{"id":434932,"date":"2021-02-12T07:03:37","date_gmt":"2021-02-12T12:03:37","guid":{"rendered":"http:\/\/www.marketnewsdesk.com\/?p=434932"},"modified":"2021-02-12T07:03:37","modified_gmt":"2021-02-12T12:03:37","slug":"antibe-therapeutics-reports-q3-2021-interim-financial-and-operating-results","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/antibe-therapeutics-reports-q3-2021-interim-financial-and-operating-results\/","title":{"rendered":"Antibe Therapeutics Reports Q3 2021 Interim Financial and Operating Results"},"content":{"rendered":"<p>        <!--.bwalignc { text-align: center; list-style-position: inside }\n.bwlistdisc { list-style-type: disc }body {font:normal small Arial,Helvetica,sans-serif;color:#000;background-color:#fff;padding:24px;margin:0;} a img {border:0;} h3 {font-size:medium;color:#000;margin:0 0 1em 0; text-align:center;}-->  <\/p>\n<p class=\"bwalignc\"><b>Antibe Therapeutics Reports Q3 2021 Interim Financial and Operating Results<\/b><\/p>\n<p>TORONTO&#8211;(<a href=\"http:\/\/www.businesswire.com\">BUSINESS WIRE<\/a>)&#8211;<br \/>\nAntibe Therapeutics Inc. (TSX: ATE, OTCQB: ATBPF), a clinical stage company leveraging its unique hydrogen sulfide platform to develop safer medicines for pain and inflammation, today filed its financial and operating results for the fiscal quarter ended December 31, 2020.\n<\/p>\n<p>\n\u201cWe had a busy quarter and made excellent progress on a number of fronts,\u201d commented Dan Legault, Antibe\u2019s CEO. \u201cWith our Phase III preparations on track, we intensified our focus on the strategic monetization of otenaproxesul, culminating in an exclusive license with Nuance Pharma in China earlier this week. We\u2019ve also strengthened our capital markets positioning by graduating to the TSX, completing the consolidation of our shares, expanding our institutional outreach, and appointing two senior U.S. directors.\u201d\n<\/p>\n<p><b>Business Highlights<\/b><\/p>\n<p><i>Otenaproxesul, lead product candidate entering Phase III trials for osteoarthritis pain<\/i><\/p>\n<ul class=\"bwlistdisc\">\n<li>\nInitiated six Phase III-enabling animal toxicology studies\n<\/li>\n<li>\nCommissioned and completed an in-depth partner targeting study by recently retained global life science transaction firm\n<\/li>\n<li>\nCompleted a strategic licensing deal with Nuance Pharma for the commercialization of otenaproxesul in the Greater China region, with milestone payments totaling US$100 million and a double-digit royalty\n<\/li>\n<\/ul>\n<p><i>Broader pipeline including ATB-352 for peri-operative pain and ATB-340, a GI-safe alternative to aspirin<\/i><\/p>\n<ul class=\"bwlistdisc\">\n<li>\nCompleted third party market study of peri-operative pain drug opportunity, projecting a peak annual sales potential of US$800 million\n<\/li>\n<li>\nIdentified the first candidate drug molecule (targeting inflammatory bowel disease) originating from the Company\u2019s pipeline expansion initiatives\n<\/li>\n<\/ul>\n<p><i>Corporate<\/i><\/p>\n<ul class=\"bwlistdisc\">\n<li>\nAppointed Robert Hoffman and Jennifer McNealey to the Company\u2019s Board of Directors\n<\/li>\n<li>\nRecruited Dr. Don Haut to the Company\u2019s Partnering Advisory Team\n<\/li>\n<li>\nGraduated to the Toronto Stock Exchange and completed a share consolidation\n<\/li>\n<li>\nInitiated efforts to unify the intellectual property ownership of the Company\u2019s drugs and platform\n<\/li>\n<\/ul>\n<p><b>Financial Results<\/b><\/p>\n<p><b>Cash Position:<\/b> As of December 31, 2020, the Company had an available cash balance totaling $15.4 million, compared to $6.2 million at March 31, 2020. Subsequent to the end of the quarter, Antibe announced a license for otenaproxesul to Nuance Pharma that provides for a US$20 million upfront payment.\n<\/p>\n<p><b>Revenue: <\/b>For the quarter ended December 31, 2020, revenue totaled $2.8 million, compared to $2.6 million for the same period in fiscal 2020. All revenue was due to the Company\u2019s subsidiary, Citagenix and the increase was driven by higher sales in the United States.\n<\/p>\n<p><b>Net Loss: <\/b>For the quarter ended December 31, 2020, net loss amounted to $6.5 million ($0.17 per share), compared to $4.2 million ($0.15 per share) for the same period in fiscal 2020.\n<\/p>\n<p><b>Research and Development Expenses: <\/b>Research and development expenses, net of research tax credits, amounted to $3.4 million for the quarter ended December 31, 2020, compared to $1.6 million for the same period in fiscal 2020. The increase was primarily due to higher development costs and professional and consulting fees for non-clinical development studies for otenaproxesul.