Arch Therapeutics raises $3M in financing
Arch Therapeutics of Framingham has raised $3 million in equity financing through sales of stock to 19 accredited investors, the company announced Wednesday.
The financing comes through the sale of nearly 14 million shares of stock at a purchase price of 22 cents each. Each unit nets the investor one share of common stock and the option to purchase another at 25 cents for the next five years.
Arch is a medical device company developing an approach to stop bleeding (hemostasis) and control leaking during surgery and trauma care. The company intends to use the proceeds from the funding to advance its hemostasis development program, predominantly by focusing on clinical trial expenses and further development of its flagship product, and for general corporate purposes.
“The proceeds from this transaction are an important contributor to our march toward product commercialization. We are grateful to our current and new investors for their support,” Dr. Terrence Norchi, president and CEO of Arch, said.
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