Arch Therapeutics Effects Merger to Commence Operations as a Life Science
CAMBRIDGE, MA -- (Marketwired) -- 06/27/13 -- 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(TM), 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(TM) is
being designed to elegantly achieve hemostasis in minimally invasive
and open surgical procedures. Find out more at
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.
ARTH Investor Relations
Toll Free: +1-855-340-ARTH (2784) (US and Canada)
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