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Arch Therapeutics Inc announces $2.85 mln private placement

Friday, 31 Jan 2014 06:00am EST 

Arch Therapeutics Inc:Says its private placement to institutional and high net worth investors of an aggregate of 11,400,000 shares of common stock at $0.25 per share pursuant to the terms of a securities purchase agreement dated Jan. 30, 2014.Says the private placement is expected to close on or about Feb. 4.Says the gross proceeds of the offering are expected to be about $2.85 mln.Says the net proceeds, after deducting estimated offering expenses payable by Arch, are expected to be about $2.77 mln.Says it not engage a placement agent in connection with the private placement.Says it intends to use the offering proceeds to advance its hemostasis development program, predominantly focusing on AC5 Surgical Hemostatic Device, and for general corporate purposes. 

Company Quote

-0.0185 -9.32%
27 Nov 2015