TORONTO--(BUSINESS WIRE)--Antibe Therapeutics Inc. ("Antibe") (TSXV:ATE) (OTCQX:ATBPF) filed its financial and operating results on Tuesday, August 29th for the fiscal quarter ended June 30, 2017. The Corporation’s unaudited fiscal Q1 2018 condensed interim consolidated financial statements and MD&A are available on SEDAR.
Dan Legault, Antibe’s CEO, commented, “The successful completion of our brokered financing was a significant achievement this quarter, raising $5 million in gross proceeds that fully funds the key Phase 2b GI safety study designed to demonstrate best-in-class status of our lead drug, ATB-346. This clinical trial was approved by Health Canada earlier this month and is actively recruiting subjects, with a data read-out anticipated in Q1 2018. Finally, Citagenix has been making progress on brand strategy and technology initiatives to support its global growth strategy during a seasonally quiet period.”
Q1 2018 Highlights
- Strengthened balance sheet with the successful completion of the first closing of a brokered prospectus offering (the “Offering”) raising gross proceeds of $4,050,000;
- Engagement of Topstone Research Inc. (“Topstone”) to manage the recently commenced Phase 2 GI safety study for lead drug, ATB-346;
- Retention of Dr. Francis Chan, a leading gastroenterologist with extensive NSAID clinical trial expertise, as a key advisor in the Phase 2 GI safety study for ATB-346; and
- Formal commencement of Investigational New Drug (“IND”) enabling pre-clinical studies for its second pipeline drug, ATB-352, a non-addictive, potent analgesic for the treatment of severe pain.
Post Q1 2018 Highlights
- Received approval from Health Canada in early August to initiate a Phase 2, double-blind, GI endoscopy trial for lead drug, ATB-346; and
- Successfully completed the second and final closing of the Offering for additional gross proceeds of $933,000, for combined total gross proceeds of $4,983,000 raised under the Offering.
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.