Therapy Areas: Autoimmune
Antibe Therapeutics Enters CDN 5m Bought Deal Offering
5 February 2019 - - Canadian pain and inflammation therapeutics developer Antibe Therapeutics Inc. (TSX Venture: ATE) (OTCQB: ATBPF) has entered into an agreement with Bloom Burton Securities Inc., on behalf of a syndicate of underwriters including Echelon Wealth Partners Inc. and Dominick Capital Corp., under which the underwriters have agreed to purchase, on a bought deal basis, 20m units of the company at a price of CDN 0.25 per unit, for aggregate gross proceeds of CDN 5m, the company said.

Each unit will be comprised of one common share of the company and one-half of one common share purchase warrant.

Each warrant will entitle the holder thereof to purchase one common share at an exercise price of CDN 0.35 for a period 36 months.

The net proceeds of the offering will be used to fund research and development activities, including but not limited to, ATB-346's clinical development, regulatory consulting fees, working capital needs and other general corporate purposes.

Antibe has granted the underwriters an over-allotment option, at the underwriters' sole discretion, to purchase up to 3m units at the offering price, exercisable in whole or in part up to 30 days following closing of the offering.

The units will be offered by way of a short form prospectus to be filed in British Columbia, Alberta, Saskatchewan, Manitoba and Ontario. The units may be sold in such other jurisdictions as the company and the Underwriters may agree.

Closing of the offering is expected to occur on or about February 26, 2019, subject to customary closing conditions, including, without limitation, receipt of applicable regulatory approvals, including the approval of the TSX Venture Exchange.

ATB-346 is a hydrogen sulfide-releasing derivative of naproxen. Nonsteroidal anti-inflammatory drugs are the most commonly used therapy for osteoarthritis, but their use is associated with a high incidence of gastrointestinal ulceration and bleeding.

NSAIDs are also widely used in conditions such as rheumatoid arthritis, ankylosing spondylitis, gout, and general pain reduction, with a similarly high rate of gastrointestinal ulceration and bleeding. It is well-accepted that patients with these conditions would benefit greatly from an effective, non-addictive, GI-sparing anti-inflammatory/analgesic agent such as ATB-346.

Antibe develops 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.

The company'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. 

Antibe's subsidiary, Citagenix Inc., is 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. 
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