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Arch Therapeutics, a Framingham-based company specializing in wound care and biosurgical products, raised $2.6 million in bridge funding ahead of an intended uplisting of company stock.
The company is currently listed by the OTC Markets Group on its mid-tier OTCQB exchange. Arch Therapeutics intends to have its common shares listed on either Nasdaq Global Market, Nasdaq Capital Market, New York Stock Exchange or NYSE American according to a Thursday press release.
“We believe that this bridge offering enables the company to further move forward with the planned uplisting, as the company works to satisfy all national exchange listing requirements,” Arch Therapeutics president and CEO Terrence Norchi said in the press release. “We believe the potential resources from the Uplisting will help drive revenue growth of AC5 Advanced Wound System, which has experienced a significant increase in both interest and unit shipments since the issuance of a dedicated unique billing code from The Centers for Medicare & Medicaid Services.”
Arch Therapeutics grew out of Clear Nano Solutions, which Norchi co-founded in 2006. Prior to founding the company, Norchi was a healthcare and pharmaceutical equity analyst for national investment giants Putnam Investments and Citigroup Asset Management.