TORONTO--(BUSINESS WIRE)--Antibe Therapeutics Inc. (“Antibe” or the “Company”) (TSX: ATE) announced that the Company sought an extension of its previously announced stay of proceedings (“Stay”) under the Companies’ Creditors Arrangement Act (the “CCAA”) at a hearing before the Ontario Superior Court of Justice (Commercial List) (the “Court”) on April 18, 2024.
The Court has reserved its decision and extended the Stay pending release of the decision. The Company is requesting to extend the Stay until May 24, 2024 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 appropriate next steps.
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, 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 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.
