TORONTO, March 09, 2018 (GLOBE NEWSWIRE) -- Arch Biopartners Inc., (Arch or the Company) (TSX Venture:ARCH) and (OTCBB:ACHFF), announced today it has closed the non-brokered private placement the Company disclosed in a press release January 26, 2018 (The “Offering”).
Pursuant to the Offering, Arch issued 2,500,000 Common Shares priced at $0.50 per common share (the “Common shares”) for net proceeds of $1,250,000.
The Offering closed in two equal tranches of $625,000 on February 2, 2018 and March 9, 2018 respectively and is subject to certain conditions including, but not limited to, the receipt of applicable regulatory approvals, including Final Approval of the TSX Venture Exchange. All Common Shares issued in connection with the Offering are subject to a hold period of four months and one day from the closing date of each tranche.
The Company intends to use a portion of the proceeds from the private placement to complete the funding of the investigator initiated Phase I inhalation safety trial for AB569 currently underway at the Cincinnati Veterans Affairs Medical Center. AB569 is the Company’s drug candidate for treating drug resistant bacterial infections in the lungs and urinary tract.
Remaining proceeds will be used to support an Investigational New Drug Application for Metablok, including the manufacturing of Metablok under good manufacturing practice standards and toxicology testing. Metablok is the Company’s drug candidate for inhibiting acute kidney injury, septic shock and cancer metastasis.
There is no material fact or material change about the Company that has not been generally disclosed. There were no finder’s fees paid in connection with the Offering.
About Arch Biopartners
Arch Biopartners Inc. is focused on the development of innovative technologies that have the potential to make a significant medical or commercial impact. Arch works closely with the scientific community, universities and research institutions to advance and build the value of select preclinical technologies, develop the most promising intellectual property, and create value for its investors.
Arch has established a diverse portfolio that includes AB569, a potential new treatment for antibiotic resistant bacterial infections; Metablok, a potential treatment for inflammation, sepsis and cancer metastasis; MetaMx, which targets elusive brain tumor initiating cells; and, ‘Borg’ peptide coatings that increase corrosion resistance and decrease biofilm on various medical grade metals and plastics.
For more information on Arch Biopartners, its technologies and other public documents Arch has filed on SEDAR , please visit www.archbiopartners.com
The Company now has 57,799,679 common shares outstanding.
For more information, please contact:
All statements, other than statements of historical fact, in this news release are forward looking statements that involve various risks and uncertainties, including, without limitation, statements regarding the future plans and objectives of the Company. There can be no assurance that such statements will prove to be accurate. Actual results and future events could differ materially from those anticipated in such statements. These and all subsequent written and oral forward-looking statements are based on the estimates and opinions of management on the dates they are made and are expressly qualified in their entirety by this notice. The Company assumes no obligation to update forward-looking statements should circumstances or management’s estimates or opinions change.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.