 CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
(SEE INSTRUCTIONS) [_]
----- -------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
16.0%
----- -------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)
IN
================================================================================
Page 14 of 28 pages
==================== ===================
CUSIP NO. 038505103 13D PAGE 15 OF 27 PAGES
==================== ===================
================================================================================
1 NAMES OF REPORTING PERSONS.
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY).
Scott D. Sandell
----- -------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS)(a)[_]
(b)[_]
----- -------------------------------------------------------------------------
3 SEC USE ONLY
----- -------------------------------------------------------------------------
4 SOURCE OF FUNDS (SEE INSTRUCTIONS)
AF
----- -------------------------------------------------------------------------
5 CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(d) or 2(e) [_]
----- -------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
United States citizen
----- -------------------------------------------------------------------------
7 SOLE VOTING POWER
0 shares
----- --------------------------------------------------------
NUMBER OF 8 SHARED VOTING POWER
SHARES
BENEFICIALLY 9,139,403 shares
OWNED BY ----- --------------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
REPORTING
PERSON 0 shares
WITH ----- --------------------------------------------------------
10 SHARED DISPOSITIVE POWER
9,139,403 shares
----- -------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
9,139,403 shares
----- -------------------------------------------------------------------------
12 CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
(SEE INSTRUCTIONS) [_]
----- -------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
16.0%
----- -------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)
IN
================================================================================
Page 15 of 28 pages
==================== ===================
CUSIP NO. 038505103 13D PAGE 16 OF 27 PAGES
==================== ===================
================================================================================
1 NAMES OF REPORTING PERSONS.
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY).
Eugene A. Trainor III
----- -------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS)(a)[_]
(b)[_]
----- -------------------------------------------------------------------------
3 SEC USE ONLY
----- -------------------------------------------------------------------------
4 SOURCE OF FUNDS (SEE INSTRUCTIONS)
AF
----- -------------------------------------------------------------------------
5 CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(d) or 2(e) [_]
----- -------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
United States citizen
----- -------------------------------------------------------------------------
7 SOLE VOTING POWER
0 shares
----- --------------------------------------------------------
NUMBER OF 8 SHARED VOTING POWER
SHARES
BENEFICIALLY 9,139,403 shares
OWNED BY ----- --------------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
REPORTING
PERSON 0 shares
WITH ----- --------------------------------------------------------
10 SHARED DISPOSITIVE POWER
9,139,403 shares
----- -------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
9,139,403 shares
----- -------------------------------------------------------------------------
12 CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
(SEE INSTRUCTIONS) [_]
----- -------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
16.0%
----- -------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)
IN
================================================================================
Page 16 of 27 pages
SCHEDULE 13D
Item 1. Security and Issuer.
-------------------
This statement relates to the common stock, no par value (the "Common
Stock"), of Aradigm Corporation (the "Issuer") having its principal executive
office at 3929 Point Eden Way, Hayward, CA 94545.
Item 2. Identity and Background.
-----------------------
This statement is being filed by New Enterprise Associates 10, Limited
Partnership ("NEA 10"), NEA Partners 10, Limited Partnership ("NEA Partners
10"), which is the sole general partner of NEA 10, and Stewart Alsop ("Alsop"),
M. James Barrett ("Barrett"), Peter J. Barris ("Barris"), Robert T. Coneybeer
("Coneybeer"), Nancy L. Dorman ("Dorman"), Ronald H. Kase ("Kase"), C. Richard
Kramlich ("Kramlich"), Thomas C. McConnell ("McConnell"), Peter T. Morris
("Morris"), Charles W. Newhall III ("Newhall"), Mark W. Perry ("Perry"), Scott
D. Sandell ("Sandell") and Eugene A. Trainor III ("Trainor") (collectively, the
"General Partners"). The General Partners are the individual general partners of
NEA Partners 10. NEA 10, NEA Partners 10 and the General Partners are sometimes
referred to collectively herein as the "Reporting Persons."
The address of the principal business office of NEA 10, NEA Partners
10, Barrett, Dorman, Newhall and Trainor is New Enterprise Associates, 1119 St.
