Millions of people all over the world deal with arthritic pain. In fact, just in the U.S., the Centers for Disease Control and Prevention (CDC), says about 23% of adults are dealing with it. Nearly 24 million are limited with their activities because of it, with about 25% of people reporting severe joint pain. To treat it, millions turn to NSAIDs, or non-steroidal anti-inflammatory drugs, which can actually make things far worse with potential gastrointestinal (GI) issues and intestinal injuries in some cases. However, companies like
Antibe Therapeutics Inc.
(TSX: ATE) (OTCQX: ATBPF),
Amgen Inc.
(NASDAQ:AMGN),
Edesa Biotech Inc.
(NASDAQ:EDSA),
Aclaris Therapeutics Inc.
(NASDAQ:ACRS), and
Bristol-Myers Squibb Co.
(NYSE:BMY) are looking for better, safer options.
With Antibe Therapeutics, for example, the company’s otenaproxesul is a hydrogen sulfide-releasing analog of naproxen, a widely used NSAID. While naproxen can allegedly cause gastrointestinal (GI) side effects, otenaproxesul has already demonstrated strong efficacy and limited GI side effects in Phase IIb trials with osteoarthritis (OA) patients.
Here’s More About Antibe Therapeutics Inc. (TSX: ATE)(OTCQX: ATBPF)
Antibe Therapeutics Inc., a clinical stage company leveraging its hydrogen sulfide platform to develop next-generation safer therapies for a wide range of inflammatory conditions, today announced that the boards of directors of Antibe and Antibe Holdings Inc. have agreed to combine the companies in an amalgamation transaction pursuant to which shareholders of Holdings will receive common shares of the Company in exchange for their shares of Holdings. This agreement follows negotiations originally announced in December 2020.
“This is a desirable outcome for all parties,” commented Dan Legault, Antibe’s CEO. “With this agreement, we’ve unlocked value by providing potential partners and institutional investors with a straightforward, unified IP base for our drugs and platform. We’ve also extinguished a significant royalty commitment, amounting to 15% of licensing revenues from our pipeline drugs. As we accelerate our partnering efforts for the large markets, we expect this agreement to strengthen our position and expand our options for monetization.”
The Company was founded with an exclusive IP license from Holdings to develop and commercialize the Company’s pipeline drugs. The license obligated the Company to pay royalties to Holdings on future revenues derived from this IP. Under the terms of the agreement announced today, the Company will acquire full ownership of Holdings’ patent portfolio, eliminating the royalty liability on future revenues. The companies will be combined in a three-cornered amalgamation transaction pursuant to which Holdings will amalgamate with a newly- incorporated subsidiary of the Company.
In consideration, the Company will issue an aggregate of approximately 5,872,000 common shares to acquire all of the issued and outstanding shares of Holdings, following which Holdings will cease to exist. These new shares will account for approximately 11.4% of the ownership of Antibe Therapeutics on a post-transaction basis. Shares issued to Company insiders, who collectively own approximately 37.5% of the outstanding shares of Holdings, will be subject to lockup agreements with half of them to be released 120 days after closing and the balance to be released 240 days after closing.
The Company and Holdings have received opinions from independent financial advisory firms that the terms of the amalgamation are fair, from a financial point of view, to the shareholders of the respective companies. The transaction is expected to close on or about May 31, 2021 and is subject to approval by Holdings shareholders. The Toronto Stock Exchange has conditionally approved the issuance of shares by the Company pursuant to the amalgamation, subject to receipt of standard documentation.
Other related developments from around the markets include:
Amgen Inc.
will present at the
2021 Bank of America Merrill Lynch Virtual Healthcare Conference
at 11:00 a.m. ET on Tuesday, May 11, 2021. David M. Reese, M.D., executive vice president of Research and Development, Murdo Gordon, executive vice president of Global Commercial Operations and Peter H. Griffith, executive vice president and chief financial officer at Amgen, will present at the conference. Live audio of the conference call will be broadcast over the internet simultaneously and will be available to members of the news media, investors and the general public.
Edesa Biotech Inc.
, a clinical-stage biopharmaceutical company focused on inflammatory and immune-related diseases, announced that it has entered into a
definitive license agreement
under which the company, through a subsidiary, has acquired additional global rights to a non-steroidal anti-inflammatory technology that forms the basis of the company’s EB01 and EB02 drug candidates.
Aclaris Therapeutics Inc.,
a clinical-stage biopharmaceutical company focused on developing novel drug candidates for immuno-inflammatory diseases, announced that it has completed
enrollment in its Phase 2a clinical trial of ATI-1777
, an investigational topical “soft” Janus kinase (JAK) 1/3 inhibitor, for the potential treatment of moderate to severe atopic dermatitis (AD) (ATI-1777-AD-201). ATI-1777-AD-201 is a Phase 2a, multicenter, randomized, double-blind, vehicle-controlled, parallel-group clinical trial to determine the efficacy, safety, tolerability and pharmacokinetics of ATI-1777 in subjects with moderate to severe AD. Subjects will apply ATI-1777 or vehicle twice daily for 4 weeks. The primary endpoint is the percentage change from baseline in the Eczema Area and Severity Index (EASI) score at week 4.
Bristol-Myers Squibb Co.
announced that the company will participate in a fireside chat at the 2021 Bank of America Securities Virtual Health Care Conference, which will be webcast on Tuesday, May 11, 2021.
Chris Boerner, Ph.D., Executive Vice President, Chief Commercialization Officer
will answer questions about the company at 5 p.m. ET.
Legal Disclaimer / Except for the historical information presented herein, matters discussed in this article contains forward-looking statements that are subject to certain risks and uncertainties that could cause actual results to differ materially from any future results, performance or achievements expressed or implied by such statements. Winning Media is not registered with any financial or securities regulatory authority and does not provide nor claims to provide investment advice or recommendations to readers of this release. For making specific investment decisions, readers should seek their own advice. Antibe Therapeutics Inc. has paid three thousand five hundred dollars for advertising and marketing services to be distributed by Winning Media. Winning Media is only compensated for its services in the form of cash-based compensation. Winning Media owns ZERO shares of Antibe Therapeutics Inc.
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