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 that, further to a press release issued on November 17, 2020, the consolidation (“Consolidation”) of the Company’s issued and outstanding common shares (“Common Shares”) on the basis of ten (10) pre-consolidation Common Shares for one (1) post-Consolidation Common Share has been approved by the Toronto Stock Exchange (“TSX”). The Consolidation will be effective as of market open tomorrow, December 1, 2020.
Following the Consolidation, approximately 38,754,063 Common Shares will be issued and outstanding. As a result of the Consolidation, the Company’s outstanding warrants will be proportionately adjusted such that ten (10) warrants are now exercisable for one (1) post-Consolidation Common Share. The Company’s outstanding restricted share units and options will also be adjusted accordingly. The Company’s name and trading symbol will remain unchanged. The CUSIP number for the post-Consolidation Common Shares is 037025509.
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.