\n<\/p>\n<p><b>General and Administrative Expenses: <\/b>General and administrative expenses amounted to $2.0 million for the quarter ended December 31, 2020, compared to $1.5 million for the same period in fiscal 2020. The increase was primarily due to higher salaries, professional and consulting fees and office costs partly offset by lower other costs.\n<\/p>\n<p><b>Sales and Marketing Expenses: <\/b>Sales and marketing expenses amounted to $0.9 million for the quarter ended December 31, 2020, compared to $1.0 million for the same period in fiscal 2020. The decrease consisted of lower salaries and commissions, travel and entertainment costs and advertising and promotions costs.\n<\/p>\n<p>\nWith the divestiture of a Citagenix subsidiary (BMT Medizintechnik GmbH) during the quarter, the above-stated financial results reflect continuing operations. The Company&#8217;s unaudited fiscal Q3 2021 condensed interim consolidated financial statements and MD&amp;A will be available shortly on SEDAR.\n<\/p>\n<p><b>About Antibe Therapeutics Inc.<\/b><\/p>\n<p>\nAntibe is leveraging its proprietary hydrogen sulfide platform to develop next-generation safer therapies to address inflammation arising from a wide range of medical conditions. Antibe\u2019s current pipeline includes three assets that seek to overcome the gastrointestinal (\u201cGI\u201d) ulcers and bleeding associated with nonsteroidal anti-inflammatory drugs (\u201cNSAIDs\u201d). Antibe\u2019s lead drug, otenaproxesul (formerly ATB-346), is entering Phase III for osteoarthritis pain. Additional assets under development include a safer alternative to opioids for peri-operative pain, and a GI-safe alternative to low-dose aspirin. The Company\u2019s next target is inflammatory bowel disease (\u201cIBD\u201d), a condition long in need of safer, more effective therapies. Learn more at <a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=http%3A%2F%2Fantibethera.com&amp;esheet=52378253&amp;newsitemid=20210212005107&amp;lan=en-US&amp;anchor=antibethera.com&amp;index=1&amp;md5=f585ead3f8f2318dfcea6aa728ea60e2\">antibethera.com<\/a>.\n<\/p>\n<p><b>Forward Looking Information<\/b><\/p>\n<p>\nThis news release includes certain forward-looking statements, which may include, but are not limited to, the proposed 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 &#8220;will&#8221;, &#8220;anticipate&#8221;, &#8220;believe&#8221;, &#8220;plan&#8221;, &#8220;estimate&#8221;, &#8220;expect&#8221;, &#8220;intend&#8221;, &#8220;propose&#8221; 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\u2019s inability to secure additional financing and licensing arrangements on reasonable terms, or at all, 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 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.\n<\/p>\n<p><img decoding=\"async\" alt=\"\" src=\"https:\/\/cts.businesswire.com\/ct\/CT?id=bwnews&amp;sty=20210212005107r1&amp;sid=flmnd&amp;distro=nx&amp;lang=en\" style=\"width:0;height:0\" \/><span class=\"bwct31415\" \/><\/p>\n<p id=\"mmgallerylink\"><span id=\"mmgallerylink-phrase\">View source version on businesswire.com: <\/span><span id=\"mmgallerylink-link\"><a href=\"https:\/\/www.businesswire.com\/news\/home\/20210212005107\/en\/\" rel=\"nofollow\">https:\/\/www.businesswire.com\/news\/home\/20210212005107\/en\/<\/a><\/span><\/p>\n<p>\nAntibe Therapeutics Inc.<br \/>\n<br \/>Christina Cameron<br \/>\n<br \/>VP Investor Relations<br \/>\n<br \/>+1 416-922-3460<br \/>\n<br \/><a rel=\"nofollow\" href=\"mailto:christina@antibethera.com\">christina@antibethera.com<\/a><\/p>\n<p>\nStern Investor Relations<br \/>\n<br \/>Courtney Turiano<br \/>\n<br \/>+1 212-362-1200<br \/>\n<br \/><a rel=\"nofollow\" href=\"mailto:courtney.turiano@sternir.com\">courtney.turiano@sternir.com<\/a><\/p>\n<p><b>KEYWORDS:<\/b> North America Canada<\/p>\n<p><b>INDUSTRY KEYWORDS:<\/b> Biotechnology Pharmaceutical Health Clinical Trials<\/p>\n<p><b>MEDIA:<\/b><\/p>\n<table cellpadding=\"3\" cellspacing=\"3\">\n<tr>\n<td><font face=\"Arial\" size=\"2\"><b>Logo<\/b><\/font><\/td>\n<\/tr>\n<tr>\n<td><img decoding=\"async\" src=\"https:\/\/mms.businesswire.com\/media\/20210212005107\/en\/718346\/3\/ANTIBE-logo-RGB.jpg\" alt=\"Logo\" \/><\/td>\n<\/tr>\n<tr>\n<td><font face=\"Arial\" size=\"2\"><\/font><\/td>\n<\/tr>\n<\/table>\n","protected":false},"excerpt":{"rendered":"<p>Antibe Therapeutics Reports Q3 2021 Interim Financial and Operating Results TORONTO&#8211;(BUSINESS WIRE)&#8211; Antibe Therapeutics Inc. (TSX: ATE, OTCQB: ATBPF), a clinical stage company leveraging its unique hydrogen sulfide platform to develop safer medicines for pain and inflammation, today filed its financial and operating results for the fiscal quarter ended December 31, 2020. \u201cWe had a busy quarter and made excellent progress on a number of fronts,\u201d commented Dan Legault, Antibe\u2019s CEO. \u201cWith our Phase III