Framingham biotech company Arch Therapeutics has raised $1.1 million from long-term shareholders, the company announced on Tuesday.
Arch issued convertible notes to accredited current investors for the aggregate principal amount of approximately $1.1 million, according to a press release. The notes accrue simple interest on unpaid principal at a rate of 10% per year.
As part of the notes issuance, Arch has entered into an agreement with a holder of outstanding Series J Warrants, which extends the exercise period of those warrants an additional 18 months, according to a press release.
