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Arch Therapeutics, Inc., a biotechnology company based in the United States, focuses on developing and marketing products utilizing its AC5 self-assembling technology platform. The company's products aim to stop bleeding, control leaking, and manage wounds during surgery, trauma, or from disease. Arch Therapeutics offers flagship products like the AC5 Advanced Wound System and AC5 Topical Hemostat for skin applications. Founded in 2006, the company is headquartered in Framingham, Massachusetts.
Arch Therapeutics (OTCQB: ARTH) has formed a Medical Advisory Board of prominent wound care specialists to enhance the commercialization of its AC5® Advanced Wound System. The board consists of six esteemed members, including Dr. Gregory Bohn and Dr. Matthew Garoufalis, who bring valuable expertise in various medical fields. The CEO, Terrence W. Norchi, expressed confidence that this strategic alignment will improve patient outcomes and promote AC5 adoption. Arch is based in Framingham, Massachusetts, and specializes in innovative wound care solutions, with regulatory approval for products in the U.S. and Europe.
Arch Therapeutics, Inc. (OTCQB: ARTH) announced a 1-for-200 reverse stock split effective January 17, 2023, to meet national exchange listing requirements. Following the split, outstanding shares will decrease from approximately 249.9 million to about 1.25 million, with authorized shares increasing by 300% to 12 million. This action aims to enhance the stock's marketability and facilitate uplisting to a national exchange. The reverse split will also apply to convertible notes and stock options, adjusting related prices accordingly. Shareholders will not receive cash for fractional shares, which will be rounded up to the nearest whole share.
Arch Therapeutics (OTCQB: ARTH) announced a significant milestone with a preliminary recommendation from the Centers for Medicare and Medicaid Services (CMS) to establish a dedicated HCPCS Level II billing code for its AC5® Advanced Wound System. This new code aims to facilitate better billing for the AC5 product in outpatient settings, currently reported under an unspecified category. The AC5, cleared by the FDA for managing various wound types, may improve patient outcomes. While this recommendation does not guarantee reimbursement, it opens opportunities for increased access and advocacy in outpatient care.
Arch Therapeutics announced that its AC5® Advanced Wound System received the award for the Highest Scoring Poster Abstract at the 2022 Symposium on Advanced Wound Care. This evaluation focused on data reproducibility and patient treatment complexities. The product, showcased in two poster presentations, demonstrated efficacy for patients with challenging wounds. CEO Terrence W. Norchi emphasized the positive clinical data and potential growth in synthetic wound care products.
Arch Therapeutics (OTCQB: ARTH) announced its first shipments of AC5® Advanced Wound System under a new reimbursement support program. This milestone is expected to enhance sales momentum and utilization of AC5 in medical settings. The AC5 product, cleared by the FDA for various wound types, aims to capitalize on recent CMS policy changes regarding synthetic skin substitutes and improve reimbursement policies. In September, the company anticipates invoicing more than double the units shipped year-to-date, marking a significant growth opportunity.
Arch Therapeutics, Inc. (OTCQB: ARTH) announced that its AC5 Advanced Wound System was featured in the Innovation Spotlight session at the 2022 Symposium on Advanced Wound Care, set for October 16, 2022, in Las Vegas. This marks the company's second consecutive acceptance for this honor. AC5, an FDA-cleared product, supports all phases of wound healing and is led by Dr. Brock Liden for its clinical study. The session aims to discuss AC5's effectiveness in chronic wounds, reflecting growing interest in its unique benefits.
Arch Therapeutics (OTCQB: ARTH) announced plans to uplist its stock to a national exchange by early 2023, part of a strategy to enhance capital market visibility and secure growth capital. The company aims to fulfill listing requirements, which include raising capital through a concurrent equity financing and proposing a reverse stock split to meet minimum bid price criteria. Arch also plans to eliminate outstanding debt by converting notes to equity, targeting a debt-free balance sheet by the end of 2023. CEO Michael Abrams emphasized the importance of this uplisting for future revenue opportunities.
Arch Therapeutics (OTCQB: ARTH) has launched a multi-site clinical study to enhance the adoption of its AC5® Advanced Wound System for treating complex wounds. The study aims to enroll up to 60 patients across six sites, focusing on wound closure as a primary endpoint. This initiative completes recent commitments under a reimbursement strategy aimed at increasing sales in doctors’ offices and wound care clinics. Dr. Brock Liden will serve as the primary investigator, signaling a promising step for Arch’s future revenue growth.
Arch Therapeutics (OTCQB: ARTH) announced on September 1, 2022, the submission of an application for a unique HCPCS billing code for its AC5® Advanced Wound System to CMS. This code aims to enhance billing specificity in various healthcare settings, potentially boosting sales opportunities. The company plans to engage with payors to advocate for coverage and payment policies, promoting patient access to AC5. The recent guidance from CMS is expected to positively impact the market for advanced wound care products, supporting Arch's long-term revenue growth strategy.
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