TORONTO--(BUSINESS WIRE)--Antibe Therapeutics Inc. (TSX: ATE, OTCQB: ATBPF), a clinical stage company leveraging its unique hydrogen sulfide platform to develop safer medicines for pain and inflammation, today announced the filing of its financial and operating results for the fiscal quarter ended September 30, 2020. The Company's unaudited fiscal Q2 2021 condensed interim consolidated financial statements and MD&A are available on SEDAR.
“We’ve made tremendous progress this quarter in preparing our lead drug for Phase III trials and partnering,” commented Dan Legault, Antibe’s CEO. “We are getting closer to the start of our Phase III program, with a total of eight Phase III-enabling studies now running in parallel. Additionally, the recent commercial data strengthens our position as we engage partners for the large markets. Finally, we are executing our capital markets strategy to increase institutional awareness and liquidity, highlighted by the recent graduation to the TSX. We look forward to providing a comprehensive corporate update in the coming weeks.”
Q2 2021 Highlights
- Announced robust secondary data from otenaproxesul’s Phase IIB dose-ranging, efficacy study, confirming the drug’s remarkable potency shown in earlier top-line results;
- Completed third party studies for the seven largest markets, framing an impressive commercial opportunity for otenaproxesul;
- Initiated two animal toxicology studies required for all companies by the US Food and Drug Administration to begin Phase III trials (six additional such studies have commenced in the current quarter);
- Launched pipeline expansion initiatives aimed at developing new intellectual property based on the Company’s hydrogen sulfide platform;
- Commenced a proprietary naming initiative for otenaproxesul with a leading global branding agency to determine the commercial brand/trademark;
- Engaged Stern IR, a premier investor relations agency for healthcare and biotechnology companies worldwide, to support Antibe’s institutional outreach in the US; and
- Completed the quarter with a cash balance of $22.5 million.
About Antibe Therapeutics Inc.
Antibe is leveraging its proprietary hydrogen sulfide platform to develop next-generation, safer nonsteroidal anti-inflammatory drugs (“NSAIDs”) for pain and inflammation arising from a wide range of medical conditions. Antibe is developing three assets that seek to overcome the gastrointestinal (“GI”) ulcers and bleeding associated with NSAIDs. Antibe’s lead drug, otenaproxesul (ATB-346), is entering Phase III for osteoarthritis pain. Additional assets under development include a safer alternative to opioids for peri-operative pain, and a GI-safe alternative to low-dose aspirin. Learn more at antibethera.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 wording. 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 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.