TORONTO--(BUSINESS WIRE)--Antibe Therapeutics Inc. ("Antibe") (TSXV: ATE, OTCQX: ATBPF) filed its financial and operating results on Wednesday, March 1st for the fiscal quarter ended December 31, 2016. The Corporation’s unaudited fiscal Q3 2017 condensed interim consolidated financial statements and MD&A are available on SEDAR.
Dan Legault, Antibe’s CEO, commented, “We are very pleased by the operational progress made during, and subsequent to, our most recently completed fiscal quarter. Our lead drug, ATB-346, will shortly enter a Phase 2 placebo-controlled, dose-ranging effectiveness study to determine its go-to-market dose. Moreover, our regional licensing deal announced last week provides $1.1 million of non-dilutive funds for this trial, and further bolsters our financial position on the back of our recently completed $2.7 million private placement. Finally, Citagenix has been working hard at implementing the U.S. phase of its global expansion strategy and we are encouraged by early signs of traction.”
Q3 2017 Highlights
- Successfully completed a brokered private placement raising gross proceeds of $2.7 million;
- Initiated strategic growth initiative for Citagenix in the United States, the largest global market for dental biologics; and
- Confirmed non-addictive properties for Antibe’s second pipeline drug, ATB-352, a potent pain-killer.
Post Q3 2017 Highlights
- Entered into exclusive licensing and distribution agreement with Laboratoires Acbel SA for ATB-346 in Greece, Romania, Serbia, Bulgaria, Albania, Algeria and Jordan (Antibe will receive an upfront payment of $1.1 million and is entitled to receive a 5% royalty on net product sales in this region, which represents ~1% of the global market for NSAIDs);
- Launched PentOS OI™ Max, Citagenix’s newest bone graft substitute for oral and maxillofacial surgery;
- Finalized design of the upcoming Phase 2 placebo-controlled, dose-ranging effectiveness study; and
- Appointed Ernst & Young LLP as the new auditor of the Company.
About Antibe Therapeutics Inc.
Antibe develops safer medicines for pain and inflammation. Antibe’s technology involves linking a hydrogen sulfide-releasing molecule to an existing drug to produce a patented, improved medicine. Antibe’s lead drug, ATB-346, targets the global need for a safer, non-addictive drug for chronic pain and inflammation. ATB-352, the second drug in Antibe’s pipeline, targets the urgent global need for a non-addictive analgesic for treating severe acute pain, while ATB-340 is a GI-safe derivative of aspirin. www.antibethera.com.
Antibe’s subsidiary, Citagenix Inc. (“Citagenix”), is a leader in the sales and marketing of tissue regenerative products servicing the orthopedic and dental marketplaces. Since its inception in 1997, Citagenix has become an important source of knowledge and experience for bone regeneration in the Canadian medical device industry. Citagenix is active in 15 countries, operating in Canada through its direct sales teams, and internationally via a network of distributor partnerships. www.citagenix.com.
Forward Looking Information
This news release includes certain forward-looking statements, which may include, but are not limited to, the growth of product sales, engaging new distributors and independent representatives and the licensing and development of drugs and medical devices. Any statements contained herein that are not statements of historical facts may be deemed to be forward-looking, including those identified by the expressions "will", "anticipate", "believe", "plan", "estimate", "expect", "intend", "propose" and similar expressions. Forward-looking statements involve known and unknown risks and uncertainties that could cause actual results, performance, or achievements to differ materially from those expressed or implied in this news release. Factors that could cause actual results to differ materially from those anticipated in this news release include, but are not limited to, the Company’s ability to secure additional financing, its ability to execute its business strategy and successfully compete in the market, and risks associated with drug and medical device development generally. Antibe Therapeutics Inc. assumes no obligation to update the forward-looking statements or to update the reasons why actual results could differ from those reflected in the forward-looking statements except as required by applicable law.