WELLESLEY, MA--(Marketwired - July 22, 2014) - 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.
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On Behalf of the Board,
Terrence W. Norchi, MD
Arch Therapeutics, Inc.