Massachusetts-based Arch Therapeutics hopes to sell over 11 million shares to raise close to $3 million in support of its medical sealants and hemostasis products.
Arch Therapeutics brings in nearly $3M in private stock placement
Arch Therapeutics launched a private placement fundraising effort, offering 11.4 million shares of common stock in hopes of raising $2.9 million.
Wellesley, Mass.-based Arch Therapeutics develops medical sealants and hemostasis products for use during surgeries. The company's marquee device is the AC5 Surgical Hemostatic for minimally invasive and open surgical procedures.
Arch is offering unnamed "institutional and high net worth" investors 11.4 million shares of common stock at a price of 25¢ per share. Investors will also receive warrants to purchase up to 11.4 million additional shares at an exercise price of either 30¢, 35¢ or 40¢ apiece, depending on whether investors purchase from the Series A, B or C warrants, according to a press release.
Arch Therapeutics completed a share swap and reverse merger, to expand into a life sciences company. Arch reported a $7.3 million financing through a share-swap related to its reverse merger with Arch Biosurgery, which expanded the company's range of products and services.
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