Antibe Therapeutics Inc. ("Antibe") (TSXV:ATE, OTCQX:ATBPF) today announced that its subsidiary Citagenix Inc. (“Citagenix”) has launched PentOS OI™ Putty, the first product of a new family of bone graft substitutes that have a proven ability to form bone. PentOS OI™ Putty will be available to oral and maxillofacial surgery customers and will be joined by three additional PentOS OI™ products that are expected to launch in the coming months: PentOS OI™ Flex, PentOS OI™ Sponge and PentOS OI™ Fill.
PentOS OI™ Putty is a demineralized bone matrix (“DBM”) made from 100% human bone and does not contain any extrinsic carriers. All of our PentOS OI™ grafts are verified for osteo-inductivity prior to distribution to ensure that each graft facilitates bone formation. Independent in vivo testing (post-sterilization) demonstrates all five elements of bone formation are present in our PentOS OI™ grafts: chondrocytes, osteocytes, bone marrow cells, cartilage, and new bone. In vitro tests of PentOS OI™ demonstrate levels of bone morphogenetic protein-2 (“BMP”) up to 19-times the control levels.
"The launch of PentOS supports our strategy of building the ‘portfolio of choice’ for dental surgeons by offering a highly osteo-inductive DBM at a competitive price,” said Dan Legault, Antibe’s CEO. We are excited about additional product launches in the coming quarters and remain committed to executing new business and product development opportunities that leverage our commercial platform.”
PentOS OI™ Putty will be offered in the Canadian market through our direct sales force and globally via our network of distribution partners. To learn more about the PentOS OI™ suite of products, please visit the product website: www.PentOS-OI.com.
In addition, Antibe announces that it has elected to pay in-kind all interest due April 15, 2016 under the Company’s 10% senior secured convertible debentures due October 15, 2018 (the "Debentures"). The Debentures provide that Antibe may, at its sole option, elect to pay in-kind certain interest payments.
The aggregate April 15, 2016 interest payment under the Debentures in the amount of $77,587.19 has been added to the principal amount of the Debentures (the "Added Principal Amount"). The holders of Debentures may convert the principal amount of each Debenture into Antibe common shares at a price of $0.22 per common share. As a result of the addition of the Added Principal Amount to the principal amount of the Debentures, an additional 352,683 common shares in the capital of Antibe will be issuable on the conversion of the principal amount of the Debentures.
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-addictive drug 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. 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 the largest source of knowledge and experience in the Canadian medical device industry. Citagenix Inc. is active in 15 countries, operating in Canada through its direct sales teams, and internationally via a network of distributor partnerships. www.citagenix.com.
Forward Looking Information
This news release includes certain forward-looking statements, which may include, but are not limited to, 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, failure to satisfy closing conditions for the transactions, not obtaining future financing on adequate terms, or at all, failure to obtain TSX Venture Exchange approval for the transactions described herein, 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.
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