WELLESLEY, MA--(Marketwired - Oct 7, 2013) - Arch Therapeutics, Inc. (
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. (
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 Information:
Contact:
ARTH Investor Relations
Toll Free: +1-855-340-ARTH (2784) (US and Canada)
Email: investors@archtherapeutics.com
Website: www.archtherapeutics.com