Antibe Therapeutics Reports 2022 Year-End Results and Business Highlights
30 Juni 2022 - 01:00PM
Business Wire
- Phase II acute pain program to initiate in
early calendar Q4 2022 - Ended year with $55 million in cash
and equivalents, providing over two years of runway
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, has filed
its financial and operating results for the fiscal year ended March
31, 2022.
“Since its launch last fall, we’ve been encouraged by the
results of otenaproxesul’s acute pain program, and it remains very
much on track,” commented Dan Legault, Antibe’s CEO. “Our data
suggest that the drug can deliver the onset of action and pain
relief required for commercial success in acute pain indications –
an exciting prospect in a massive market that’s seen minimal
innovation over the last 20 years. To further de-risk the dose
selection for the planned bunionectomy trial, we’ve added a short
molar extraction study to the Phase II program – with no impact on
cashflow. With a balance sheet that funds us well into 2024, we’re
continuing to focus our efforts and expenditures on creating value
for our shareholders.”
Business Highlights The following covers fiscal Q4 2022
and subsequent events:
Launched otenaproxesul’s clinical program for post-operative
pain
- Completed two pharmacokinetic/pharmacodynamic (“PK/PD”)
studies; loading dose study suggests viable onset of action for
acute pain relief
- Augmented plan replaces remaining healthy volunteer PK/PD
studies with Phase II molar (wisdom tooth) extraction study to
obtain more informative data in post-operative patients
- Phase II molar extraction study slated for initiation in early
calendar Q4 2022 with top-line results expected within three months
– to be followed by Phase II bunionectomy (foot bone surgery)
study
- Ongoing investigation of alternative treatment regimens as a
potential path forward for chronic indications
Other drugs advancing
- Evaluating two promising molecules to select lead candidate for
inflammatory bowel disease program
- Filed patent for specialized pain indication for ATB-352, with
potential for IP protection to extend into the 2040s
Corporate and governance
- Signed binding agreement to sell Citagenix in a $6.5 million
all-cash transaction, including milestones
- Appointed Robert E. Hoffman as new Board Chair; outgoing Chair,
Walt Macnee, and Antibe’s founder, Dr. John L. Wallace, appointed
as corporate Vice Chairs
Upcoming Milestones The following summarizes the
Company’s estimated timeline for its key upcoming milestones
(calendar quarters):
- Phase II third molar extraction trial initiated – Q4 2022
- Identify lead candidate for inflammatory bowel disease – Q4
2022
- Phase II bunionectomy trial initiated – H1 2023
Financial Results
Cash Position: As of March 31, 2022, the Company had an
available cash balance and term deposits totaling $54.8 million,
compared to $72.0 million as at March 31, 2021.
Net Loss: For the year ended March 31, 2022, net loss
totaled to $25.1 million ($0.50 per share), compared to $26.3
million ($0.70 per share) for fiscal 2021.
Research and Development Expenses: Research and
development expenses for the year, net of research tax credits,
amounted to $14.4 million, compared to $13.4 million for fiscal
2021.
General and Administrative Expenses: General and
administrative expenses were $5.4 million for the year, compared to
$6.0 million in fiscal 2021.
Sales and Marketing Expenses: Selling and marketing
expenses totaled $0.2 million for the year compared to $0.1 million
in fiscal 2021.
The Company’s audited fiscal 2022 consolidated financial
statements, MD&A and AIF 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 post-operative pain.
Antibe’s second pipeline drug, ATB-352, is being developed for a
specialized 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.
Forward Looking Information 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.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20220630005297/en/
Antibe Therapeutics Inc. Christina Cameron VP Investor Relations
+1 416-577-1443 christina@antibethera.com
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