Antibe Therapeutics Inc (CVE:ATE) has reached a bought deal financing agreement worth $25 million to advance its anti-inflammatory drug ATB-346 and others in its pipeline.
The Toronto-based company, which develops non-addictive medicines for pain and inflammation, agreed to offer 62.5 million units at a price of $0.40 per unit. Each unit contains one common share and one-third of a share purchase warrant, and whole warrants are exercisable at $0.60 for a period of 24 months.
The syndicate of underwriters led by Bloom Burton Securities Inc will have the option for 30 days after the offering closes to acquire additional units equal to 15% of the total units sold and/or additional warrants by the same metric.
READ: Antibe Therapeutics unveils positive topline results from Phase 2B clinical trial of ATB-346 for osteoarthritis pain
If the underwriters take Antibe up on it, the offering would jump to more than $28.7 million.
The proceeds are expected to fund the Phase 3 program for ATB-346, for business development activities and for advancing the other drugs in the company’s pipeline, including its non-addictive pain reliever ATB-352.
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