Each unit sold in the offering consists of a share of common stock and 0.55 of a Series F warrant to purchase an additional share of common stock. The Series F warrants in the round have an exercise price of 75¢ per share and are exercisable for up to 5 years.
The round is expected to close Feb 24, with approximately $825,000 of the offering being used to pay of indebtedness to the Massachusetts Life Sciences Center under an accelerator funding agreement it entered into in Sept. 30, 2013 and amended on Sept. 28, 2016, according to a press release.
Earlier this month, Arch Therapeutics said it accelerated the timeframe for FDA 510(k) clearance submission for its AC5 hemostasis device, moving from late 2017 to mid-2017.
The Framingham, Mass.-based company’s AC5 surgical and topical hemostatic devices are being designed using a self-assembling materials technology platform, seeking to improve hemostasis during surgical, wound and interventional care.
Arch Therapeutics said it is maintaining guidance on its CE Mark submission, hoping to file it for the topical version of the device “as soon as possible,” according to the press release. The regulatory submissions this year will be the company’s 1st.