Antibe Therapeutics Reports Q2 2022 Interim Financial and Operating Results

Rhea-AI Summary

Antibe Therapeutics Inc. (OTCQX: ATBPF) has announced its financial results for the fiscal quarter ending September 30, 2021. The company ended the quarter with approximately $60 million in cash. A significant highlight includes the launch of otenaproxesul’s acute pain clinical program, set to begin early next quarter, alongside collaborations with pain specialists. The company reported a net loss of $8.7 million for the quarter, a slight decrease from $8.9 million in the same period last year.

Positive

• Launch of otenaproxesul’s acute pain clinical program set to begin early next quarter.
• Strong cash position of approximately $60 million as of September 30, 2021.
• Collaboration with specialists to optimize treatment regimens for post-operative pain.

Negative

• Net loss increased slightly to $8.7 million for the quarter.
• Research and development expenses rose to $5.2 million compared to $4.8 million last year.

- Otenaproxesul’s acute pain clinical program set to begin early next quarter

- Ended quarter with a $60 million cash position

TORONTO--(BUSINESS WIRE)-- 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.”

Business Highlights

Launched otenaproxesul’s acute pain program

• Commenced collaboration with world-leading acute pain specialists to optimize treatment regimens for post-operative pain use, clinical program slated to begin in early calendar Q1 2022
• Initiated comprehensive third-party market opportunity and reimbursement study for post-operative pain, results expected in late calendar Q1 2022
• Commenced and completed IND-opening single-dose clinical study and analysis
• Began investigation of alternative treatment regimens as a potential path forward for chronic indications

Other pipeline drugs advancing

• Identified attractive specialized acute pain indication for ATB-352
• Defined the commercial opportunity and product positioning for the inflammatory bowel disease (“IBD”) program, targeting a market expected to nearly double between 2019 and 2029 to US$25 billion (GlobalData)

Bolstering intellectual property position

• Filed new patent application covering uses of otenaproxesul for treatment of acute pain; potential for IP protection to extend into the 2040s
• Identified new IP covering otenaproxesul compositions and methods for treatment of chronic pain
• Identified new indication IP for ATB-352

Upcoming Milestones

The following summarizes the Company’s estimated timeline for its key upcoming milestones:

• PK/PD clinical studies initiated – Q1 2022
• Third-party commercial study results – Q1 2022
• Lead IBD candidate identified – Q2 2022
• Otenaproxesul Phase II bunionectomy trial initiated – Q4 2022

Financial Results

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.

About Antibe Therapeutics Inc.
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.

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/20211116005425/en/

Antibe Therapeutics Inc.

Christina Cameron

VP Investor Relations

+1 416-577-1443

christina@antibethera.com

Source: Antibe Therapeutics Inc.

FAQ

What is Antibe Therapeutics' cash position as of September 30, 2021?

Antibe Therapeutics reported a cash position of approximately $60 million as of September 30, 2021.

What was the net loss for Antibe Therapeutics in the quarter ending September 30, 2021?

The net loss for the quarter was $8.7 million, or $0.17 per share.

When will Antibe Therapeutics begin its clinical program for otenaproxesul?

The clinical program for otenaproxesul is set to begin early in the first quarter of 2022.

What are the upcoming milestones for Antibe Therapeutics?

Key upcoming milestones include PK/PD clinical studies and third-party commercial study results, both expected in Q1 2022.