Antibe Therapeutics Reports Q3 2022 Interim Financial and Operating Results
14 Février 2022 - 01:00PM
Business Wire
- Acute pain clinical program for
otenaproxesul initiating this quarter
- Ended quarter with a $59 million cash
position
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 quarter ended
December 31, 2021.
“We’re excited to have launched otenaproxesul’s clinical program
for post-operative pain and remain on track to begin Phase II in
the fall. We’re also encouraged by draft guidance published last
week by both the FDA and CDC, highlighting the urgent need for new
non-opioid pain medications,” commented Dan Legault, Antibe’s CEO.
“With our strong balance sheet, we’ve been able to advance multiple
programs in parallel, including our inflammatory bowel disease
program which targets a major need in an attractive market. At a
corporate level, our disciplined approach to spending provides us
with more than two years of cash runway. As the year progresses, we
look forward to unlocking value for our shareholders as we achieve
milestones across our development programs.”
Business Highlights
Launching otenaproxesul’s clinical program for post-operative
pain
- First human pharmacokinetic/pharmacodynamic (“PK/PD”) study
underway to determine optimal treatment regimens
- Preliminary third-party commercial assessment completed,
confirming attractive market potential; comprehensive market
opportunity and reimbursement study initiated
- Ongoing investigation of alternative treatment regimens as a
potential path forward for chronic indications
Other pipeline drugs advancing
- Launched preclinical studies for specialized pain indication
for ATB-352
- Identified several inflammatory bowel disease (“IBD”)
candidates with encouraging preliminary results; animal
proof-of-concept studies underway to select lead candidate
Bolstering intellectual property (“IP”) position
- Filed new patent application covering uses of otenaproxesul for
treatment of acute pain; potential for IP protection to extend into
the 2040s
- Filed trademark applications in all major markets for two
proprietary brand names
Upcoming Milestones
The following summarizes the Company’s estimated timeline for
its key upcoming milestones (calendar quarters):
- Initiate otenaproxesul PK/PD clinical studies – Q1 2022
(underway)
- Complete comprehensive market opportunity and reimbursement
study – Q2 2022
- Identify lead IBD candidate– Q3 2022
- Determine optimal treatment regimens for otenaproxesul – Q3
2022
- Initiate otenaproxesul Phase II bunionectomy trial – Q4
2022
Financial Results
Cash Position: As of December 31, 2021, the Company had
an available cash balance totaling $58.6 million, compared to $72.0
million as at March 31, 2021. The Company reported an available
cash balance of $60.5 million for the quarter ended September 30,
2021.
Net Loss: For the quarter ended December 31, 2021, net
loss amounted to $4.8 million ($0.09 per share), compared to $6.5
million ($0.17 per share) for the same period in fiscal 2021.
Research and Development Expenses: Research and
development expenses, net of research tax credits, amounted to $2.5
million for the quarter ended December 31, 2021, compared to $3.4
million for fiscal Q3 2021.
General and Administrative Expenses: General and
administrative expenses totaled $1.3 million for the quarter ended
December 31, 2021, compared to $1.6 million in fiscal Q3 2021.
The Company's unaudited fiscal Q3 2022 condensed interim
financial statements and MD&A will be available shortly 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/20220214005249/en/
Antibe Therapeutics Inc. Christina Cameron VP Investor Relations
+1 416-577-1443 christina@antibethera.com
Antibe Therapeutics (TSX:ATE)
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