Arch Therapeutics to make $6M stock offering
Courtesy
Terrence W. Norchi, Arch president and CEO.
Framingham biotechnology company Arch Therapeutics is selling an estimated $6.1 million worth of shares, in part to pay back the Massachusetts Life Sciences Center for funding.
Arch develops materials for hemostatic and wound care devices. Last summer, the company reported it met the objectives of a clinical study for a device that treats bleeding skin lesions. The study found that the product, the AC5 Topical Hemostatic Device, stopped bleeding 41 percent faster for the patients it was tested on versus patients in a control group.
The offering is expected to close on or around Feb. 24. Arch plans to pay back $825,000 to the Massachusetts Life Sciences Center for accelerator funding from the state agency.
In its latest quarterly earnings reported earlier this month, Arch said it suffered a nearly $1.4 million operating loss.
Shares of the company were trading at less than $1 on Wednesday.
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