In last trading session, the stock price of Arch Therapeutics Inc (OTCBB:ARTH) gained more than 2% to close the day at $0.375. The gains came at a share volume of 2 million compared to average share volume of 1.01 million.
The update
Arch Therapeutics filed Form 10-Q wherein it stated that the revenue for the quarter ended March 31, 2016 came unchanged from previous year comparable quarter at $0. G&A expenses during this period came at $868,433 compared to $853,177 for the quarter ended March 31, 2015. This jump in G&A expenses can primarily be attributed to a surge in patent-related costs partially offset by a decline in payroll expenses and stock based compensation.
R&D expenses during the quarter ended March 31, 2016 came at $386,285 compared to $402,495 for the quarter closed March 31, 2015. The decline in R&D expenses is due to increase in expenses related with pre-clinical development costs and consulting and advisory associated expenses offset mainly by a decline in stock based compensation costs.
Arch Therapeutics reported that R&D costs are projected to increase following company’s plans to expand clinical studies and clinical programs as resources permit. The firm has commenced enrollment and treatment as a part of its first clinical study in Western Europe.
The highlights
During the quarter closed March 31, 2016, Arch Therapeutics reported that it had obtained a globally accepted ISO quality certification. The company received positive report from a broad group of preclinical biocompatibility assessments that were done on AC5 in support of company’s planned submission of a CE Mark application.
In addition, earlier in April, the company reported that notices of allowance from the USPTO had been received on an extensive composition-of-matter patent as well as a broad technique of use patent that are given to the Versitech Limited and Massachusetts Institute of Technology and are solely licensed globally to Arch.
