Arch Therapeutics Raises Approximately $3.5 Million In Convertible Note Financing
Amount Raised
$3.5 Million
Round Type
Seed
FraminghamBiotechnologyDescription
Arch Therapeutics, Inc. (OTCQB: ARTH) (“Arch” or the “Company”), a marketer and developer of novel self-assembling wound care and biosurgical products, today announced that it completed a private placement through the issuance of senior secured convertible notes (the “Notes”) with gross proceeds of approximately $3.5 million from select institutional and accredited individual investors (the “Financing”), before deducting placement agent fees and other estimated fees and expenses related to the private placement. The Notes earn interest at 10%, mature in 18 months, are convertible into an aggregate of 107,872,668 shares of common stock at a conversion price of $0.0457 per share, and, among other things, may be prepaid by the Company in connection with an uplisting transaction subject to adjustment as a result of certain time-based prepayment premiums set forth in the Notes. In connection with the Financing, the Company also issued warrants to purchase up to an aggregate of 85,110,664 shares of common stock at an exercise price of $0.0497 per share and 12,766,600 inducement shares
Quick answer
Arch Therapeutics raised $3.5 Million in a Seed round, dated July 7, 2022. Arch Therapeutics is based in Framingham, Massachusetts, United States.
- How much did Arch Therapeutics raise?
- Arch Therapeutics raised $3.5 Million in a Seed round on July 7, 2022.
- What does Arch Therapeutics do?
- Arch Therapeutics, Inc. (OTCQB:ARTH) is a biotechnology company developing a novel approach to stop bleeding (hemostasis), control leaking (sealant) and manage wounds during surgery, trauma and interventional care.
- Where is Arch Therapeutics based and how big is it?
- Arch Therapeutics is based in Framingham, Massachusetts, United States.
- Who are the decision-makers at Arch Therapeutics?
- Fundz holds 1 contact at Arch Therapeutics, including the Executive Officer, Director. Names and contact details are shown to Fundz members.
Source: Fundz verified event record.
Who else raised in Biotechnology around the same time
Companies in the same sectors as Arch Therapeutics that raised within 45 days of this round, from Fundz verified event records.
- RevOpsis Therapeutics raised $100K (Pre-Seed) on August 19, 2022.
- Profluent raised $8M on August 19, 2022.
- Kymera raised $150M (Post-IPO Equity) on August 19, 2022.
- AIRS Medical raised $20M (Series B) on August 19, 2022.
- VeraMorph raised $222K (Pre-Seed) on August 19, 2022.
- Arq raised $496K (Pre-Seed) on August 19, 2022.
Who to call at Arch Therapeutics, and when
A new round usually means Arch Therapeutics is about to hire and buy. The teams that reach out first get the meeting.
- An alert the day Arch Therapeutics raises, hires an executive or expands, scored against what you sell
- The decision-makers there, with verified emails
- Who you already know at Arch Therapeutics, from your own LinkedIn network
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