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Antibe Reports Q3 2023 Interim Financial and Operating Results

– Recent animal data on otenaproxesul’s new formulation confirm rapid drug uptake and potential for effective pain management

– Targeting first clinical dose in calendar Q3 2023; Phase II top-line data within 12 months

– Ended quarter with $42.4 million in cash and equivalents, providing over two years of runway

TORONTO–(BUSINESS WIRE)–$ATBPF–Antibe Therapeutics Inc. (TSX: ATE, OTCQX: ATBPF), a clinical-stage company leveraging its hydrogen sulfide platform to develop next-generation safer therapies to target inflammation, has filed its financial and operating results for the fiscal quarter ended December 31, 2022.

“As we prepare for the Phase II bunionectomy trial, we’re increasingly excited about the potential of otenaproxesul’s new formulation,” noted Dan Legault, Antibe’s CEO. “Recent animal data have confirmed both its potential for effective pain management at dramatically lower doses and a rapid onset profile ideally suited for acute pain. To de-risk the translation of this data to human doses, we’ve planned a confirmatory study in healthy volunteers upon release of the new drug tablets. We look forward to delivering Phase II top-line data in the next 12 months.”

The Company also announced that its founder, Dr. John L. Wallace, has decided to retire from the Board of Directors. Dr. Wallace will remain a corporate Vice Chair, enabling the Company to continue to benefit from his wisdom and expertise. Robert E. Hoffman, Antibe’s Board Chair, commented: “From elucidating how today’s NSAIDs injure the digestive tract to conceiving our novel hydrogen sulfide platform, John’s pioneering science has underpinned our emergence as a publicly traded biotech pursuing a major advance in anti-inflammatory therapeutics. We thank him for his extraordinary service as a Director.”

Business Highlights and Operational Update

Progress for otenaproxesul on formulation and IP

Inflammatory bowel disease program lead selection

Corporate

Upcoming Milestones

The following summarizes the Company’s estimated timeline for its key upcoming milestones:

Financial Results

Cash Position: As of December 31, 2022, the Company had available cash balance and term deposits totaling $42.4 million, compared to $54.8 million as at March 31, 2022. This provides the Company with over two years of runway, which includes the cost of the upcoming Phase II bunionectomy trial.

Net Loss: For the quarter ended December 31, 2022, Net Loss and Comprehensive Loss totaled $4.3 million ($0.08 per share), an decrease of $0.5 million compared to $4.8 million ($0.09 per share) in fiscal Q3 2022.

Research and Development Expenses: Research and development expenses for the quarter, net of research tax credits, amounted to $2.2 million, compared to $2.5 million in fiscal Q3 2022.

General and Administrative Expenses: General and administrative expenses were $1.6 million for the quarter, compared to $1.3 million in fiscal Q3 2022.

The Company’s unaudited fiscal Q3 2023 condensed interim financial statements and MD&A are available on SEDAR.

About Antibe Therapeutics Inc.

Antibe is a clinical-stage biotechnology company leveraging its proprietary hydrogen sulfide platform to develop next-generation safer therapies to target inflammation arising from a wide range of medical conditions. The Company’s current pipeline includes assets that seek to overcome the gastrointestinal (“GI”) ulcers and bleeding associated with nonsteroidal anti-inflammatory drugs (“NSAIDs”). Antibe’s lead drug, otenaproxesul, is in clinical development 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 Information

This news release includes certain forward-looking statements under applicable securities laws, which may include, but are not limited to, the amounts, timing and receipt of the portion of the Citagenix sale price that is subject to the achievement of sales milestones, the anticipated scope, timing, duration and completion of certain of the Company’s clinical trial programs and studies and the anticipated timing for seeking market approval for certain of the Company’s drugs and therapies for certain additional indications. 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, Citagenix not achieving sales milestones, 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 and medical device development generally and those risk factors set forth in the Company’s public filings made in Canada and available on sedar.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.

Contacts

Antibe Therapeutics Inc.

Christina Cameron

VP Investor Relations

+1 416-577-1443

christina@antibethera.com

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