TORONTO, Dec. 23, 2020 (GLOBE NEWSWIRE) -- Arch Biopartners Inc. (“Arch” or the “Company”) (TSX Venture: ARCH and OTCQB: ACHFF), a clinical stage company developing new drug candidates for treating organ damage caused by inflammation, today announced it has arranged a non-brokered private placement offering of 430,000 common shares priced at $1.50 per common share (the “Common Shares”) for gross proceeds of $500,000 USD (approximately $645,000 CAD) (the “Offering”).
The proceeds of the Offering will be used by Arch as working capital to facilitate clinical operations. The proceeds supplement the Government of Canada’s commitment of up to $6.7 million for the Phase II development of Metablok (LSALT Peptide), the Company’s therapeutic drug candidate to prevent organ inflammation and injury in patients hospitalized with COVID-19. Beyond the pandemic and mutations of the SARS-CoV-2 virus, Metablok is a potential candidate to block organ inflammation in several un-met indications.
The Offering is expected to close on or before December 24, 2020 and is subject to certain conditions including, but not limited to, the receipt of applicable regulatory approvals, including approval of the TSX Venture Exchange as well as the satisfaction of other customary closing conditions.
All Common Shares issued in connection with the Offering will be subject to a hold period of four months and one day from the closing date. There are no finders’ fees in connection with the Offering.
There is no material fact or material change about the Company that has not been generally disclosed.
About Arch Biopartners
Arch Biopartners Inc. is a clinical stage company focused on the development of innovative technologies that have the potential to make a significant medical or commercial impact. Arch is developing a pipeline of new drug candidates that inhibit inflammation in the lungs, liver and kidneys via the dipeptidase-1 (DPEP-1) pathway, relevant for multiple medical indications.
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 60,782,302 common shares outstanding prior to the Offering above.
Forward-Looking Statements
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 science and medical contents of this release have been approved by the Company’s Chief Science Officer
The Company is not making any express or implied claims that its product has the ability to eliminate, cure or contain Covid-19 (or SARS-2 Coronavirus) at this time
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