Framingham biosurgical device manufacturer Arch Therapeutics, Inc., plans to raise $6.9 million by entering into securities purchase agreements with certain institutional and accredited investors, the company announced on Friday.
Arch plans to use the proceeds for general corporate purposes, including working capital and capital expenditures.
Arch plans to raise the money by issuing just over 43 million shares of its common stocks and warrants to purchase up to an aggregate 32.3 shares of common stock at a combined purchase price of $.16 per share.
The private placement is expected to close on Wednesday.
