Exhibit 5.1
Kenneth L. Guernsey
(415) 693-2091
kguernsey@cooley.com
(415) 693-2091
kguernsey@cooley.com
February 25, 2009
Aradigm Corporation
3929 Point Eden Way
Hayward, CA 94545
3929 Point Eden Way
Hayward, CA 94545
Ladies and Gentlemen:
You have requested our opinion with respect to certain matters in connection with the offering byAradigm Corporation, a California corporation (the “Company”), of 4,000,000 shares of the Company’s common stock (the “Shares”), pursuant to a Registration Statement on Form S-3 (Registration Statement No. 333-148263) (the“Registration Statement”), filed with the Securities and Exchange Commission (the“Commission”) under the Securities Act of 1933, as amended (the“Act”), the prospectus dated December 21, 2007 (the “Base Prospectus”), and the prospectus supplement relating to the Shares filed with the Commission pursuant to Rule 424(b) of the Rules and Regulations under the Act (the “Prospectus Supplement”). (The Base Prospectus and Prospectus Supplement are collectively referred to as the “Prospectus.”) All of the Shares are to be sold by the Company as described in the Registration Statement and Prospectus.
In connection with this opinion, we have examined and relied upon the Registration Statement, the Prospectus, the Company’s Restated Articles of Incorporation, its Restated Bylaws, as amended, and the originals or copies certified to our satisfaction of such records, documents, certificates, memoranda and other instruments as in our judgment are necessary or appropriate to enable us to render the opinion expressed below. We have assumed the genuineness and authenticity of all documents submitted to us as originals, and the conformity to originals of all documents submitted to us as copies thereof and the due execution and delivery of all documents where due execution and delivery are a prerequisite to the effectiveness thereof.
On the basis of the foregoing, and in reliance thereon, we are of the opinion that the Shares, when sold and issued in accordance with the Registration Statement and Prospectus, will be validly issued, fully paid and nonassessable.
We consent to the reference to our firm under the caption “Legal Matters” in the Prospectus and to the filing of this opinion as an exhibit to the Registration Statement.
Very truly yours,
Cooley Godward Kronishllp
| By: | /s/ Kenneth L. Guernsey |
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