Arch Therapeutics Announces Approval of $1 Million Massachusetts
Life Sciences Center Accelerator Loan
WELLESLEY, MA--(Marketwired - Oct 7, 2013) - Arch Therapeutics,
Inc. (OTCQB: ARTH) ("Arch" or the "Company"), a life sciences
company and developer of AC5™, a novel product aimed at controlling
bleeding and fluid loss in order to provide faster and safer
surgical and interventional care, is pleased to announce that the
Massachusetts Life Sciences Center (the "Center"), a quasi-public
agency tasked with implementing the state's $1 billion Life
Sciences Initiative, has concluded the requisite steps to award
Arch with a $1 million dollar Accelerator Loan.
The Accelerator Loan Program, the Center's flagship investment
program, supports companies by providing loans of up to $1 million
that will match grants and investments from the federal government,
foundations, non-profit agencies, institutional investors, and
other sources of capital. By leveraging other sources of capital,
the Accelerator Loan Program will provide support that enables
companies to conduct vital research and development and attract
subsequent investment, improving the odds of bringing cutting-edge
innovation to the marketplace. To date, the Center has funded 24
companies through this program.
Terrence W. Norchi, M.D., CEO of Arch Therapeutics, stated, "The
Massachusetts Life Sciences Center, representing the Commonwealth
of Massachusetts, has been incredibly supportive and we are very
pleased to be a member of the short list of awardees. The
exceptionally rigorous diligence and review process was undertaken
with the participation of highly regarded members from the
Massachusetts investment community as well as household names in
the area's life sciences academic and industrial circles. The loan,
itself, is significant to Arch because it provides a clear level of
validation for our plans to develop a novel technology into new
products targeting markets of unmet clinical need and it further
speaks to the quality of our team. We intend to use the funding
effectively and responsibly as we continue to grow our
business."
Applicants were subjected to a double-blind, rigorous peer
review and subsequent evaluation by the Center's Scientific
Advisory Board (SAB). Applicants were then further screened by the
Center's Investment Sub-Committee of the Board of Directors,
through a process that included a live presentation by finalists.
Final awards were determined by the Center's Board of Directors.
Arch was one of four companies authorized in December 2012 by the
Center' Board in the sixth round of the program to receive a loan.
The Company received the maximum loan amount through the
program.
"The Center's Accelerator Loan Program fills a critical gap in
the life cycle of promising early-stage companies with a high
potential for technology commercialization, rapid growth and
private equity financing," said MLSC President & CEO, Susan
Windham-Bannister, Ph.D. "This investment in Arch Therapeutics
reflects our commitment to early-stage companies working to produce
therapies that will improve the human condition and address unmet
medical needs, in this case regarding advanced peptide
technologies."
Arch Therapeutics, Inc. is a medical device company developing a
novel approach to stop bleeding (hemostasis) and control leaking
(sealant) during surgery and trauma care. Arch is developing
products based on an innovative self-assembling peptide technology
platform to make surgery and interventional care faster and safer
for patients. Arch's flagship development stage product candidate,
known as AC5™, is being designed to achieve hemostasis in minimally
invasive and open surgical procedures.
In related news, the company wishes to advise that in response
to a growing need for additional office space, it has relocated to
a new headquarters in the vicinity. Accordingly all future
correspondence should be directed to:
Arch Therapeutics, Inc. 20 William Street, Suite 270 Wellesley,
MA 02481
Additional details of the Company's business, finances,
appointments and agreements can be found as part of the Company's
continuous public disclosure as a reporting issuer with the
Securities and Exchange Commission ("SEC") available at
www.sec.gov. For more information, visit our website at
www.archtherapeutics.com.
About the Massachusetts Life Sciences Center The Massachusetts
Life Sciences Center (MLSC) is an investment agency that supports
life sciences innovation, research, development and
commercialization. The MLSC is charged with implementing a 10-year,
$1-billion, state-funded investment initiative. These investments
create jobs and support advances that improve health and
well-being. The MLSC offers the nation's most comprehensive set of
incentives and collaborative programs targeted to the life sciences
ecosystem. These programs propel the growth that has made
Massachusetts the global leader in life sciences. The MLSC creates
new models for collaboration and partners with organizations, both
public and private, around the world to promote innovation in the
life sciences. For more information, visit
www.masslifesciences.com.
About the Accelerator Loan Program In order to expand
life-sciences-related employment opportunities, promote
health-related innovations and stimulate research and development,
manufacturing and commercialization in the life sciences, the
Accelerator Loan Program provides loans to companies engaged in
life sciences research and development, commercialization, and
manufacturing in Massachusetts. Target entities are generally
early-stage life sciences companies with a high-potential for
technology commercialization, rapid growth and downstream private
equity financing. The program is designed to help sustain these
companies through a critical stage of development and to leverage
additional sources of capital to bring cutting-edge innovation to
the marketplace.
About Arch Therapeutics, Inc. (OTCQB: ARTH) Arch Therapeutics,
Inc. is a medical device company developing a novel approach to
stop bleeding (hemostasis) and control leaking (sealant) during
surgery and trauma care. Arch is developing products based on an
innovative self-assembling peptide technology platform to make
surgery and interventional care faster and safer for patients.
Arch's flagship development stage product candidate, known as AC5™,
is being designed to achieve hemostasis in minimally invasive and
open surgical procedures. Find out more at
www.archtherapeutics.com.
Notice Regarding Forward-Looking Statements This news release
contains "forward-looking statements" as that term is defined in
Section 27(a) of the Securities Act of 1933, as amended, and
Section 21(e) of the Securities Exchange Act of 1934, as amended.
Statements in this press release that are not purely historical are
forward-looking statements and include any statements regarding
beliefs, plans, expectations or intentions regarding the future.
Such forward-looking statements include, among other things,
references to novel technologies and methods, our business and
product development plans and projections, or market information.
Actual results could differ from those projected in any
forward-looking statements due to numerous factors. Such factors
include, among others, the inherent uncertainties associated with
developing new products or technologies and operating as a
development stage company, our ability to retain important members
of our management team and attract other qualified personnel, our
ability to raise the additional funding we will need to continue to
pursue our business and product development plans, our ability to
develop and commercialize products based on our technology
platform, and market conditions. These forward-looking statements
are made as of the date of this news release, and we assume no
obligation to update the forward-looking statements, or to update
the reasons why actual results could differ from those projected in
the forward-looking statements. Although we believe that any
beliefs, plans, expectations and intentions contained in this press
release are reasonable, there can be no assurance that any such
beliefs, plans, expectations or intentions will prove to be
accurate. Investors should consult all of the information set forth
herein and should also refer to the risk factors disclosure
outlined in the reports and other documents we file with the SEC,
available at www.sec.gov.
On Behalf of the Board, Terrence W. Norchi, MD. Arch
Therapeutics, Inc.
Contact: ARTH Investor Relations Toll Free: +1-855-340-ARTH
(2784) (US and Canada) Email: investors@archtherapeutics.com
Website: www.archtherapeutics.com
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