Aradigm is an emerging specialty pharmaceutical company developing and commercializing a portfolio of drugs delivered by inhalation for the treatment of severe respiratory disease. Bolstered by its depth of expertise in pulmonary drug delivery and an extensive intellectual property portfolio, the Company is uniquely positioned to fulfill unmet needs in pulmonary medicine. The Company has filed an NDA for their inhaled liposomal formulation of ciprofloxacin, Linhaliq, which is being developed as a therapy for patients with non-cystic fibrosis bronchiectasis (nCFBE). There are no approved therapies for nCFBE, so the Linhaliq NDA is particularly important for nCFBE patients. The development of inhaled antibiotics for nCFBE has been hampered historically by adverse lung reactions to the inhaled antibiotics approved for cystic fibrosis (CF) patients. The liposomal encasing of Linhaliq may provide improved tolerability for these patients. The FDA has accepted the NDA with priority review, providing for a 6 month review process by the agency. The NDA has a PDUFA date of January 26, 2018, which could represent a major inflection point in the Company’s valuation if Linhaliq is ultimately approved.