Antibe Therapeutics Inc. (“Antibe” or the Company) (TSXV:ATE, OTCQB:ATBPF), a leader in developing safer therapeutics for pain and inflammation, today announced that it has received gross proceeds of $1.6 million from the exercise of warrants. A total of 7,066,001 warrants were exercised at a price of $0.22 with expiries on December 15th and 21st, 2018. Nearly all of the warrants expiring in December 2018 were exercised.
Dan Legault, CEO of Antibe, commented, The exercising of these warrants shows continued confidence by our investors in Antibes drug development programs. Furthermore, the gross proceeds together with cash-on-hand fund the balance of our upcoming Phase 2B clinical trial for ATB-346, expected to start in Q1 2019 with results anticipated in Q2 2019.
In addition, the Company has granted BND Projects Inc. 18,000 options for investor relations services. Each option has an exercise price of $0.245, being the 5-day volume weighted average price of Antibes shares, vests quarterly starting on the date of the grant, and will expire December 19, 2021.
About Antibe Therapeutics Inc. Antibe develops safer medicines for pain and inflammation. Antibes technology involves linking a hydrogen sulfide-releasing molecule to an existing drug to produce a patented, improved medicine. Antibes 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 Antibes 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.
Antibes 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.
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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. 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 Companys 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.
Antibe Therapeutics Inc.
Chief Executive Officer