TORONTO--(EON: Enhanced Online News)--Antibe Therapeutics Inc. (“Antibe” or the “Corporation”) (TSXV: ATE) closed the second and final closing of its previously announced private placement of units (the “Offering”). The Company raised gross proceeds of $297,750 in the second closing of the Offering, bringing the total gross proceeds of the Offering up to $2,724,495 including the first closing announced on December 16, 2016. Net proceeds from the Offering will be used for clinical development and for general corporate purposes.
In the second closing of the Offering, 1,985,000 units (the “Units”) were sold at a price of $0.15 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 $0.22 per Warrant Share until December 21, 2018. Dominick Inc. acted as agent on the brokered private placement component.
In connection with the Offering, Dominick (including selling group members) received a cash commission equal to $24,773 and 165,150 broker warrants (the “Broker Warrants”). Each Broker Warrant will entitle the holder to purchase one Common Share at a price of $0.15 per share until June 21, 2018.
The total non-brokered portion of the Offering comprised of 150,000 units for gross proceeds of $22,500.
The securities issued are subject to a four-month statutory hold period and a TSX Venture Exchange hold period, each expiring on April 22, 2017. The Offering is subject to TSX Venture Exchange final approval.
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.
This press release is for informational purposes only and does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States or any other jurisdiction in which such an offer or solicitation is unlawful. The securities have not been and will not be registered under the United Sates Securities Act of 1933, as amended, (the “U.S. Securities Act”) or any state securities laws and may not be offered or sold within the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the U.S. Securities Act and applicable state laws. No public offering of securities will be made in the United States.
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 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 for bone regeneration in the Canadian medical device industry. Citagenix 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 further closings of the Offering, financing transactions, the completion of monetization events, the execution of clinical trials, 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 obtain TSX Venture Exchange approval for the transactions described herein, its ability to conclude partnering or other relationships with pharmaceutical companies, 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.