The Framingham, Mass.-based company said it floated approximately 9.5 million shares at 36¢ per share in the placement round.
Each unit offered in the round includes 1 share of common stock and 1 Series E warrant to purchase 3/4 of a share of common stock at 44¢ per share for up to 5 years. The company said it expects to offer approximately 7.1 million Series E warrants along with the 9.5 million shares, according to a press release.
Maxim Group acted as the placement agent for the transaction, the company said.
In March, Arch Therapeutics said it launched a European safety-and-efficacy study of its AC5 surgical hemostat in bleeding wounds incurred during dermatology procedures.
Arch, which won approval for the randomized, controlled, single-blind study last December, said the 46-patient trial will include a 10-subject arm who are taking blood thinners. Each patient will have at least 2 lesions removed, with 1 wound treated using the AC5 hemostat and the 2nd with a control treatment. Arch bills AC5 as designed to stop bleeding in seconds, rather than minutes, and conform to wound geometries while staying transparent, without the stickiness of other hemostats that makes them a challenge to use in laparoscopic procedures.
Endpoints in the trial include time to hemostasis and product-related adverse effects at 30 days, with follow-up at 7 days and 30 days post-procedure. Data from the trial are slated to drop within 2 quarters, Arch said.
The endpoints include product related adverse effects and time to hemostasis. Follow-up assessments of patients are planned for seven and 30 days following the procedure. As previously stated, data are projected to be available within two quarters of the start of the trial.