Seems like my feelings of being underwhelmed weren't alone this morning. I agree we shouldn't have expected the doors to have been blown off though. But after rereading the update a little slower on my laptop instead of my phone I've trimmed back a lot of the fluff. The key is to read it in Dan's "under promise, over deliver" kind of tone. I will very comfortably hold all my shares for the next 12 months stress free
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"We are also encouraged by the response to our U.S. institutional outreach, further validating our strategy for unlocking the value of our assets as we move toward a potential listing on a senior U.S. exchange." Nothing new here but this is the crux of the update and it's a slow process so we shouldn't be upset.
"Otenaproxesul’s Phase III preparations remain on schedule. With eight Phase III-enabling animal studies finished and a further two to complete." That's a lot of work completed, everything within Antibe's power is being accomplished, the clinical trials in the US and delay from Americans not social distancing is not their fault.
"As planned, we will be submitting otenaproxesul’s IND (“Investigational New Drug”) application to the U.S. FDA within weeks." Good, and it keeps with the timeline we planned.
"In the interim, and supported by our strong balance sheet, we are taking the opportunity to perform an enhanced version of the previously planned absorption, metabolism and excretion (“AME”) study which is set to begin in Canada this quarter. In addition to providing valuable information for potential partners, this 6-week study (which includes 2 weeks of follow-up monitoring) will further de-risk dose selection for our Phase III program, while also supplying pharmacokinetic data required for drug marketing approval." I glossed over this the first time but that's low key a big deal and efficient for us to conduct now while the clinical trial is delayed. We're using the time effectively to help negotiations we are in.
"ATB-352 study provided important input for trial design and confirmed the large unmet medical need for a gastrointestinal-safe NSAID for acute pain, projecting peak year sales exceeding US$800 million in the U.S. alone." A BILLION! A BILLION CANADIAN DOLLARS PER YEAR IN THE US ALONE! This is why I love the company, Otena deserves all the focus it is getting as it's an ace, but 352 is a second ace! We've got pocket rockets baby!
"New molecules and fresh intellectual property. Our first candidate for in vivo testing targets inflammatory bowel disease (“IBD”). More than three million U.S. adults suffer from this condition, long in need of safe and more effective first-line treatments. Previous work with hydrogen sulfide-releasing substances has shown encouraging results in animal models of IBD." If you captured a third of the market and got $1000 per customer that's another BILLION with proof of concept in hand already
"This month’s launch of our large market partnering program, spearheaded by Dr. Rami Batal, our Chief Commercial Officer, and Ella Korets-Smith, our Head of Regional Business Development. The formal outreach process has commenced and we will report material developments as they occur." We're 11 days into the month, let's take it slow.
"Further supporting our partnering activities and in preparation for a potential listing on a senior U.S. exchange, Antibe recently initiated efforts to unify the intellectual property (“IP”) ownership of our drugs and platform. We believe that full control of the underlying IP would unlock value for potential partners and investors while simplifying IP protection for our pipeline expansion efforts.
In addition, we will soon upgrade our current U.S. OTC listing to the “QX” level from its current “QB” designation. These initiatives complement our recent graduation to the TSX, share consolidation and the appointment of U.S.-based directors." We WILL get on the NASDAQ and even if not, upgrading on the OTC is still an under appreciated accomplishment!