Paul Street, Baltimore, MD 21202. The address of the principal business office
of Alsop, Coneybeer, Kase, Kramlich, McConnell, Morris, Perry and Sandell is New
Enterprise Associates, 2490 Sand Hill Road, Menlo Park, California 94025. The
address of the principal business office of Barris is New Enterprise Associates,
11951 Freedom Drive, Suite 1240, Reston, Virginia 20190.
The principal business of NEA 10 is to invest in and assist
growth-oriented businesses located principally in the United States. The
principal business of NEA Partners 10 is to act as the sole general partner of
NEA 10. The principal business of each of the General Partners is to act as a
general partner of NEA Partners 10 and a number of affiliated partnerships with
similar businesses.
During the five years prior to the date hereof, none of the Reporting
Persons has been convicted in a criminal proceeding or has been a party to a
civil proceeding ending in a judgment, decree or final order enjoining future
violations of, or prohibiting or mandating activities subject to, federal or
state securities laws or finding any violation with respect to such laws.
Each of NEA 10 and NEA Partners 10 is a limited partnership organized
under the laws of the State of Delaware. Each of the General Partners is a
United States citizen.
Item 3. Source and Amount of Funds or Other Consideration.
-------------------------------------------------
NEA 10 entered into a Securities Purchase Agreement dated February 10,
2003, with the Issuer and certain other investors whereby the Issuer sold
18,992,391 shares of its Common Stock and warrants to purchase up to 4,273,272
share of Common Stock at an exercise price of $1.07 per share to the such
parties for an aggregate purchase price of $15,003,988.89 (the "Financing"). The
Financing was closed on March 10, 2003.
In connection with the Financing, NEA 10 purchased 5,316,455 shares of
Common Stock (the "New Common Shares") for an aggregate purchase price of
$4,199,999.45. The working capital of NEA 10 was the source of the funds for the
purchase. No part of the purchase price paid by NEA 10 was represented by funds
or other consideration borrowed or otherwise obtained for the purpose of
acquiring, holding, trading or voting the New Common Shares. In connection with
the purchase of the New Common Shares, NEA 10 also received a warrant to
purchase 1,196,202 shares (the "New Warrant Shares") of Common Stock which
warrant is presently exercisable.
Page 17 of 27 pages
Also in connection with the Financing, the Issuer entered into a
Warrant Repricing Agreement with certain of its investors (the "Warrant
Repricing Agreement"). Pursuant to the Warrant Repricing Agreement, the Issuer,
at the closing of the Financing, cancelled warrants held by NEA 10 to purchase
up to 2,685,948 shares of Common Stock, at an exercise price of $6.97 per share
and issued a new warrant to purchase up to 2,685,948 shares (the "Repriced
Warrant Shares") of Common Stock to NEA 10 at an exercise price of $1.12 per
share.
NEA 10 purchased 2,489,585 shares (the "Initial Common Shares," and
together with the New Common Shares, the "Common Shares") of Common Stock from
the Issuer in a private transaction on August 21, 2001 for a total purchase
price of $9,958,340.00. The working capital of NEA 10 was the source of the
funds for the purchase. No part of the purchase price paid by NEA 10 was
represented by funds or other consideration borrowed or otherwise obtained for
the purpose of acquiring, holding, trading or voting the Initial Common Shares.
In connection with the purchase of the Initial Common Shares, NEA 10 also
received a warrant to purchase 248,958 shares (the "Initial Warrant Shares") of
Common Stock which warrant is presently exercisable.
NEA 10 purchased 1,033,057 shares (the "Preferred Shares") of Series A
Convertible Preferred Stock (the "Preferred Stock") from the Issuer in a private
transaction on December 14, 2001 for a total purchase price of $24,999,979.40;
which Preferred Shares are presently convertible into an aggregate of 4,132,228
shares of Common Stock. The working capital of NEA 10 was the source of the
funds for the purchase. No part of the purchase price paid by NEA 10 was
represented by funds or other consideration borrowed or otherwise obtained for
the purpose of acquiring, holding, trading or voting the Preferred Shares. In
connection with the purchase of the Preferred Shares, NEA 10 also received a
warrant to purchase 2,685,948 shares of Common Stock which warrant was
terminated as described above in exchange for the warrant exercisable for the
Repriced Warrant Shares.
