TORONTO, ONTARIO--(Marketwired - Jan. 6, 2015) - Arch Biopartners Inc ("Arch or the "Company") (CSE:ACH)(OTCBB:FOIFF) intends to complete a non-brokered private placement offering of up to 2,143,000 units priced at $0.35 per unit (the "Units") for gross proceeds of up to $750,050 (the "Offering").
Each Unit will consist of one common share of the Company and one common share purchase warrant (the "Warrant"). Each Warrant will entitle the holder thereof to acquire one common share of the Company at an exercise price of $0.70 per common share for a period of 24 months from the closing date of the Offering. All securities issued in connection with the Offering will be subject to a hold period of four months and one day from the closing date.
The closing of the Offering is expected to occur on or about the week of January 12th, 2015 or such other date as set by the Company. Closing of the Offering is subject to certain conditions, including completion of formal documentation and receipt of all regulatory and exchange approvals.
The net proceeds will be used toward the clinical development of MetaMx, the Company's brain tumor initiating cell (BTIC) targeting technology.
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.