MONTREAL, QUEBEC–(Marketwired – Nov 16, 2015) – Knight Therapeutics Inc. (TSX:GUD) (“Knight”), a leading Canadian specialty pharmaceutical company, announced today that it has purchased $500,000 of senior secured convertible debentures (the “Debentures”) offered by Antibe Therapeutics Inc. (“Antibe”) (TSX VENTURE:ATE)(OTCQX:ATBPF) as part of a $2.6 million private placement. The proceeds will be used to further the development of Antibe’s novel anti-inflammatory drug pipeline and to fuel the growth of Antibe following its October 16, 2015 acquisition of Citagenix Inc., a Montreal-based sales and distribution company with a focus on regenerative medicine.
The Debentures will mature on October 15, 2018, bear interest at a rate of 10% per year, are convertible at Knight’s option into common shares of Antibe at a price of $0.22 per share and are secured by the assets of Antibe. In addition, Knight received 1,000,000 warrants to purchase common shares of Antibe which are each exercisable until October 15, 2018 for the purchase of one common share of Antibe at a price of $0.31.
In conjunction with the private placement, Knight entered into an exclusive long-term license and distribution agreement with Antibe to commercialize its anti-inflammatory and pain drugs along with other future Antibe products in Canada, Israel, Romania, Russia and sub-Saharan Africa.
Jonathan Ross Goodman, President and CEO of Knight served on Antibe’s Board of Directors from June 2013 until February 2015. He commented: “Knight is pleased to support Antibe as they grow and diversify their operations starting with the recent acquisition of Citagenix.”
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 non-steroidal anti-inflammatory drug (NSAID) for chronic pain and inflammation. ATB-352, the second drug in Antibe’s pipeline, targets the urgent global need for a safer analgesic for treating severe acute pain, while ATB-340 is a GI-safe derivative of aspirin.
About Knight Therapeutics Inc.
Knight Therapeutics Inc., headquartered in Montreal, Canada, is a specialty pharmaceutical company focused on acquiring or in-licensing innovative pharmaceutical products for the Canadian and select international markets. Knight Therapeutics Inc.’s shares trade on TSX under the symbol GUD. For more information about Knight Therapeutics Inc., please visit the company’s web site at www.gud-knight.com or www.sedar.com.
This document contains forward-looking statements for Knight Therapeutics Inc. and its subsidiaries. These forward looking statements, by their nature, necessarily involve risks and uncertainties that could cause actual results to differ materially from those contemplated by the forward-looking statements. Knight Therapeutics Inc. considers the assumptions on which these forward-looking statements are based to be reasonable at the time they were prepared, but cautions the reader that these assumptions regarding future events, many of which are beyond the control of Knight Therapeutics Inc. and its subsidiaries, may ultimately prove to be incorrect. Factors and risks, which could cause actual results to differ materially from current expectations are discussed in Knight Therapeutics Inc.’s Annual Report and in Knight Therapeutics Inc.’s Annual Information Form for the year ended December 31, 2014. Knight Therapeutics Inc. disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information or future events, except as required by law.