TORONTO–(BUSINESS WIRE)–Antibe Therapeutics Inc. (“Antibe” or the “Company”) (TSXV: ATE, OTCQB:
ATBPF) filed its financial and operating results on Friday, June 29 for
the fourth quarter and the year ended March 31, 2018. The Company’s
audited 2018 consolidated financial statements, MD&A and AIF are
available on SEDAR.
In addition, the Company’s wholly-owned subsidiary, Citagenix Inc.
(“Citagenix”), has augmented its access to working capital to support
its growth strategy in the dental regenerative medicine market.
Specifically, Citagenix has replaced its existing operating line
facility with a larger $2.25 million secured revolving credit facility
(the “Credit Facility”) provided by the Bloom Burton Healthcare Lending
Trust (“BBHLT”). The Credit Facility will provide additional working
capital and financial flexibility as Citagenix continues to execute upon
its key growth initiatives, including the expansion of its product
portfolio and enhancement of its distribution through new channels.
The Credit Facility matures on June 29, 2020. Amounts outstanding under
the Credit Facility bear interest rate of 7% per annum, payable
quarterly. The obligations of Citagenix under the Credit Facility are
secured against all of the assets of Citagenix, and are guaranteed by
the Company. In connection with the Credit Facility, the Company agreed
to issue to BBHLT 578,572 common shares in the capital of the Company
(“Common Shares”) at a deemed issue price of $0.385 per Common Share,
subject to TSX Venture Exchange approval. The Common Shares will be
subject to a statutory hold period of four months and one day from the
date of issuance.
Antibe will provide additional updates on Citagenix and its performance
over the coming quarters.
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 safer, 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 in
the Canadian medical device industry. Citagenix Inc. 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
include, but are not limited to, statements with respect to the proposed
licensing and development of drugs and medical devices, use of proceeds
and maturity date of the Credit Facility, and the business plans of the
Company and Citagenix. 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 addresses possible future
events, conditions and financial performance based upon management’s
current expectations, estimates, projections and assumptions. In
particular, the forward-looking statements contained in this news
release reflect assumptions about the future operating results and
financial condition of Citagenix and the Company, regulatory approvals,
and issuance of the Common Shares. Management of the Company considers
the assumptions on which the forward-looking information contained
herein are based to be reasonable. However, 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, failure to receive
regulatory approvals, the inability of Citagenix or the Company to meet
growth and sales expectations, inability to secure additional financing
and licensing arrangements on reasonable terms, or at all, inability of
the Company or Citagenix to execute its business strategy and
successfully compete in the market, and risks associated with drug and
medical device development generally. The Company 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.
Neither the TSX Venture Exchange nor its Regulation Services Provider
(as that term is defined in the policies of the TSX Venture Exchange)
accepts responsibility for the adequacy or accuracy of this release.
Antibe Therapeutics Inc.
Dan Legault, 416-473 4095