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.
