ARCA biopharma raises $6.8M through sale of 1,075,000 common stock shares

ARCA biopharma, Inc. (Nasdaq: ABIO), a biopharmaceutical company developing genetically targeted therapies for heart failure and other cardiovascular diseases, today announced that during the first quarter of 2010, through its previously established equity distribution agreement, it raised net proceeds of approximately $6.8 million through the sale of 1,075,000 shares of ARCA common stock in open market.

“The proceeds from this equity offering, together with the actions we have previously taken to reduce costs, have significantly improved ARCA's financial position”

"The proceeds from this equity offering, together with the actions we have previously taken to reduce costs, have significantly improved ARCA's financial position," said Patrick Wheeler, Acting Chief Financial Officer of ARCA. "The additional equity also improves our balance sheet, which we believe will allow us to regain compliance with NASDAQ's Continued Listing Standards."

Wedbush PacGrow Life Sciences acted as ARCA's sales agent for these transactions. The shares were issued pursuant to ARCA's shelf registration statement. A prospectus supplement relating to the common stock offering was filed with the Securities and Exchange Commission on December 8, 2009. As of December 31, 2009, the Company had 7,620,448 shares of common stock outstanding.