Critical Next Step in Commercialization Plan Commences
FRAMINGHAM, Mass., Oct. 04, 2021 (GLOBE NEWSWIRE) -- Arch Therapeutics, Inc. (OTCQB: ARTH) (“Arch” or the “Company”), a marketer and developer of novel self-assembling wound care and biosurgical devices, today announced the launch of its coverage and reimbursement pilot (the “Pilot”) in collaboration with The Reimbursement Group (“TRG”) for the Company’s AC5® Advanced Wound System. TRG provides strategic and tactical advisory services to help manufacturers of cutting-edge healthcare technologies, such as Arch, expedite the coverage and payor education process from initial product launch to wide-spread adoption. The Pilot is expected to enroll a significant number of patients and follow their treatment, progress, and outcomes over approximately the next six (6) months with the primary purpose of establishing initial coverage standards with the Centers for Medicare & Medicaid Services (CMS) and numerous private payors on a national scale. The Pilot is expected to complement the Company’s ongoing efforts with the American Medical Association to develop unique CPT codes for AC5® Advanced Wound System.
“The launch of the Pilot represents the next major step forward in our overall commercialization plan and offers a perfect complement to our recently announced partnership in the government channel with Lovell Government Services, which has already resulted in our inclusion on its initial contracts - DAPA and ECAT,” stated Dan Yrigoyen, Vice President of Sales for Arch Therapeutics. “With our regulatory and distribution components solidified, we remain focused on advancing the potential of the Company’s AC5® Advanced Wound System in both government and non-government channels, and we are committed to the ongoing execution of our comprehensive commercialization plan,” concluded Mr. Yrigoyen.
“We are committed to supporting Arch, and motivated to ensure patients have access to AC5® Advanced Wound System, a potentially life-changing product for people with acute and chronic wounds,” commented Mary Corkins, Founder of TRG.
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 has received regulatory authorization to market AC5® Advanced Wound System and AC5 Topical Hemostat as medical devices in the United States and Europe, respectively. Arch's development stage product candidates include AC5-G, AC5-V and AC5 Surgical Hemostat, among others.1,2
1 AC5-G, AC5-V, and AC5 Surgical Hemostat are currently investigational devices limited by law to investigational use.
2 AC5, AC5-G, AC5-V and associated logos are trademarks and/or registered trademarks of Arch Therapeutics, Inc. and/or its subsidiaries.
About The Reimbursement Group
The Reimbursement Group (TRG) is a strategic resource for reimbursement expertise based on proven performance in the healthcare industry. Specializing in support of medical devices and biotechnology products, TRG is focused on supporting patient access to new therapies by addressing prospective barriers, including coding, documentation, and care management planning. Visit https://trgltd.com/ to learn more.
Notice Regarding Forward-Looking Statements
This news release contains “forward-looking statements” as that term is defined in Section 27A of the Securities Act of 1933, as amended, and Section 21E 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 ability to recruit additional field sales representatives and their effectiveness, 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 obtain required regulatory approvals, our ability to produce commercial quantities of our products within projected timeframes, our ability to obtain the inclusion of our AC5® Advanced Wound System on targeted federal supply schedules, our ability to develop and commercialize products based on our technology platform, and market conditions, and our ability to establish additional commercialization partnerships and build a critical mass of field sales representatives. 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.
Chief Financial Officer
Arch Therapeutics, Inc.