Arca secures cash runway to develop COVID-19 treatment

WESTMINSTER — Arca Biopharma Inc. (Nasdaq: ABIO) said it has the cash to develop its potential COVID-19 treatment through the end of 2022.

In its third-quarter earnings released Monday afternoon, the Westminster-based Arca said it had $51.1 million in cash and equivalents on hand, the majority of which was generated from a late-July stock sale.

Arca is looking to repurpose its flagship drug candidate AB201 for use as an anti-blood-clotting agent for heart-attack patients and use it within certain severe COVID-19 patients whose immune systems are overreacting.

Those overreactions are thought to induce blood…