Antibe Extends Early Warrant Exercise Incentive Program

Rhea-AI Summary

Antibe Therapeutics Inc. extends its Early Warrant Exercise Incentive Program for 6.4 million outstanding share purchase warrants, offering a reduced exercise price of $1.00 until March 31, 2024, to strengthen its balance sheet and simplify cap table. The program aims to encourage early warrant exercise as the company prepares for the launch of otenaproxesul’s Phase II trial next month.

TORONTO--(BUSINESS WIRE)-- 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 extending the Early Warrant Exercise Incentive Program (“Early Warrant Exercise Program”) for its 6.4 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 existing Early Warrant Exercise Program announced on December 29, 2023 is designed to encourage the early exercise of the Warrants during a 30-day early exercise period that commenced on January 16, 2024 and terminates on February 15, 2024 (the “Incentive Period”). Under the Early Warrant Exercise Program, the Company is offering a reduction in the Exercise Price from $1.50 to $1.00 to holders of the Warrants who exercise during the Incentive Period. Today’s announcement extends the termination date of the Incentive Period to March 31, 2024 (the “Extension”). After March 31, 2024, the Exercise Price of the Warrants will revert to $1.50 per common share.

“After discussions with our warrantholders, we want to offer them more time to exercise under this program,” commented Dan Legault, Antibe’s CEO. “Correspondingly, the extension supports our goals to further strengthen our balance sheet and simplify our cap table as we head into otenaproxesul’s Phase II trial – on track to launch next month.”

None of the Warrants are held by insiders of the Company.

The Toronto Stock Exchange has provided conditional approval for the Extension with an effective date of February 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 that 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 current NSAIDs and opioids 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.

Forward-Looking Statements 
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.

View source version on businesswire.com: https://www.businesswire.com/news/home/20240201407055/en/

Antibe Therapeutics Inc.

Christina Cameron

VP Investor Relations

+1 416-577-1443

christina@antibethera.com

Source: Antibe Therapeutics Inc.

FAQ

What is the purpose of Antibe Therapeutics Inc.'s Early Warrant Exercise Incentive Program extension?

The extension aims to offer more time to warrantholders to exercise their warrants at a reduced exercise price of $1.00 until March 31, 2024, to strengthen the company's balance sheet and simplify its cap table.

What is the original exercise price of the warrants under the program?

The original exercise price of the warrants under the program is $1.50.

When does the Incentive Period for the Early Warrant Exercise Program terminate?

The Incentive Period for the Early Warrant Exercise Program terminates on February 15, 2024.

What is the effective date of the Extension approved by the Toronto Stock Exchange?

The effective date of the Extension approved by the Toronto Stock Exchange is February 16, 2024.