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TORONTO, July 30, 2024 (GLOBE NEWSWIRE) — Arch Biopartners Limited (“Arch” or the “Company”) (TSE: ARCH and OTCQB: ACHFF) today announced that it has closed the unconsented private placement disclosed in a press release dated July 29, 2024 (the “Offering”). Pursuant to the Offering, Arch issued 400,000 common shares at a price of $1.50 per common share (“Common Shares”) for net proceeds of C$600,000.
The proceeds from the offering will be used by Arch for general working capital and certain research expenses not covered by the Company’s current funding grants. The offering is subject to certain conditions including, but not limited to, receipt of applicable regulatory approvals, including final approval by the TSX Venture Exchange.
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All common shares issued in connection with the offering will be subject to a holding period until December 1, 2024. There were no finding fees in connection with the offering.
There is no material fact or material change about the Company that has not been publicly disclosed.
About Arch Biopartners
Arch Biopartners Inc. is a late-stage clinical trial company focused on preventing inflammation and acute organ injury. The company is developing a platform of novel medicines to prevent inflammation in the kidney, liver and lungs via the dipeptidase-1 (DPEP1) pathway and is relevant to many common infections and diseases where organ inflammation is an untreated problem.
For more information about Arch Biopartners’ science and pharmaceutical platform, please visit: www.archbiopartners.com/our-science
For investor information and other public documents the Company has also filed on SEDAR+, please visit www.archbiopartners.com/investor-hub
The Company has 64,250,633 common shares outstanding.
Forward looking data
This press release contains forward-looking statements within the meaning of applicable Canadian securities laws regarding our expectations for future performance, liquidity and capital resources, the ongoing clinical development of our drug candidates targeting the dipeptidyl peptidase-1 (DPEP1) pathway, including the results of our clinical trials with LSALT (Metablok) or cilastatin, the successful commercialization of our drug candidates, whether we will obtain regulatory approvals in Canada, the United States, Europe and other countries, the timing and costs of obtaining such approvals, our ability to raise capital to fund our business plans, the effectiveness of our drug candidates compared to drug candidates developed by our competitors, our ability to retain and attract key management personnel, and the scope of our intellectual property portfolio and our ability to protect it. These statements are based on management’s current expectations and beliefs, including certain factors and assumptions, as described in our most recent audited annual financial statements and the related management’s discussion and analysis under the heading “Risks and Uncertainties in Business.” As a result of these, or other unknown, risks and uncertainties, our actual results may differ materially from those contained in any forward-looking statements. The words “believe,” “may,” “plan,” “will,” “estimate,” “continue,” “expect,” “intend,” “anticipate” and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. We undertake no obligation to update forward-looking statements, except as required by law. Additional information regarding Arch Biopartners Inc., including our most recent audited annual financial statements, is available by accessing the Canadian Securities Administration’s System for Electronic Document Analysis and Retrieval (“SEDAR”) website at www.sedarplus.ca.
The scientific and medical content of this statement has been approved by the company’s Chief Science Officer.
Neither the 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 statement.
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