TORONTO--(BUSINESS WIRE)--Antibe Therapeutics Inc. (“Antibe” or the “Company”) (TSX: ATE, OTCQX: ATBPF) announced that its previously announced application for an Initial Order under the Companies' Creditors Arrangement Act (the "CCAA"), has been granted by the Ontario Superior Court of Justice (Commercial List) (the "Court").
Pursuant to the Initial Order, the Company has obtained protection from its creditors for an initial period expiring April 18, 2024 (the "Stay Period"), the maximum permitted under the CCAA. The Court has appointed Deloitte Restructuring Inc. as Monitor (the "Monitor"). While under CCAA protection, management of the Company will remain responsible for the day-to-day operation of the Company under the general oversight of the Monitor and supervision of the Court.
The Initial Order, amongst other things, stays any action by Nuance Pharma to enforce the previously announced confidential ruling from the Singapore International Arbitration Centre requiring Antibe to pay approximately US$24 million to Nuance.
At a hearing scheduled for April 18, 2024, Antibe will seek a further extension of the Stay Period in order to be able to continue engaging with the U.S. Food and Drug Administration with respect to the previously announced hold on the Company’s planned Phase II trial and to determine the appropriate next steps.
Earlier today, the Toronto Stock Exchange ("TSX") suspended trading of Antibe's common shares.
Additional Information
Further updates will be provided as appropriate. A copy of the Initial Order and other information regarding the CCAA proceedings is available on the Monitor's website at https://www.insolvencies.deloitte.ca/antibe.
About Antibe Therapeutics Inc.
Antibe is a clinical-stage biotechnology company leveraging its proprietary hydrogen sulfide platform to develop next-generation therapies to target pain and inflammation arising from a wide range of medical conditions. The Company’s current pipeline includes assets that seek to overcome the gastrointestinal ulcers and bleeding associated with nonsteroidal anti-inflammatory drugs (“NSAIDs”). Antibe’s lead drug, otenaproxesul, is intended as a safer alternative to opioids and today’s NSAIDs for acute pain. Antibe’s second pipeline drug, ATB-352, is being developed for a specialized pain indication. The Company’s next target is inflammatory bowel disease (“IBD”), a condition long in need of safer, more effective therapies. Learn more at antibethera.com.
Forward Looking Statements
This news release includes certain forward-looking statements under applicable securities laws, which may include, but are not limited to, statements concerning the extension of the Stay Period, payment of amounts due to Nuance under the arbitral award, anticipated engagement with the U.S. Food and Drug Administration concerning the clinical hold on otenaproxesul. 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 wording. 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, the decision of the Court with respect to the extension of the Stay Period and any subsequent determinations made by the Court, the Company’s inability to timely execute on its business strategy and timely and successfully complete its clinical trials and studies, the Company’s inability to obtain the necessary regulatory approvals related to its activities, risks associated with drug development generally and those risk factors set forth in the Company’s public filings made in Canada and available on sedarplus.com. 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.
