Arch Biopartners Receives $332,750 From the Exercise of Warrants
TORONTO, June 26, 2018 (GLOBE NEWSWIRE) -- Arch Biopartners, Inc., (Arch or the Company) (TSX-V:ARCH) (OTCQB:ACHFF) a portfolio-based biotechnology company, today announced that it received net proceeds of $332,750 during the current quarter from the exercise of 665,500 warrants with an exercise price of $0.50 per common share.
All of the warrants were held by arm’s length parties and none were exercised by insiders of the Company. No commissions or fees were paid in connection to the exercise of the warrants. The proceeds will be used for general operations and the ongoing preparation of a pre-Investigational New Drug application for Metablok, the Company’s novel drug candidate to prevent acute kidney injury during cardiac surgery.
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 has established a diverse portfolio that includes Metablok (LSALT peptide), a potential treatment for inflammation, sepsis and cancer metastasis; AB569, a potential new treatment for antibiotic resistant bacterial infections in the lung, urinary tract or wounds; and, ‘Borg’ peptide coatings that increase corrosion resistance and decrease bacterial 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 has 58,457,929 common shares outstanding.
For more information, please contact:
Chief Executive Officer
Arch Biopartners, Inc.
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.