TORONTO, ONTARIO--(Marketwired - Jan. 26, 2015) - Arch Biopartners Inc ("Arch or the "Company") (CSE:ACH)(OTCBB:FOIFF) announced today it has raised an additional $90,650 by closing the second tranche of the non-brokered private placement it announced in a press release January 6, 2015.
Pursuant to the terms of the private placement, Arch agreed to issue an additional 259,000 Units at a price of $0.35 per unit (the "Units"), including 116,000 Units which will be settling on January 30, 2015. Each Unit consists of one common share of the Company and one common share purchase warrant (the "Warrant"). Each Warrant entitles the holder to purchase one common share of the Company at an exercise price of $0.70 per common share until 5:00PM EST on January 13, 2017.
Combined with the first tranche of the private placement that closed on January 12, 2015, Arch has issued 2,140,500 Units for net proceeds of $749,175 CAD.
All securities issued in connection with this offering are subject to a statutory hold period expiring on May 26, 2015.
The net proceeds will be used toward the clinical development of MetaMx, the Company's brain tumor initiating cell (BTIC) targeting technology.
The Company now has 53,115,679 common shares outstanding.
About Arch Biopartners
Arch Biopartners is a portfolio based biotechnology company established to develop new products and technology for unmet medical needs. The Company's lead technology is MetaMx. Arch intends to perform a human trial to characterize the safety and pharmacokinetics of MetaMx and to demonstrate the efficacy of MetaMx to cross the human blood brain barrier and detect BTICs and invasive glioma cells. Such results in human patients will increase the value of MetaMx not only as a diagnostic and imaging tool but also as a potential drug delivery platform to destroy BTICs and invasive glioma cells.
For more information on the Company, please consult the other public documents filed on SEDAR at www.sedar.com.
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.
The CSE has not reviewed and does not accept responsibility for the adequacy of this release.