TORONTO--(BUSINESS WIRE)--Antibe Therapeutics Inc. (“Antibe” or the “Corporation”) (TSXV:ATE) closed the second and final closing of its previously announced non-brokered private placement of units, raising gross proceeds of $464,000 (the "Offering"). Under the terms of the Offering, 4,640,000 units (the “Units”) were sold at a price of $0.10 per Unit, each Unit comprised of one Common Share of the Corporation and one-half of one Common Share purchase warrant (“Warrant”) with each whole Warrant entitling the holder to purchase an additional Common Share (“Warrant Share”) at a price of $0.15 per Warrant Share until April 9, 2018.
Net proceeds from the Offering will be used for product development and for general corporate purposes. As disclosed previously, Antibe is taking steps to adjust its operations and to reduce overhead while it conducts additional validating studies. As part of those efforts, EVP, Strategic Development Dr. Jeremy Grushcow will be leaving and has reached mutually agreeable terms with the Company regarding his departure. Dan Legault, CEO of Antibe said, “It’s been great working with Jeremy; we’ll stay in close touch and look forward to working with him again.”
In connection with the private placement, Antibe has agreed to pay finder’s fees in the amount of $20,800 in cash and 208,000 Common Share purchase warrants (“Finder’s Warrants”), each of which will entitle the holder to purchase a Common Share at a price of $0.10 per share until April 9, 2017.
The securities issued are subject to a four-month statutory hold period until August 10, 2015.
The securities described in this offering have not been, and will not be, registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act"), or any state securities laws, and accordingly, may not be offered or sold within the United States or to "U.S. Persons", as such term is defined in Regulation S promulgated under the U.S. Securities Act ("U.S. Persons") except in compliance with the registration requirements of the U.S. Securities Act and applicable state securities requirements or pursuant to exemptions therefrom. This press release does not constitute an offer to sell or a solicitation of an offer to buy any of the Company's securities in the United States or to U.S. Persons, nor shall there be any sale of these securities in any state or jurisdiction in which the offer, solicitation or sale would be unlawful.
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-steroidal anti-inflammatory drug (NSAID) for chronic pain and inflammation. ATB-352, the second drug in Antibe’s pipeline, targets the urgent global need for a safer analgesic for severe acute pain.
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.
Important Note on Forward Looking Statements
