Three fresh faces are taking over at Arch Therapeutics following the blood management device company’s reverse merger with Arch Biosurgery. Last last month Arch Therapeutics turned over a new leaf as a life science company after adopting the business plan of newly acquired subsidiary Arch Biosurgery.
Shortly after closing the deal, Arch Therapeutics cleaned out its management team, appointing a new CEO, board chairman, and company director.
All 3 new appointees have ties to newly acquired Arch Biosciences. The corner office went to Terrence Norchi, formerly the CEO of Arch Biosurgery, Inc.
New board chairman Avtar Dhillon also sits on the board at Arch Biosurgery and Arthur Rosenthal’s appointment to director of the company was part of the merger. Rosenthal formerly worked as chief science officer at Boston Scientific (NYSE:BSX), according to a company press release.
All former shareholders of Arch Biosciences received 5,645,212 shares of Arch Therapeutics’ common stock and former holders of convertible debt and warrants received 9,000,000 shares, according to company filings.