Item 4. Purpose of Transaction.
----------------------
On June 9, 2003, NEA 10 engaged in a stock distribution of 3,000,000
of its New Common Shares to its partners, including 30,026 shares to NEA
Partners 10 (the "NEA Partners 10 Partial Record Shares"). On June 20, 2003, NEA
10 engaged in a stock distribution of 4,000,000 shares to its partners,
including 40,001 shares to NEA Partners 10 (collectively, with the "NEA Partners
10 Partial Record Shares, the "NEA Partners 10 Record Shares"). The June 20,
2003 distribution by NEA 10 consisted of 2,316,455 of New Common Shares, all of
the New Warrant Shares originally issued to NEA 10 upon the exercise of the
underlying warrant on June 16, 2003 and 487,343 of the Repriced Warrant Shares
originally issued to NEA 10 upon the partial exercise of the underlying warrant
on June 16, 2003. NEA 10 remains the record owner of 2,489,585 shares of Common
Stock (the "NEA 10 Record Shares") of the Issuer; 1,033,057 shares of Series A
Convertible Preferred Stock of the Issuer which Preferred Shares are presently
convertible into 4,132,228 shares of Common Stock; and warrants to purchase
2,447,563 shares of Common Stock which warrants are presently exercisable (the
"Warrant Shares"). Collectively, NEA 10 is the beneficial owner of 9,069,376
shares of Common Stock of the Issuer. All reporting persons, except NEA Partners
10 and NEA 10, disclaim beneficial ownership of the NEA Partners 10 Record
Shares, the NEA 10 Record Shares, the Preferred Shares and the Warrant Shares.
NEA Partners 10 disclaims beneficial ownership of the NEA 10 Record Shares, the
Preferred Shares and Warrant Shares. NEA 10 disclaims beneficial ownership of
the NEA Partners 10 Record Shares.
NEA 10 acquired the securities of the issuer described above for
investment purposes. NEA Partners 10 acquired the NEA Partners 10 Record Shares
for investment purposes. Depending on market conditions, its continuing
evaluation of the business and prospects of the Issuer and other factors, each
of NEA Partners 10 and NEA 10 may dispose of or acquire additional shares of
Common Stock. John Nehra, a limited partner of NEA Partners 10, is a member of
the Board of Directors of the Issuer. Except as set forth above, none of the
Reporting Persons has any present plans which relate to or would result in:
Page 18 of 27 pages
(a) The acquisition by any person of additional securities of the
Issuer, or the disposition of securities of the Issuer;
(b) An extraordinary corporate transaction, such as a merger,
reorganization or liquidation, involving the Issuer or any of its
subsidiaries;
(c) A sale or transfer of a material amount of assets of the Issuer
or any of its subsidiaries;
(d) Any change in the present board of directors or management of the
Issuer, including any plans or proposals to change the number or
term of directors or to fill any existing vacancies on the board;
(e) Any material change in the present capitalization or dividend
policy of the Issuer;
(f) Any other material change in the Issuer's business or corporate
structure;
(g) Changes in the Issuer's charter, bylaws or instruments
corresponding thereto or other actions which may impede the
acquisition of control of the Issuer by any person;
(h) Causing a class of securities of the Issuer to be delisted from a
national securities exchange or to cease to be authorized to be
quoted in an inter-dealer quotation system of a registered
national securities association;
(i) A class of equity securities of the Issuer becoming eligible for
termination of registration pursuant to Section 12(g)(4) of the
Act; or
(j) Any action similar to any of those enumerated above.
Item 5. Interest in Securities of the Issuer.
------------------------------------
(a) NEA 10 is the record owner of the NEA 10 Record Shares (i.e.,
2,489,585 shares of Common Stock). As the sole general partner of
NEA 10, NEA Partners 10 may be deemed to own beneficially the NEA
10 Record Shares. As the individual general partners of NEA
Partners 10, each of the General Partners also may be deemed to
own beneficially the NEA 10 Record Shares.
