TORONTO--(BUSINESS WIRE)--Antibe Therapeutics Inc. (“Antibe” or the “Corporation”) (TSXV:ATE, OTCQX:ATBPF), a commercial-stage pharmaceutical growth company, is pleased to announce the appointment of Yung Wu to its Board of Directors.
“We’re delighted by the addition of Yung to our Board of Directors. We see many growth opportunities ahead for Antibe and we will benefit from Yung’s unique insights and perspectives as we work to unlock the full potential of the Company,” said Walt Macnee, Antibe’s Chair of the Board. “We look forward to continuing a long-term growth trajectory that maximizes shareholder value.”
Mr. Wu is Managing Director of private equity firm NFQ Ventures and is a seasoned entrepreneur with a track record of successfully building and growing several businesses throughout his career. As a serial founder and CEO, he has personally built 7 companies and produced multiple successful exits to acquirers such as Upsight and Oracle Financial Services. He also serves as a director on the Board of Green Shield, a multi-billion dollar health benefits insurance and financial services company. Mr. Wu will serve as an independent director of Antibe and is also a shareholder.
In addition, Antibe is pleased to announce recruitment of its final patient to its Phase 2 clinical trial examining the efficacy of ATB-346 in patients with osteoarthritis. Antibe anticipates that final results will be available for release by mid-August. The primary endpoints of the Phase 2 study are clinical assessments of pain and inflammation over the course of 10 days of treatment with ATB-346 at 250 mg once daily.
Finally, the Company has elected to pay in-kind all interest due July 15, 2016 under the Company’s 10% senior secured convertible debentures due October 15, 2018 (the "Debentures"). The Debentures provide that Antibe may, at its sole option, elect to pay in-kind certain interest payments.
The aggregate July 15, 2016 interest payment under the Debentures in the amount of $79,521.56 has been added to the principal amount of the Debentures (the "Added Principal Amount"). The holders of Debentures may convert the principal amount of each Debenture into Antibe common shares at a price of $0.22 per common share. As a result of the addition of the Added Principal Amount to the principal amount of the Debentures, an additional 361,462 common shares in the capital of Antibe will be issuable on the conversion of the principal amount of the Debentures.
About Yung Wu
Yung is a serial founder and entrepreneur, technology innovator, private equity investor and Corporate Director. He has created, led, financed and directed companies spanning enterprise software, mobile technology, entertainment & media, financial services and oil & gas exploration. Yung has been recognized as one of Canada's 'Top 40 under 40' leaders and for leading one of the "50 Best Managed Private Companies" in the nation. He has a bachelor’s degree in Computer Science, Economics and Mathematics from the University of Toronto, a graduate of the Entrepreneurial Masters Program at the Massachusetts Institute of Technology, a member of MENSA, the Young Presidents Organization (YPO) and the Institute of Corporate Directors (ICD.D).
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 may include, but are not limited to, the completion of financing transactions and the 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 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, failure to raise the full Offering amount, failure to obtain TSX Venture Exchange approval for the transactions described herein, 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.
