TORONTO--(BUSINESS WIRE)--Antibe Therapeutics Inc. (“Antibe” or the “Company”) (TSXV:ATE, OTCQB:ATBPF), a leader in developing safer therapeutics for pain and inflammation that recently announced a successful Phase 2B clinical trial demonstrating the gastrointestinal safety of its lead drug, reports that the Company now has a significantly augmented balance sheet.
Augmented cash position from warrant exercises
In the period since January 1st, 2018, Antibe has received proceeds of approximately $4 million from warrant exercises. These proceeds bring the Company’s consolidated cash balance to nearly $5 million as of today. In addition, the Company has the potential to raise an additional $6 million from existing warrants that are significantly in-the-money.
Significant reduction in debt through conversion of debentures
The Company has also received conversions of approximately $3 million, representing nearly the entire balance of its existing convertible debentures that mature in October 2018. With the conversion of these debentures, Antibe is now effectively debt-free apart from a standard operating line that resides with its subsidiary, Citagenix Inc. (“Citagenix”).
Dan Legault, Antibe’s CEO commented, “We are grateful to our existing shareholders and convertible debenture holders, who, based on the strong Phase 2B GI safety results, have decided to exercise warrants and convert their debt. This has the compound effect of adding to our cash balance while reducing our liabilities, and puts us in a great position to continue our partnering activities with strategic pharmaceutical companies, which we desire to complete within 12 months. Furthermore, we are now in a position to fully fund our previously announced Phase 2 effectiveness study with cash-on-hand. This Phase 2, double-blind, dose-ranging study is estimated to cost approximately $2.6 million and will be completed this year in parallel with our global partnering efforts.”
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 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 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.