Arch Therapeutics Inc., of Framingham, Mass., said it completed a registered direct offering of approximately 8.6 million units, with each unit consisting of a share of the company's common stock, and a series H warrant to purchase one share of common stock for the combined purchase price of $0.325 per unit. The series H warrants have an exercise price of 40 cents per share and are exercisable for a period of five years. The gross proceeds from the offering are approximately $2.8 million.