CAMBRIDGE, MA--(Marketwired - Jun 27, 2013) - Arch Therapeutics, Inc. (OTCQB: ARTH) ("Arch" or the "Company") is pleased to announce the closing of a reverse acquisition merger on June 26, 2013, pursuant to which Arch's wholly owned subsidiary, formed for the purpose of effecting the merger, merged with and into Arch Biosurgery, Inc., a Massachusetts corporation. The merger was effected pursuant to the terms and conditions of an agreement and plan of merger dated May 10, 2013.
As a result of the consummation of the merger, we have commenced operations as a life science company pursuing the business plan of our newly acquired subsidiary, Arch Biosurgery, Inc. We are focused on the development of innovative medical devices designed to stop bleeding and seal tissue. Our lead product candidate in development, AC5™, is designed to achieve hemostasis in minimally invasive and open surgical procedures
In connection with the merger, the Company confirmed the appointment of Terrence W. Norchi, M.D. and Avtar Dhillon, M.D. as members of the Company's Board of Directors. In addition, Dr. Norchi was confirmed as President and Chief Executive Officer of the Company.
The Company filed a Current Report on Form 8-K with the SEC on June 26, 2013 providing information about the Company's post-merger business, plan of operations, financial condition and management team. That Current Report on Form 8-K and the other reports and we file with the SEC are available at the SEC's website at www.sec.gov. For more information, visit our website at www.archtherapeutics.com.
About Arch Therapeutics, Inc. (OTCQB: ARTH)
Arch Therapeutics, Inc. (OTCQB: ARTH) is a medical device company developing a novel approach to stop bleeding (hemostasis) and control leaking (sealant) during surgery and trauma care. Arch's goal is to develop and commercialize products based on our innovative technology platform that make surgery and interventional care faster and safer for patients. Arch's flagship development stage product candidate known as AC5™ is being designed to elegantly 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, our financial 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 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, competition in the industry in which we operate 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.