preparations on track, we intensified our focus on the strategic monetization of otenaproxesul, culminating in an exclusive license with Nuance Pharma in China earlier this week. We\u2019ve also strengthened our capital markets positioning by graduating to the TSX, completing the consolidation of our shares, expanding &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/www.marketnewsdesk.com\/index.php\/antibe-therapeutics-reports-q3-2021-interim-financial-and-operating-results\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;Antibe Therapeutics Reports Q3 2021 Interim Financial and Operating Results&#8221;<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-434932","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.5 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Antibe Therapeutics Reports Q3 2021 Interim Financial and Operating Results - Market Newsdesk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.marketnewsdesk.com\/index.php\/antibe-therapeutics-reports-q3-2021-interim-financial-and-operating-results\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Antibe Therapeutics Reports Q3 2021 Interim Financial and Operating Results - Market Newsdesk\" \/>\n<meta property=\"og:description\" content=\"Antibe Therapeutics Reports Q3 2021 Interim Financial and Operating Results TORONTO&#8211;(BUSINESS WIRE)&#8211; Antibe Therapeutics Inc. (TSX: ATE, OTCQB: ATBPF), a clinical stage company leveraging its unique hydrogen sulfide platform to develop safer medicines for pain and inflammation, today filed its financial and operating results for the fiscal quarter ended December 31, 2020. \u201cWe had a busy quarter and made excellent progress on a number of fronts,\u201d commented Dan Legault, Antibe\u2019s CEO. \u201cWith our Phase III preparations on track, we intensified our focus on the strategic monetization of otenaproxesul, culminating in an exclusive license with Nuance Pharma in China earlier this week. 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(TSX: ATE, OTCQB: ATBPF), a clinical stage company leveraging its unique hydrogen sulfide platform to develop safer medicines for pain and inflammation, today filed its financial and operating results for the fiscal quarter ended December 31, 2020. \u201cWe had a busy quarter and made excellent progress on a number of fronts,\u201d commented Dan Legault, Antibe\u2019s CEO. \u201cWith our Phase III preparations on track, we intensified our focus on the strategic monetization of otenaproxesul, culminating in an exclusive license with Nuance Pharma in China earlier this week. We\u2019ve also strengthened our capital markets positioning by graduating to the TSX, completing the consolidation of our shares, expanding &hellip; Continue reading \"Antibe Therapeutics Reports Q3 2021 Interim Financial and Operating Results\"","og_url":"https:\/\/www.marketnewsdesk.com\/index.php\/antibe-therapeutics-reports-q3-2021-interim-financial-and-operating-results\/","og_site_name":"Market Newsdesk","article_published_time":"2021-02-12T12:03:37+00:00","og_image":[{"url":"https:\/\/cts.businesswire.com\/ct\/CT?id=bwnews&amp;sty=20210212005107r1&amp;sid=flmnd&amp;distro=nx&amp;lang=en","type":"","width":"","height":""}],"author":"Newsdesk","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Newsdesk","Est. reading time":"5 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.marketnewsdesk.com\/index.php\/antibe-therapeutics-reports-q3-2021-interim-financial-and-operating-results\/#article","isPartOf":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/antibe-therapeutics-reports-q3-2021-interim-financial-and-operating-results\/"},"author":{"name":"Newsdesk","@id":"https:\/\/www.marketnewsdesk.com\/#\/schema\/person\/482f27a394d4fda80ecb5499e519d979"},"headline":"Antibe Therapeutics Reports Q3 2021 Interim Financial and Operating Results","datePublished":"2021-02-12T12:03:37+00:00","mainEntityOfPage":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/antibe-therapeutics-reports-q3-2021-interim-financial-and-operating-results\/"},"wordCount":940,"image":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/antibe-therapeutics-reports-q3-2021-interim-financial-and-operating-results\/#primaryimage"},"thumbnailUrl":"https:\/\/cts.businesswire.com\/ct\/CT?id=bwnews&amp;sty=20210212005107r1&amp;sid=flmnd&amp;distro=nx&amp;lang=en","inLanguage":"en-US"},{"@type":"WebPage","@id":"https:\/\/www.marketnewsdesk.com\/index.php\/antibe-therapeutics-reports-q3-2021-interim-financial-and-operating-results\/","url":"https:\/\/www.marketnewsdesk.com\/index.php\/antibe-therapeutics-reports-q3-2021-interim-financial-and-operating-results\/","name":"Antibe Therapeutics Reports Q3 2021 Interim Financial and Operating Results - 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