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June 2015 CÚRAM Centre for Research in Medical Devices and Arch Therapeutics Execute Collaboration Agreement
- CÚRAM Initiates Another Multi-Year Grant-Funded Research and Development Collaboration
- Arch Prepares for First Human Trial with R&D Support
CÚRAM Centre for Research in Medical Devices, a new center of excellence for research, and Arch Therapeutics, Inc. (OTCQB: ARTH) ("Arch" or the "Company"), developer of the AC5 Surgical Hemostatic Device™ (“AC5TM”), have executed a definitive collaboration agreement that provides Arch grant funding for highly skilled personnel and infrastructure support. Through this collaboration, CÚRAM will work with Arch to advance AC5 through the first clinical trial, leading up to potential commercialization as well as develop pipeline applications for new indications and products.
CÚRAM, a Science Foundation Ireland (SFI) funded research centre, aims to radically improve health outcomes for patients by developing and collaborating on the development of “smart” medical devices. Strong collaborations with industry partners and hospital groups will enable their rapid translation into clinical settings. The Centre brings together researchers from NUI Galway, UCD, DCU, UL, UCC and RCSI. The Centre will include almost 40 industry partners and support product development and the creation of new spin-out companies. Partners will include indigenous Irish companies and multi-nationals.
Professor Abhay Pandit, Director of CÚRAM, said: “CÚRAM has come along at a pivotal point in the medical device industry in Ireland and Europe, as there are large markets with unmet clinical needs. CÚRAM plans to enhance technology that exists and introducing technology that does not yet exist. Our significant collaboration with Arch Therapeutics and other industry partners is very exciting. Leaders within CÚRAM have a successful history working with Arch, and we are delighted to support their drive to commercialization for what should be very important products for the healthcare industry.”
Arch Therapeutics’ Chief Executive Officer, Terrence W. Norchi, MD, noted: “Signing of the collaboration agreement marks the beginning of this new partnership, which aims to develop affordable transformative solutions for disease. This collaboration represents a direct, forward-looking approach to the changing global dynamics of both industry and academic R&D, presenting a unique opportunity for Arch Therapeutics and CÚRAM. The planned research and development support to Arch, as well as the partnership with a seasoned and renowned team, represents a unique, collaborative approach to developing innovative solutions in healthcare.”
Terrence Norchi further noted: “Arch intends to launch a first product in Europe next year provided clinical data are supportive. We believe that building a larger R&D footprint in Ireland will enhance our strategy while reallocating resources to the Irish economy.”