Arch Therapeutics Inc (OTCBB:ARTH) was a notable decliner during the trading session. The stock collapsed by close to 3% on the back of 3 times the average daily volumes. The stock has been showing weakness ever since the stock broke below the important support level of $0.190.The stock currently trades below all daily moving averages. The indicator for relative strength continues to trend lower and has given a sell signal. The MACD oscillator has given a sell signal, which is considered to be bearish. Traders see the stock could head to levels of $0.015 in the near term.
As part of taking various initiatives to revamp its board structure, Arch Therapeutics Inc (OTCBB:ARTH) has decided to name James Sulat as its board member. As per the reports, Sulat will work as an independent member. With this announcement, the total number of board members has reached to three.
Insights of The Matter
Sulat comes with a rich experience at the senior management level. In his previous stint, Sulat was associated with Maxygen Inc., as its Chief Financial Officer and Chief Operating Officer between 2009-2013. Before this, he worked as the CFO and CEO at Memory Pharmaceuticals Corp, which is known for developing world-class drug candidates that are further used in the treatments of debilitating central nervous system disorders.
His association with Memory was between 2005 and 2008. Prior to this, he worked at senior executive roles for many years with companies like R.R. Donnelley & Sons, Co., Stanford Health Services, Inc., Chiron Corporation, and Esprit de Corp, Inc., etc. At present, he works as the Chairman of Board of Directors at Momenta Pharmaceuticals, Inc.
The senior management team of Arch Therapeutics is delighted to announce this news and hopes that Sulat’s presence will help the company grow at a fast rate. According to Dr. Avtar Dhillon, Chairman, Arch Therapeutics, he will surely be a fantastic addition to the board of directors. His rich experience in corporate governance at leadership levels put together with excellent track record as a student will help Arch take an edge over other competitors.
When asked about his experience and way forward, Sulat said that he had worked with a number of public sector companies, and he couldn’t overlook the importance of technology. He would try to make sure that most of the tasks of the company could be executed with the help of technology in an effective manner.