NEA 10 is the record owner of the Preferred Shares (i.e.,
1,033,057 shares of Preferred Stock) which are presently
convertible into 4,132,228 shares of Common Stock. As the sole
general partner of NEA 10, NEA Partners 10 may be deemed to own
beneficially the Preferred Shares. As the individual general
partners of NEA Partners 10, each of the General Partners also
may be deemed to own beneficially the Preferred Shares.
NEA 10 holds warrants to purchase the Warrant Shares (i.e.,
warrants to purchase 2,447,563 shares of Common Stock) which
warrants are immediately exercisable. As the sole general partner
of NEA 10, NEA Partners 10 may be deemed to own beneficially the
Warrant Shares. As the individual general partners of NEA
Partners 10, each of the General Partners also may be deemed to
own beneficially the Warrant Shares.
Page 19 of 27 pages
NEA Partners 10 is the record owner of the NEA Partners 10 Record
Shares (i.e., 70,027 shares of Common Stock). As individual
general partners of NEA Partners 10, each of the General Partners
may be deemed to beneficially own the NEA Partners 10 Record
Shares.
Each Reporting Person except NEA 10 may be deemed to own
beneficially 16.0% of the Common Stock of the Issuer, which
percentage is calculated based upon 50,685,427 shares of Common
Stock reported to be outstanding by the Issuer as of April 30,
2003, as adjusted pursuant to Rule 13d-3(d)(1) promulgated under
the Act. NEA 10 may be deemed to own beneficially own 15.8% of
the Common Stock of the Issuer, which percentage is calculated
based upon 50,685,427 shares of Common Stock reported to be
outstanding by the Issuer as of April 30, 2003, as adjusted
pursuant to Rule 13d-3(d)(1) promulgated under the Act. Each of
the Reporting Persons, except NEA Partners 10 and NEA 10,
disclaims beneficial ownership of the NEA Partners 10 Record
Shares, the NEA 10 Record Shares, the Preferred Shares and the
Warrant Shares. NEA Partners 10 disclaims beneficial ownership of
the NEA 10 Record Shares, the Preferred Shares and the Warrant
Shares. NEA 10 disclaims beneficial ownership of the NEA Partners
10 Record Shares.
(b) Regarding the number of shares as to which such person has:
(i) sole power to vote or to direct the vote:
0 shares for all Reporting Persons.
(ii) shared power to vote or to direct the vote:
9,139,403 shares for each Reporting Person except NEA 10.
9,069,376 shares for NEA 10.
(iii) sole power to dispose or to direct the disposition:
0 shares for all Reporting Persons.
(iv) shared power to dispose or to direct the disposition:
9,139,403 shares for each Reporting Person except NEA 10.
9,069,376 shares for NEA 10.
(c) Except as set forth above, none of the Reporting Persons has
effected any transaction in the Common Stock in the last 60 days.
(d) No other person is known to have the right to receive or the
power to direct the receipt of dividends from, or any proceeds
from the sale of, the NEA Partners 10 Record Shares, the NEA 10
Record Shares, the Preferred Shares or the Warrant Shares
beneficially owned by any of the Reporting Persons.
(e) Not Applicable.
Item 6. Contracts, Arrangements, Undertakings or Relationships with Respect to
----------------------------------------------------------------------
Securities of the Issuer.
-------------------------
None.
Item 7. Material to be Filed as Exhibits.
--------------------------------
Exhibit 1 - Agreement regarding filing of joint Schedule 13D
Exhibit 2 - Powers of Attorney regarding Schedule 13D filings.
Page 20 of 27 pages
SIGNATURE
After reasonable inquiry and to the best of its knowledge and belief,
each of the undersigned certifies that the information set forth in this
statement is true, complete and correct.
