/NOT FOR DISTRIBUTION OR DISSEMINATION INTO
THE UNITED STATES OR
THROUGH U.S. NEWSWIRE SERVICES/
TORONTO, Feb. 17, 2021 /CNW/ - Antibe Therapeutics Inc.
("Antibe" or the "Company") (TSX: ATE) today announced that it has
entered into an agreement with Canaccord Genuity Corp. on behalf of
a syndicate of underwriters (together, the "Underwriters") and
pursuant to which the Underwriters have agreed to purchase, on a
bought deal basis, 5,850,000 units (the "Offered
Securities") in the capital of the Company at a price of
C$6.00 per Offered
Security (the "Offering Price") for aggregate gross proceeds to the
Company of C$35,100,000 (the
"Offering").
Each Offered Security shall consist of one common share (a
"Common Share") and one-half of one common share purchase warrant
(each whole warrant, a "Warrant"). Each Warrant shall entitle the
holder thereof to acquire one Common Share at an exercise price per
Common Share of C$7.50 for a period
of 36 months from the closing of the Offering.
The Company intends to use the net proceeds of the Offering to
fully fund the adaptive Phase III efficacy trial and remaining
non-clinical studies for its lead drug, complete IND-enabling
studies for its second and third pipeline drugs, advance new
anti-inflammatory drug candidates and for working capital and
general corporate purposes, all as more fully described in the
prospectus.
The Offered Securities will be offered in the provinces of
British Columbia, Alberta, Saskatchewan, Manitoba and Ontario, pursuant to a prospectus supplement
to be dated on or about February 19,
2021 to the Company's base shelf prospectus dated
January 12, 2021 (the "Prospectus")
and elsewhere in compliance with applicable securities laws.
The closing of the Offering is expected to occur on or about
February 24, 2021 and is subject to
the completion of formal documentation and receipt of all
regulatory approvals, including the approval of the Toronto Stock
Exchange.
In addition, the Company intends to grant the Underwriters a
30-day option to purchase up to an additional 15% of the Offered
Securities pursuant to the proposed Offering on the same terms and
conditions.
Copies of the Prospectus, following filing thereof, may be
obtained on SEDAR at www.sedar.com and from Canaccord Genuity
Corp., 161 Bay Street, Suite 3000, Toronto, ON M5J 2S1. The Prospectus contains
important detailed information about the Company and the proposed
Offering. Prospective investors should read the Prospectus and the
other documents the Company has filed on SEDAR at
www.sedar.com before making an investment decision.
The securities being offered have not been, nor will they be,
registered under the United States Securities Act of 1933, as
amended (the "U.S. Securities Act"), or applicable state securities
laws, and may not be offered or sold in the United States or to, or for the account or
benefit of, persons in the United
States or "U.S. persons" (as such term is defined in
Regulation S promulgated under the U.S. Securities Act) absent
registration or an applicable exemption from the registration
requirements. This press release shall not constitute an offer to
sell or the solicitation of an offer to buy nor shall there be any
sale of the securities in any jurisdiction in which such offer,
solicitation or sale would be unlawful.
About Antibe Therapeutics Inc.
Antibe is leveraging
its proprietary hydrogen sulfide platform to develop
next-generation safer therapies to address inflammation arising
from a wide range of medical conditions. Antibe's current pipeline
includes three assets that seek to overcome the gastrointestinal
("GI") ulcers and bleeding associated with nonsteroidal
anti-inflammatory drugs ("NSAIDs"). Antibe's lead drug,
otenaproxesul (formerly ATB-346), is entering Phase III for
osteoarthritis pain. Additional assets under development include a
safer alternative to opioids for peri-operative pain, and a GI-safe
alternative to low-dose aspirin. 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 Information
This news release includes
certain forward-looking statements, which may include, but are not
limited to, the possible exercise of the Over-Allotment Option, the
proposed 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 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 Company's
inability to secure additional financing and licensing arrangements
on reasonable terms, or at all, its inability to execute its
business strategy and successfully compete in the market, and risks
associated with drug and medical device development generally.
Antibe Therapeutics 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 TSX nor its Regulation Services Provider (as that
term is defined in the policies of the TSX) accepts responsibility
for the adequacy or accuracy of this release.
SOURCE Antibe Therapeutics Inc