TORONTO--(BUSINESS WIRE)--Antibe Therapeutics Inc. ("Antibe" or the "Company") (TSXV: ATE, OTCQX: ATBPF) announces that it has completed the acquisition of an 85% interest in Citagenix Inc. ("Citagenix"), a Montreal-based sales and distribution company with a focus on regenerative medicine, and has completed a first closing of its non-brokered private placement of convertible debentures and warrants. The Citagenix acquisition and the private placement were previously announced in Antibe’s news release of October 6, 2015.
Antibe purchased 85% of the common shares and 100% of the preferred shares of Citagenix. The Citagenix share vendors have entered into lock-up agreements respecting the Antibe common shares that they received as consideration, with 25% of such shares to be released today, and an additional 25% to be released 6 months, 9 months and 12 months from today’s closing. Antibe has agreed to purchase the remaining common shares of Citagenix subject to that vendor clearing a Personal Information Form (“PIF”) with the TSX Venture Exchange. Further information concerning the vendor of the remaining Citagenix shares will be disclosed in a subsequent news release following clearance of the PIF.
Antibe also completed today a first closing of its non-brokered private placement of senior secured convertible debentures (the "Debentures") and warrants (the "Warrants") to the Bloom Burton Healthcare Lending Trust raising gross proceeds of $1.80 million. The Debentures have a term of three years, bear interest at a rate of 10% per year, are convertible at the option of the holder into common shares of Antibe at a price of $0.22 per share and are secured by the assets of Antibe. Purchasers of the Debentures were issued an aggregate of 3,600,000 Warrants to purchase common shares of Antibe. The Warrants are each exercisable for the purchase of one common share of Antibe at a price of $0.31 for a period of 3 years. The Debentures, the Warrants and the underlying shares are subject to a securities law hold period expiring on February 16, 2016.
For further details concerning the Citagenix acquisition and the private placement, please see Antibe’s news release of October 6, 2015.
Each of the Citagenix acquisition and the offering of the Convertible Debentures and Warrants is subject to the final approval of the TSX Venture Exchange.
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-steroidal anti-inflammatory drug (NSAID) for chronic pain and inflammation. ATB-352, the second drug in Antibe’s pipeline, targets the urgent global need for a safer analgesic for treating severe acute pain, while ATB-340 is a GI-safe derivative of aspirin.
About Citagenix Inc.
Citagenix is a leader in the sales and marketing of tissue regenerative products servicing the orthopaedic and dental marketplaces. Since its inception in 1997, Citagenix has become the largest source of knowledge and experience in the Canadian medical device industry when it comes to bone regeneration and is known as a valuable reference and resource by clinicians. Operating in Canada through its direct sales teams, and a network of distributor partnerships around the world, Citagenix is active in 15 countries. For more information about the company, please visit http://www.citagenix.com.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) and no stock exchange, securities commission or other regulatory authority accepts responsibility for the adequacy or accuracy of this release nor approved or disapproved of the information contained herein.
Forward Looking Information
This news release includes certain forward-looking statements which may include, but are not limited to, the transition of the Company to a diversified healthcare company, the development of ATB-346 and other drugs, the thrust into regenerative medicine, the acquisition of shares of Citagenix and acquisition of the remaining shares of Citagenix, the completion of non-brokered private placement, opportunities for organic growth, growth of the business and revenue and the addition of products to the company’s product line. 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", 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, Citagenix financial performance not matching past performance, risks associated with drug development generally, failure to satisfy closing conditions for the Citagenix transactions (including failure to clear the necessary PIF) and the private placement, not obtaining future financing on adequate terms, or at all, anticipated sales not achieving expected volumes and not obtaining TSX Venture Exchange final approval for the transactions described herein. 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.