Arca Biopharma (Nasdaq: ABIO) has signed a 36-month, $240,000 lease with CirclePoint Properties LLC for a 5,300-square-foot space in a building at 11080 Circle Point Road, according to a document filed by Arca with the U.S. Securities and Exchange Commission.
The lease is scheduled to start Oct. 1. The building is in the CirclePoint Corporate Center, just west of the Westminster Promenade shopping and entertainment complex. Arca’s headquarters currently is in a 4,500-square-foot building at 8001 Arista Place in Broomfield.
The company raised $18 million through a stock offering in June. Arca said at the time that it raised the funds to pay for a clinical study of its drug candidate Gencaro on patients with irregular heartbeats. An estimated 2.7 million Americans have irregular heartbeats.
In July, Arca said it had hired three key executives to help develop the Gencaro drug candidate.
Drugs cannot be sold to consumers in the United States until three rounds of successful clinical trials on humans have been approved by the Food and Drug Administration. The clinical trial process often takes 10 years or more to complete.