TORONTO--(BUSINESS WIRE)--Antibe Therapeutics Inc. ("Antibe" or the “Company”) (TSXV: ATE, OTCQX: ATBPF) announces that it has granted its directors, officers and employees options to purchase a total of 9,496,000 common shares of Antibe pursuant to the Company’s stock option plan. Each option has an exercise price of $0.20, being the closing price of Antibe shares on March 30, 2017, and an expiry date of March 31, 2027.
Walt Macnee, the Chair of Antibe, commented, “2016 was a very important and successful year for Antibe. The team delivered exceptional results in the first Phase 2 study of Antibe’s lead drug, ATB-346, and is now poised to launch its Phase 2 proof-of-concept study to demonstrate GI safety, the key strategic value of the drug. The recently announced regional licensing deal for ATB-346 was an important milestone and provided strong validation of Antibe’s hydrogen sulfide technology and market value. On the regenerative medicine side, Citagenix has been re-positioned on a global growth trajectory and is starting to see exciting traction in the United States. These stock options keep Antibe’s executives and staff well-aligned with the interests of the shareholders as we progress into a pivotal 18-month period for both ATB-346 and Citagenix.”
Twenty-five percent (25%) of the granted options vest on the grant date and 1/36th of the remaining options vest in each of the subsequent 36 months. Furthermore, the vesting of fifty percent (50%) of the options granted to key executives will be subject to the achievement of specific performance goals that are designed to reflect successful execution of the Company’s business plan and strategy.
In addition, the Company has granted BND Projects Inc. 18,000 options for investor relations services. Each option has an exercise price of $0.195, being the 5-day volume weighted average price of Antibe’s shares, vests quarterly starting on the date of the grant, and will expire March 31, 2020.
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 proposed licensing and development of drugs. 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 inability to secure additional financing and licensing arrangements on reasonable terms, or at all, its inability 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.