TORONTO, ON – December 29, 2023 – Antibe Therapeutics Inc. (TSX: ATE, OTCQX: ATBPF), a clinical-stage company leveraging its hydrogen sulfide platform to develop next-generation safer therapies that target inflammation, is pleased to announce an Early Warrant Exercise Incentive Program (“Early Warrant Exercise Program”) for its 6.5 million outstanding and unlisted share purchase warrants having an exercise price of $1.50 (“Exercise Price”) and expiring on July 31, 2024 (the “Warrants”).
The Early Warrant Exercise Program is designed to encourage the early exercise of the Warrants during a 30-day early exercise period expected to commence on January 16, 2024 and terminate on February 15, 2024 (the “Incentive Period”). The Company proposes to incentivize the early exercise of the Warrants by offering a reduction in the Exercise Price from $1.50 to $1.00 to holders of the Warrants who exercise the Warrants during the Incentive Period. After February 15, 2024, the exercise price of the Warrants will revert to $1.50 per common share.
“As we prepare for an exciting year ahead, this incentive program has the potential to further strengthen our balance sheet and simplify our cap table,” commented Dan Legault, Antibe’s CEO. “Of course, we’ll also be pleased to allow our warrantholders to rejoin us as shareholders as we advance otenaproxesul in a market of increasing relevance to potential partners.”
None of the Warrants are held by insiders of the Company.
The Toronto Stock Exchange has provided conditional approval for the Early Warrant Exercise Program with an effective date for the amendments of January 16, 2024.
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 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 press release contains forward-looking statements identified by words such as “expects”, “will” and similar expressions, which reflect the Company’s current expectations regarding future events. This forward-looking information includes statements with respect to, among other things, amendments to the Warrants and receipt by the Company of final approval of the Toronto Stock Exchange in respect of amendments to the Warrants. Forward-looking information is based on the opinions and estimates of management as well as certain assumptions at the date the information is given (including, in respect of the forward-looking information contained in this press release, assumptions regarding: receipt of final approval of the Toronto Stock Exchange in respect of the amendment to the Warrants). The forward-looking statements involve risks and uncertainties that could cause the Company’s actual events to differ materially from those projected herein. Investors should consult the Company’s ongoing quarterly filings and annual reports for additional information on risks and uncertainties relating to these forward-looking statements. The reader is cautioned not to rely on these forward-looking statements. The forward-looking information contained herein is made as of the date hereof and the Company assumes no responsibility to update or revise it to reflect new events or circumstances, except as required by law.
Antibe Therapeutics Inc.
VP Investor Relations
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