TORONTO--(BUSINESS WIRE)--Antibe Therapeutics Inc. ("Antibe" or the "Company") (TSXV:ATE, OTCQX:ATBPF) announces it has elected to pay in kind all interest due January 15, 2016 under the Company’s 10% senior secured convertible debentures due October 15, 2018 (the "Debentures"). The Debentures provide that Antibe may, at its sole option, elect to pay in kind certain interest payments.
The aggregate January 15, 2016 interest payment under the Debentures in the amount of $62,013.70 has been added to the principal amount of the Debentures (the "Added Principal Amount"). The holders of Debentures may convert the principal amount of each Debenture into Antibe common shares at a price of $0.22 per common share. As a result of the addition of the Added Principal Amount to the principal amount of the Debentures, an additional 281,867 common shares in the capital of Antibe will be issuable on the conversion of the principal amount of the Debentures.
The in kind election is subject to TSX Venture Exchange approval.
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. www.antibethera.com.
Antibe's subsidiary, Citagenix Inc., 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 the largest source of knowledge and experience in the Canadian medical device industry. Citagenix Inc. is active in 15 countries, operating in Canada through its direct sales teams, and internationally via a network of distributor partnerships. 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.
This news release includes certain forward-looking statements, which may include, but are not limited to, the completion of the payment-in-kind election and the development of ATB-346 and other 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, failure to satisfy closing conditions for the private placement, not obtaining future financing on adequate terms, or at all, failure to obtain TSX Venture Exchange approval for the transactions described herein, and risks associated with drug 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.