28 February 2019 - - Canadian pain and inflammation therapeutics developer Antibe Therapeutics Inc. (TSX Venture: ATE) (OTCQB: ATBPF) has closed its previously announced bought deal public offering of 23m units of the company at a price of CDN 0.25 per unit for aggregate gross proceeds of CDN 5.75m (USD 4.37m), including the exercise in full of the underwriters' over-allotment option, the company said.

The offering was made pursuant to an underwriting agreement dated February 8, 2019 with a syndicate of underwriters led by Bloom Burton Securities Inc., together with Echelon Wealth Partners Inc. and Dominick Capital Corp.

Each unit was comprised of one common share of the company and one-half of one common share purchase warrant.

Each full warrant is exercisable to purchase one common share at any time prior to February 27, 2022 at a price of CDN 0.35 per common share.

The units were offered and sold by way of a short form prospectus filed in each of the provinces of Alberta, British Columbia, Manitoba, Ontario, and Saskatchewan.

The net proceeds of the offering will be used to fund research and development activities, including but not limited to, ATB-346's clinical development, regulatory consulting fees, working capital needs and other general corporate purposes.

As consideration for the services rendered by the Underwriters in connection with the offering, the company has paid the underwriters a cash commission equal to 7% of the gross proceeds raised under the offering and has granted the underwriters non-transferable broker warrants equal to 7% of the number of Units sold under the offering exercisable at any time prior to February 27, 2021 at an exercise price equal to the offering Price.

ATB-346 is a hydrogen sulfide-releasing derivative of naproxen. Nonsteroidal anti-inflammatory drugs are the most commonly used therapy for osteoarthritis, but their use is associated with a high incidence of gastrointestinal ulceration and bleeding.

NSAIDs are also widely used in conditions such as rheumatoid arthritis, ankylosing spondylitis, gout, and general pain reduction, with a similarly high rate of gastrointestinal ulceration and bleeding.

It is well-accepted that patients with these conditions would benefit greatly from an effective, non-addictive, GI-sparing anti-inflammatory/analgesic agent such as ATB-346.

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. 

Antibe's subsidiary, Citagenix Inc., is 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.