Arch Therapeutics Negotiating a Collaboration Agreement With CURAM Centre for Research in Medical Devices

WELLESLEY, MA--(Marketwired - Oct 23, 2014) -  Arch Therapeutics, Inc. (OTCQB: ARTH) ("Arch" or the "Company"), developer of the AC5 Surgical Hemostat™, announced today that it is negotiating a potential collaboration agreement with CÚRAM Centre for Research in Medical Devices ("CÚRAM"). CÚRAM is a major new national research center being established at the National University of Ireland Galway (NUIG) in Galway, Ireland, as part of a six-year grant from the Irish government, which was announced this week. Proceeds, which are expected to be released by the Irish government in January 2015, are intended to fund collaborative work performed by CÚRAM and its planned industry partners which, subject to the execution of a definitive collaboration agreement, would include Arch. Industry partners, which will benefit by provision of highly skilled personnel, significant grant funding, and available infrastructure support, will provide capital to match a portion of the government funds designated for their respective R&D programs.

Arch and leaders of CÚRAM have previously worked closely together on other initiatives. In addition, the partnership with CÚRAM would provide additional financial support for Arch's research initiatives, which would be provided on a matching basis at a rate and in a maximum amount to be set forth in the definitive collaboration agreement. The Company's proposed partnership with CÚRAM is conditioned upon the execution of a definitive collaboration agreement, the approval of such final collaboration agreement by the Company's Board of Directors, and raising additional funds to finance the Company's anticipated obligations under the collaboration agreement. Additional details will be forthcoming in the near future.

Arch Therapeutics' Chief Executive Officer, Terrence W. Norchi, MD, noted, "The Irish government funding to and our potential partnership with CÚRAM represents a direct, forward-looking approach to the changing global dynamics in both industry and academic R&D, presenting a unique opportunity for both Arch and CÚRAM. Having worked for several years with leaders of CÚRAM, we are confident that they are skilled in all relevant stages of R&D, and that they understand industry needs. In turn, we believe CÚRAM will benefit from access to Arch's world-class expertise and its advanced platform technology."