Antibe Therapeutics Announces Closing of $28.75 Million Bought Deal Offering

Toronto, Ontario--(Newsfile Corp. - June 30, 2020) - Antibe Therapeutics Inc. (TSXV: ATE) ("Antibe" or the "Company") announced that it closed its previously announced bought deal public offering of 62,500,000 units of the Company (the "Units") at a price of $0.40 per Unit (the "Offering Price") plus the exercise in full of the Underwriters' over-allotment option of 9,375,000 units for aggregate gross proceeds of $28,750,000 (the "Offering"). The Offering was made pursuant to an underwriting agreement dated June 15, 2020 with a syndicate of underwriters led by Bloom Burton Securities Inc., together with Echelon Wealth Partners Inc., Paradigm Capital Inc., Raymond James Ltd., Stifel GMP and Industrial Alliance Securities Inc. (collectively, the "Underwriters").

Each Unit was comprised of one common share of the Company (a "Common Share") and one-third of one common share purchase warrant. Each full warrant is exercisable to purchase one Common Share at any time prior to June 30, 2022 at a price of $0.60 per Common Share.

The Units were offered and sold by way of a short form prospectus filed in each of the provinces of Alberta, British Columbia, Manitoba, Ontario, and Saskatchewan. The Company intends to use the net proceeds of the Offering to fund certain activities required to support large market partnering and begin the Phase 3 program for ATB-346, for business development activities, and for advancing the other drugs in the Company's pipeline including ATB-352. The remainder of the net proceeds will be used for working capital and general corporate purposes.

As consideration for the services rendered by the Underwriters in connection with the Offering, the Company has paid the Underwriters a cash commission equal to 7% of the gross proceeds raised under the Offering and has granted the Underwriters non-transferable broker warrants equal to 7% of the number of Units sold under the Offering, exercisable at any time prior to June 30, 2022 at an exercise price equal to the Offering Price.

This press release does not constitute an offer to sell or a solicitation of an offer to buy the Units in any jurisdiction, nor will there be any offer or sale of the Units in any jurisdiction in which such offer, solicitation or sale would be unlawful. The Units have not and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act"), or any U.S. state securities laws and, therefore, may not be offered or sold to, or for the benefit or account of, persons within the United States or "U.S. persons" (as such term is defined in Regulation S under the U.S. Securities Act) except pursuant to exemptions from the registration requirements of the U.S. Securities Act and applicable state securities laws.

About Antibe Therapeutics Inc.

Antibe develops safer, non-addictive medicines for pain and inflammation. Antibe's technology involves the linking of a hydrogen sulfide-releasing molecule to an existing drug to produce an improved medicine. Antibe's lead drug, ATB-346, targets the global need for a safer, non-addictive drug for chronic pain and inflammation. ATB-352, the second drug in Antibe's pipeline, targets the urgent global need for a non-addictive analgesic for treating post-surgical pain, while ATB-340 is a GI-safe derivative of aspirin. Citagenix Inc., an Antibe subsidiary, is a market leader and worldwide distributor of regenerative medicine products for the dental marketplace. www.antibethera.com.

Forward Looking Information

This news release contains certain "forward-looking information" as such term is defined under applicable Canadian securities laws. All statements, other than statements of historical fact, that address activities, events or developments that the Company believes, expects or anticipates will or may occur in the future (including, without limitation, statements relating to the Offering generally, the terms thereof and the use or proceeds from the Offering) constitute forward-looking information. This forward-looking information reflects the current expectations or beliefs of the Company based on information currently available to the Company as well as certain assumptions including, without limitation, the Company's 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. Forward-looking information is subject to a number of significant risks and uncertainties and other factors that may cause the actual results of the Company to differ materially from those discussed in the forward-looking information, and even if such actual results are realized or substantially realized, there can be no assurance that they will have the expected consequences to, or effects on the Company. Factors that could cause actual results or events to differ materially from current expectations include, but are not limited to, the Company's 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, if at all, whether as a result of market conditions or otherwise. Reference is also made to the risk factors disclosed under the heading "Risk factors" in the Company's annual information form for the year ended March 31, 2019 which has been filed on SEDAR and is available under the Company's profile at www.sedar.com.

The TSX Venture Exchange has in no way passed upon the merits of the Offering and has neither approved nor disapproved the contents of this press release. 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.

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THROUGH U.S. NEWSWIRE SERVICES

CONTACT:
Antibe Therapeutics Inc.
Christina Cameron
VP Investor Relations
+1 416-922-3460
christina@antibethera.com

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/58886

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