Arch Therapeutics Names New Independent Board Member

Framingham, Mass.-based Arch Therapeutics Inc., which makes the AC5 Surgical Hemostatic Device, has appointed James Sulat to its board of directors as an independent member. This brings the total number of board members to three.

Sulat served as CEO and chief financial officer of Maxygen Inc., a biopharmaceutical company focused on developing improved versions of protein drugs, from October 2009 to June 2013. Prior to this, he was CEO, chief financial officer and a member of the board of directors at Memory Pharmaceuticals Corp., which developed drug candidates for the treatment of debilitating central nervous system disorders, from 2005 to 2008. He previously served in senior executive roles for R.R. Donnelley & Sons Co., Chiron Corporation, Stanford Health Services Inc., and Esprit de Corp Inc. He currently serves as chairman of the board of directors of Momenta Pharmaceuticals Inc., a biotechnology company focused on the analysis, characterization and design of complex pharmaceutical products. He has additionally served on numerous boards including Valneva SE, AMAG Pharmaceuticals Inc., diaDexus, Inc., and General Surgical Innovations Inc. Sulat received a B.S. in administrative sciences from Yale University and an MBA and M.S. in health services administration from Stanford University.

“Jim Sulat will be a great addition to the boardroom,” said Avtar Dhillon, M.D., chairman of Arch Therapeutics. “His executive leadership and corporate governance positions with public companies contribute to his exceptional qualifications. We look forward to working together with management in the drive to building value.”

“Having been involved with numerous companies in the healthcare industry, I understand the importance of technological innovation to advancing the state of care across a range of therapeutic areas,” said Sulat. “I am convinced that the technology being developed by Arch holds the potential to improve an impressive array of surgical procedures. I look forward to working with the Board as Arch continues its development path through clinical studies with the eventual goal of commercializing its products.”

“Jim Sulat brings a tremendous amount of industry experience to Arch, and we intend to draw heavily on his insights and professional talents,” said Terrence Norchi, M.D., president and CEO of Arch Therapeutics. “He is knowledgeable, seasoned, insightful and exceptionally qualified, and his financial expertise promises to be of great benefit.”

Arch Therapeutics is focused on technology that stops bleeding (hemostasis) and control leaking (sealant) during surgery and trauma care.