10/03/2018 | Press release | Distributed by Public on 10/03/2018 17:42
TORONTO, CANADA - (October 3, 2018) - Antibe Therapeutics Inc. ('Antibe' or the 'Company') (TSXV: ATE, OTCQB: ATBPF) announces that it has granted restricted share units ('RSUs') pursuant to the Company's RSU plan that was adopted at the most recent annual shareholder's meeting on June 25, 2018.
Walt Macnee, the Chair of Antibe, commented, 'The past year has been tremendously successful for Antibe. Our lead drug, ATB-346, delivered unequivocal proof-of-concept human data in the Phase 2B GI safety study. This outcome validated the commercial potential of Antibe's novel drug development pipeline and its hydrogen sulfide technology. Moreover, we expect the current momentum to grow significantly, as we will soon commence the Phase 2 dose-ranging, efficacy study for ATB-346, focus on Phase 3 development, accelerate our business development efforts and advance and expand the rest of our drug development pipeline. Accordingly, it's my pleasure to award these RSUs to Antibe's team, of which the vesting of a large portion will be contingent on the achievement of key value-driving milestones.'
It is the Board's standard practice to grant equity compensation awards on an annual basis. However, the vigorous clinical and business development activities have precluded the Company from making any new issuances in the past 18 months. A total of 17,700,000 RSUs were granted to directors, officers, employees and consultants. The vesting of 50% - 67% of the RSUs granted to key executives will be subject to the achievement of specific performance goals that are designed to reflect the successful execution of the Company's business plan and strategy. In addition, all RSUs are subject to time-based vesting; one third (1/3) of the RSUs granted will vest on each of the first, second and third anniversaries of the date hereof. In the case of RSUs granted to special advisor consultants, one twelfth (1/12) of the RSUs will vest on the grant date, and an additional 1/12th of the RSUs will vest on the last day of each calendar quarter thereafter over three years.
In addition, the Company has granted BND Projects Inc. 90,000 options for investor relations services. Each option has an exercise price of $0.35, being the 5-day volume weighted average price of Antibe's shares, vests quarterly starting on the date of the grant, and will expire October 3, 2021.
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
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 news release includes certain forward-looking statements, which may include, but are not limited to, the growth of product sales, engaging new distributors and independent representatives, the completion of financing transactions 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, the Company's ability to secure additional financing, 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 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. Antibe Therapeutics Inc. Dan Legault Chief Executive Officer Tel: +1 416-473-4095