11/16/2021 | Press release | Distributed by Public on 11/16/2021 08:41
- Otenaproxesul's acute pain clinical program set to begin early next quarter
- Ended quarter with a $60 million cash position
TORONTO, CANADA - (November 16, 2021) - Antibe Therapeutics Inc. (TSX: ATE, OTCQX: ATBPF), a clinical stage company leveraging its unique hydrogen sulfide platform to develop safer medicines for pain and inflammation, has filed its financial and operating results for the fiscal quarter ended September 30, 2021.
"With the clinical program for post-operative pain slated to begin early next quarter and third-party commercial studies underway, the scientific and strategic review we initiated during the quarter will soon be yielding results," commented Dan Legault, Antibe's CEO. "Our goal is to rapidly deliver a safe and effective alternative for physicians, surgeons and patients who today must choose between GI-damaging NSAIDs and addictive, side effect-prone opioids. With a strong balance sheet and extensive safety and efficacy data on otenaproxesul already in hand, we are well-equipped to target one of the most intractable problems in healthcare."
Launched otenaproxesul's acute pain program
Other pipeline drugs advancing
Bolstering intellectual property position
The following summarizes the Company's estimated timeline for its key upcoming milestones:
Cash Position: As of September 30, 2021, the Company had an available cash balance totaling $60.5 million, compared to $72 million as at March 31, 2021.
Net Loss: For the quarter ended September 30, 2021, net loss amounted to $8.7 million ($0.17 per share), compared to $8.9 million ($0.23 per share) for the same period in fiscal 2021.
Research and Development Expenses: Research and development expenses, net of research tax credits, amounted to $5.2 million for the quarter ended September 30, 2021, compared to $4.8 million for the same period in fiscal 2021.
General and Administrative Expenses: General and administrative expenses totaled $1.7 million for the quarter ended September 30, 2021, compared to $2.2 million in fiscal Q2 2021.
The Company's unaudited fiscal Q2 2022 condensed interim financial statements and MD&A are available on SEDAR.
Antibe is 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 for post-operative pain. Antibe's second pipeline drug, ATB-352, is being developed for a specialized acute pain indication. The Company's anticipated next target is inflammatory bowel disease ("IBD"), a condition long in need of safer, more effective therapies. Learn more at antibethera.com.
This news release includes certain forward-looking statements under applicable securities laws, which may include, but are not limited to, 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, the Company's inability to timely execute on its business strategy and timely and successfully compete 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 www.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.
Antibe Therapeutics Inc.
Christina Cameron
VP Investor Relations
+1 416-577-1443
[email protected]