Date: June 25, 2003
NEW ENTERPRISE ASSOCIATES 10,
LIMITED PARTNERSHIP
By: NEA PARTNERS 10, LIMITED PARTNERSHIP
General Partner
By: *
--------------------------------------
Nancy L. Dorman
General Partner
NEA PARTNERS 10, LIMITED PARTNERSHIP
By: *
------------------------------------------------
Nancy L. Dorman
General Partner
*
---------------------------------------------------
Stewart Alsop
*
---------------------------------------------------
M. James Barrett
*
---------------------------------------------------
Peter J. Barris
*
---------------------------------------------------
Robert T. Coneybeer
*
---------------------------------------------------
Nancy L. Dorman
*
---------------------------------------------------
Ronald H. Kase
Page 21 of 27 pages
*
---------------------------------------------------
C. Richard Kramlich
*
---------------------------------------------------
Thomas C. McConnell
*
---------------------------------------------------
Peter T. Morris
*
---------------------------------------------------
Charles W. Newhall III
*
---------------------------------------------------
Mark W. Perry
*
---------------------------------------------------
Scott D. Sandell
*
---------------------------------------------------
Eugene A. Trainor III
*By: /s/ Louis S. Citron
------------------------
Louis S. Citron
As attorney-in-fact
Page 22 of 27 pages
EXHIBIT 1
---------
AGREEMENT
---------
Pursuant to Rule 13d-1(k)(1) under the Securities Exchange Act of
1934, the undersigned hereby agree that only one statement containing the
information required by Schedule 13D need be filed with respect to the ownership
by each of the undersigned of shares of stock of Aradigm Corporation.
EXECUTED this 25th day of June, 2003.
NEW ENTERPRISE ASSOCIATES 10,
LIMITED PARTNERSHIP
By: NEA PARTNERS 10, LIMITED PARTNERSHIP
General Partner
By: *
--------------------------------
Nancy L. Dorman
General Partner
NEA PARTNERS 10, LIMITED PARTNERSHIP
By: *
------------------------------------------
Nancy L. Dorman
General Partner
*
----------------------------------------------
Stewart Alsop
*
----------------------------------------------
M. James Barrett
*
----------------------------------------------
Peter J. Barris
*
----------------------------------------------
Robert T. Coneybeer
*
----------------------------------------------
Nancy L. Dorman
*
----------------------------------------------
Ronald H. Kase
Page 23 of 27 pages
*
----------------------------------------------
C. Richard Kramlich
*
----------------------------------------------
Thomas C. McConnell
*
----------------------------------------------
Peter T. Morris
*
----------------------------------------------
Charles W. Newhall III
*
----------------------------------------------
Mark W. Perry
*
----------------------------------------------
Scott D. Sandell
*
----------------------------------------------
Eugene A. Trainor III
*By: /s/ Louis S. Citron
-------------------------
Louis S. Citron
As attorney-in-fact
This Schedule 13D was executed by Louis S. Citron pursuant to a Power of
Attorney which is being filed with the Securities and Exchange Commission with
this Schedule 13D filing for Aradigm Corporation and said Power of Attorney is
incorporated herein by reference and a copy of which is attached as Exhibit 2.
Page 24 of 27 pages
EXHIBIT 2
---------
POWER OF ATTORNEY
KNOW ALL MEN BY THESE PRESENTS, that each person whose signature
appears below hereby constitutes and appoints Nancy L. Dorman, Charles W.
Newhall III, Louis S. Citron and Eugene A. Trainor III, and each of them, with
full power to act without the others, his true and lawful attorney-in-fact, with
full power of substitution, to sign any and all instruments, certificates and
documents that may be necessary, desirable or appropriate to be executed on
behalf of himself as an individual or in his capacity as a general partner of
any partnership, pursuant to section 13 or 16 of the Securities Exchange Act of
1934, as amended (the "Exchange Act"), and any and all regulations promulgated
thereunder, and to file the same, with all exhibits thereto, and any other
documents in connection therewith, with the Securities and Exchange Commission,
and with any other entity when and if such is mandated by the Exchange Act or by
the By-laws of the National Association of Securities Dealers, Inc., granting
unto said attorney-in-fact full power and authority to do and perform each and
every act and thing necessary, desirable or appropriate, fully to all intents
and purposes as he might or could do in person, thereby ratifying and confirming
all that said attorney-in-fact, or his substitutes, may lawfully do or cause to
be done by virtue hereof.
