VANCOUVER, Sept. 28 /PRNewswire/ -- ARC Pharmaceuticals Inc. announced today that it has successfully closed a private financing of CDN $1.6 million. To date, ARC has raised over CDN $3 million through private funding, research grants and investment tax credits.
“The continued investment in ARC shows significant backing of the Company’s lead product candidate for the treatment and prevention of post- surgical adhesions,” stated Bruce Hay, Chief Financial Officer for ARC. “The proceeds from this financing will support the completion of ARC’s in vivo proof of principles studies.”
Surgical adhesions cause dysfunction and pain in millions of patients worldwide. It is a complex inflammatory disorder in which tissues that normally remain separated in the body grow into each other, usually as a response of the tissues to surgical trauma.
Currently marketed products for the prevention of surgical adhesions, such as films, gels and sprays, act by only physically separating tissues, and do not affect the underlying inflammatory processes responsible for the disorder. ARC’s novel approach to adhesion prevention and treatment includes both a polymer matrix system to provide a physical barrier and an anti- inflammatory drug to block the inflammatory process involved in surgical adhesions.
About ARC Pharmaceuticals Inc.:
ARC is a private biotechnology company focused on the development and commercialization of device/drug therapies for the treatment of proliferative diseases. The Company’s lead product candidates are innovative medical products for the treatment of surgical adhesions.
This report may contain certain forward-looking information and statements concerning the Company’s operation, performance and financial condition, including, in particular, the likelihood of securing intellectual property for therapeutics for the treatment of inflammatory and proliferative diseases, the likelihood of completing the development of new clinical products for the treatment of inflammatory and proliferative diseases, and the likelihood of completing financings. These statements are based upon a number of uncertainties and contingencies, many of which are beyond the control of the Company. Actual results may differ materially from those expressed or implied by such forward-looking statements. This document is not intended to be and is not an advertisement for any securities of the Company.
For further information: Amanda Smith, Corporate Communications 102-2386 East Mall, Vancouver, BC, V6T 1Z3 Phone (604) 626-6264 Email: communications@arcpharma.com Web: http://www.arcpharma.com/
ARC Pharmaceuticals Inc.
CONTACT: Amanda Smith, Corporate Communications, 102-2386, East Mall,Vancouver, BC, V6T 1Z3, Phone (604) 626-6264, Email:communications@arcpharma.com, Web: http://www.arcpharma.com/