Extends Multi-Year Laboratory Research and Development Relationship
WELLESLEY, MA -- (Marketwired) -- 07/22/14 -- Arch Therapeutics, Inc. (OTCQB: ARTH) ("Arch" or the "Company"), developer of the AC5 Surgical Hemostatic Device™, has entered into a new collaboration agreement with the University College Cork (UCC) School of Pharmacy in Cork, Ireland, of the National University of Ireland (NUI), focusing on development of hemostasis and sealant products.
Arch is a medical device company developing a novel approach to stop bleeding (hemostasis) and control leaking (sealant) during surgery and trauma care. AC5™ is a unique product aimed at controlling bleeding and fluid loss in order to provide faster and safer surgical and interventional care.
Arch has developed a network of European and American collaborators in academic institutions and industry. As an example of Arch's cooperative development model, this collaboration extends a successful multi-year relationship between Arch and institutions within NUI. A prior Arch collaboration with UCC, University College Dublin, and the Royal College of Surgeons in Ireland received support from the prestigious Science Foundation Ireland. In the current and prior partnerships, Arch leadership, technology and resources have combined with Irish academic institutional scientists and assets in order to drive product development.
Terrence W. Norchi, MD, President and CEO of Arch Therapeutics, said, "We are delighted to continue working with the team at the UCC School of Pharmacy. Since 2011, when we initiated the partnership, UCC has been an important part of our team. They have skilled scientists, enthusiastic PhD candidates and postdoctoral fellows who understand that academic institutions and industry can complement each other to fulfill unmet needs. They have a distinct model, not just in theory, but also in their ability to deliver on industry timelines. These collaborations are important steps for Arch's planned footprint in Europe and we expect them to have positive implications for our Company and for the local Irish economy."
Dr. Abina Crean of the UCC School of Pharmacy said, "This collaboration with Arch Therapeutics is important. Dr. Norchi and his team brought a unique technology to its current near-commercialization status, and they have contributed novel insights and discoveries on peptide self-assembly to our partnership. Arch is focused on applications that should make a tremendous difference in the world of surgical and healthcare trauma, and we are pleased to factor into those efforts."
About University College Cork
University College Cork (UCC) is an internationally competitive, research-led University. Our research strategy is focused on creating major centers of excellence for world-class research. UCC was established in 1845 in Cork city in the south-west of Ireland, as one of three Queen's Colleges in Ireland. It has approx. 20,000 full-time students with almost a half of the students studying in the Health and Sciences faculties.
The School of Pharmacy is located in the purpose built Cavanagh School of Pharmacy, which boasts state-of -the-art research facilities. The School is engaged in excellent research programs generating new knowledge and producing highly skilled researchers across the breadth of the discipline of Pharmacy and Pharmaceutical Sciences. Engagement with external stakeholders, through mutually beneficial partnerships, and patient-centered research underpins the School's research ethos.
About Arch Therapeutics, Inc.
Arch Therapeutics, Inc. is a medical device company developing a novel approach to stop bleeding (hemostasis) and control leaking (sealant) during surgery and trauma care. Arch is developing products based on an innovative self-assembling peptide technology platform to make surgery and interventional care faster and safer for patients. Arch's flagship development stage product candidate, known as AC5 Surgical Hemostatic Device ™, is being designed to achieve hemostasis in minimally invasive and open surgical procedures.
Find out more at www.archtherapeutics.com.
Notice Regarding Forward-Looking Statements
This news release contains "forward-looking statements" as that term is defined in Section 27(a) of the Securities Act of 1933, as amended, and Section 21(e) of the Securities Exchange Act of 1934, as amended. Statements in this press release that are not purely historical are forward-looking statements and include any statements regarding beliefs, plans, expectations or intentions regarding the future. Such forward-looking statements include, among other things, references to novel technologies and methods, our business and product development plans and projections, or market information. Actual results could differ from those projected in any forward-looking statements due to numerous factors. Such factors include, among others, the inherent uncertainties associated with developing new products or technologies and operating as a development stage company, our ability to retain important members of our management team and attract other qualified personnel, our ability to raise the additional funding we will need to continue to pursue our business and product development plans, our ability to develop and commercialize products based on our technology platform, and market conditions. These forward-looking statements are made as of the date of this news release, and we assume no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in the forward-looking statements. Although we believe that any beliefs, plans, expectations and intentions contained in this press release are reasonable, there can be no assurance that any such beliefs, plans, expectations or intentions will prove to be accurate. Investors should consult all of the information set forth herein and should also refer to the risk factors disclosure outlined in the reports and other documents we file with the SEC, available at www.sec.gov.
On Behalf of the Board,
Terrence W. Norchi, MD
Arch Therapeutics, Inc.
Contact:
ARTH Investor Relations
Toll Free: +1-855-340-ARTH (2784) (US and Canada)
Email: investors@archtherapeutics.com
Website: www.archtherapeutics.com
Source: Arch Therapeutics, Inc.