IN WITNESS WHEREOF, this Power of Attorney has been signed as of the
1st day of January, 2001.
/s/ Stewart Alsop II
----------------------------------
Stewart Alsop II
/s/ Peter J. Barris
----------------------------------
Peter J. Barris
/s/ Robert T. Coneybeer
----------------------------------
Robert T. Coneybeer
/s/ Nancy L. Dorman
----------------------------------
Nancy L. Dorman
/s/ Ronald Kase
----------------------------------
Ronald Kase
/s/ C. Richard Kramlich
----------------------------------
C. Richard Kramlich
/s/ Arthur J. Marks
----------------------------------
Arthur J. Marks
/s/ Thomas C. McConnell
----------------------------------
Thomas C. McConnell
Page 25 of 27 pages
/s/ Peter T. Morris
----------------------------------
Peter T. Morris
/s/ John M. Nehra
----------------------------------
John M. Nehra
/s/ Charles W. Newhall III
----------------------------------
Charles W. Newhall III
/s/ Mark W. Perry
----------------------------------
Mark W. Perry
/s/ Scott D. Sandell
----------------------------------
Scott D. Sandell
POWER OF ATTORNEY
KNOW ALL MEN BY THESE PRESENTS, that each person whose signature
appears below hereby constitutes and appoints Nancy L. Dorman, Charles W.
Newhall III, Louis S. Citron and Eugene A. Trainor III, and each of them, with
full power to act without the others, his true and lawful attorney-in-fact, with
full power of substitution, to sign any and all instruments, certificates and
documents that may be necessary, desirable or appropriate to be executed on
behalf of himself as an individual or in his capacity as a general partner of
any partnership, pursuant to section 13 or 16 of the Securities Exchange Act of
1934, as amended (the "Exchange Act"), and any and all regulations promulgated
thereunder, and to file the same, with all exhibits thereto, and any other
documents in connection therewith, with the Securities and Exchange Commission,
and with any other entity when and if such is mandated by the Exchange Act or by
the By-laws of the National Association of Securities Dealers, Inc., granting
unto said attorney-in-fact full power and authority to do and perform each and
every act and thing necessary, desirable or appropriate, fully to all intents
and purposes as he might or could do in person, thereby ratifying and confirming
all that said attorney-in-fact, or his substitutes, may lawfully do or cause to
be done by virtue hereof.
IN WITNESS WHEREOF, this Power of Attorney has been signed as of the
19th day of October, 2001.
/s/ Michael James Barrett
----------------------------------
Michael James Barrett
Page 26 of 27 pages
POWER OF ATTORNEY
KNOW ALL MEN BY THESE PRESENTS, that the person whose signature
appears below hereby constitutes and appoints Nancy L. Dorman, Charles W.
Newhall III and Louis S. Citron, and each of them, with full power to act
without the others, his true and lawful attorney-in-fact, with full power of
substitution, to sign any and all instruments, certificates and documents that
may be necessary, desirable or appropriate to be executed on behalf of himself
as an individual or in his capacity as a general partner of any partnership,
pursuant to section 13 or 16 of the Securities Exchange Act of 1934, as amended
(the "Exchange Act"), and any and all regulations promulgated thereunder, and to
file the same, with all exhibits thereto, and any other documents in connection
therewith, with the Securities and Exchange Commission, and with any other
entity when and if such is mandated by the Exchange Act or by the By-laws of the
National Association of Securities Dealers, Inc., granting unto said
attorney-in-fact full power and authority to do and perform each and every act
and thing necessary, desirable or appropriate, fully to all intents and purposes
as he might or could do in person, thereby ratifying and confirming all that
said attorney-in-fact, or his substitutes, may lawfully do or cause to be done
by virtue hereof.
IN WITNESS WHEREOF, this Power of Attorney has been signed as of the
21st day of April, 2002.
/s/ Eugene A. Trainor III
----------------------------------
Eugene A. Trainor III
Page 27 of 27 pages