FRAMINGHAM, Mass., May 13, 2019 (GLOBE NEWSWIRE) -- Arch Therapeutics, Inc. (OTCQB: ARTH), a developer of novel liquid, gel and solid hemostatic and wound care devices, today announced the pricing of registered direct offering of approximately 8.6 million units, each unit consisting of a share of the Company’s common stock, and a Series H Warrant to purchase 1 (one) share of our common stock for the combined purchase price of $0.325 per unit. The Series H Warrants have an exercise price of $0.40 per share and are exercisable for a period of five years.

The gross proceeds to Arch from this offering are approximately $2.8 million before deducting estimated offering expenses payable by the Company. The offering is expected to close on or about May 14, 2019, subject to customary closing conditions.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy any of the securities described herein, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

About Arch Therapeutics, Inc.
Arch Therapeutics, Inc. is a biotechnology company developing a novel approach to stop bleeding (hemostasis), control leaking (sealant) and manage wounds during surgery, trauma and interventional care. Arch is developing products based on an innovative self-assembling barrier technology platform with the goal of making care faster and safer for patients. Arch's development stage product candidates include AC5™ Topical Gel, AC5™ Topical Hemostat¹ and AC5™ Surgical Hemostat.¹