Acquisition of Citagenix creates a diversified healthcare products company with annual revenues of approximately C$10 million.
TORONTO, ONTARIO — (Oct 16, 2015) — Antibe Therapeutics Inc. (“Antibe” or the “Company”) (TSXV: ATE, OTCQX: ATBPF) announces that it has completed the acquisition of an 85% interest in Citagenix Inc. (“Citagenix”), a Montreal-based sales and distribution company with a focus on regenerative medicine, and has completed a first closing of its non-brokered private placement of convertible debentures and warrants. The Citagenix acquisition and the private placement were previously announced in Antibe’s news release of October 6, 2015.
Antibe purchased 85% of the common shares and 100% of the preferred shares of Citagenix. The Citagenix share vendors have entered into lock-up agreements respecting the Antibe common shares that they received as consideration, with 25% of such shares to be released today, and an additional 25% to be released 6 months, 9 months and 12 months from today’s closing. Antibe has agreed to purchase the remaining common shares of Citagenix subject to that vendor clearing a Personal Information Form (“PIF”) with the TSX Venture Exchange. Further information concerning the vendor of the remaining Citagenix shares will be disclosed in a subsequent news release following clearance of the PIF.
Antibe also completed today a first closing of its non-brokered private placement of senior secured convertible debentures (the “Debentures”) and warrants (the “Warrants”) to the Bloom Burton Healthcare Lending Trust raising gross proceeds of $1.80 million. The Debentures have a term of three years, bear interest at a rate of 10% per year, are convertible at the option of the holder into common shares of Antibe at a price of $0.22 per share and are secured by the assets of Antibe. Purchasers of the Debentures were issued an aggregate of 3,600,000 Warrants to purchase common shares of Antibe. The Warrants are each exercisable for the purchase of one common share of Antibe at a price of $0.31 for a period of 3 years. The Debentures, the Warrants and the underlying shares are subject to a securities law hold period expiring on February 16, 2016.
For further details concerning the Citagenix acquisition and the private placement, please see Antibe’s news release of October 6, 2015.
Each of the Citagenix acquisition and the offering of the Convertible Debentures and Warrants is subject to the final approval of the TSX Venture Exchange.
About Antibe Therapeutics Inc.
Antibe develops safer medicines for pain and inflammation. Antibe’s technology involves linking a hydrogen sulfide-releasing molecule to an existing drug to produce a patented, improved medicine. Antibe’s lead drug ATB-346 targets the global need for a safer drug for chronic pain and inflammation. ATB-352, the second drug in Antibe’s pipeline, targets the urgent global need for a safer, non-addictive analgesic for treating severe acute pain, while ATB-340 is a GI-safe derivative of aspirin. www.antibethera.com
Antibe’s subsidiary, Citagenix Inc. (“Citagenix”), is a leader in the sales and marketing of tissue regenerative products servicing the orthopedic and dental marketplaces. Since its inception in 1997, Citagenix has become an important source of knowledge and experience for bone regeneration in the Canadian medical device industry. Citagenix is active in 15 countries, operating in Canada through its direct sales teams, and internationally via a network of distributor partnerships. www.citagenix.com
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Forward-Looking Information
This news release includes certain forward-looking statements, which may include, but are not limited to, the growth of product sales, engaging new distributors and independent representatives, the completion of financing transactions and the licensing and development of drugs and medical devices. 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 expressions. 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 ability to secure additional financing, its inability to execute its business strategy and successfully compete in the market, and risks associated with drug and medical device development generally. Antibe Therapeutics Inc. 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.
Contact Information
Antibe Therapeutics Inc.
Dan Legault
Chief Executive Officer
Tel: +1 416-473-4095
dan.legault@antibethera.com