Arch Therapeutics to raise $2.8M in RDO
Photo | Courtesy of Arch Therapeutics
Terrence Norchi, Arch Therapeutics president and CEO
Framingham wound care product manufacturer Arch Therapeutics is hoping to raise $2.8 million in a registered direct offering with five accredited investors.
The company, which is developing liquid, gel and solid wound care devices, is offering 8.6 million units -- including a share of the company’s stock and a Series H warrant to purchase one share of common stock -- at $0.325 per unit.
In filings with the U.S. Securities & Exchange Commission, the company said the proceeds will be used for general corporate purposes and working capital.
In December, the company received premarket approval from the U.S. Food and Drug Administration for its AC5 Topical Gel.
In a February filing, the company said its current cash on hand would only fund operations into the third quarter and the company will need to raise capital to continue operations.
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