Antibe Therapeutics Inc (CVE:ATE) (OTCMKTS:ATBPF) updated shareholders Thursday on the progress of its study on its lead drug ATB-346, a novel painkiller being developed as an alternative to currently available opioids.
The Toronto-based company’s ongoing Phase 2B study is looking at the effectiveness of the drug in reducing osteoarthritis pain in 360 patients.
The biotech company is now running the largest number of sites for any clinical trial conducted in Canada after activating an additional five sites recently, bringing the total number of clinical sites to 40.
Total enrollment recently surpassed 70% and patient recruitment has accelerated, Antibe told shareholders.
READ: Antibe Therapeutics is ready for a big push as it progresses pain management drug through clinical trials
CEO Dan Legault said the company was “pleased” with the conduct of the study despite slower enrollment than initially anticipated.
“We’ve taken extra measures to expedite the completion of enrollment, but with the inevitable slowdown during the holiday season, we are pushing our guidance for top-line data to calendar Q1 2020,” Legault said in a statement.
The firm told investors that it is making headway on a number of fronts as it progresses ATB-346 towards commercialization, including preparation for global partnerships with pharmaceutical companies, securing a contract manufacturing organization and rebranding its corporate website.
It reported a cash balance of C$8 million at the end of September and subsequently raised an additional C$1.3 million through the exercising of warrants.
Antibe also issued a total of 7,630,000 restricted share units to directors, officers, employees and consultants as part of its shareholder plan.
In addition to the US, Antibe also said it was pursuing regulatory approval in Europe for ATB-346.
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