Arno Therapeutics, Inc. (OTCPK:ARNI) announced that it has entered into a stock purchase agreement for a private placement of 15,072,139 at a price of $0.35 per share for gross proceeds of $5,275,248.65 on January 12, 2016. The company has issued 6,081,858 for gross proceeds $2,128,650.3 for conversion of the notes. The transaction included participation from several officers and directors including Managing Director Arie S. Belldegrun has purchased $750,000 including conversion of the notes, existing investor Commercial Street Capital, LLC has purchased $1,000,000 including conversion of the notes, Steven B. Ruchefsky, Tomer Kariv, David M. Tanen and Alexander Zukiwski.

The company has issued securities pursuant to exemption provided under Regulation D. No finder's fee payable with respect to the transaction.