Antibe Therapeutics Inc., a clinical stage company leveraging its hydrogen sulfide platform to develop next-generation safer therapies that target inflammation announced to sell its Citagenix Inc. subsidiary to HANSAmed Limited (“HANSAmed”), a leading Canadian full-service distributor of pharmaceuticals and medical devices to dental professionals.
Dan Legault, Antibe’s CEO, commented:
We are pleased with this result on several fronts. Upon concluding that Citagenix was no longer a fit with our strategy, we began a process of evaluating strategic alternatives to unlock value for our shareholders. With today’s deal, Antibe will become a pure-play drug developer with a sharpened focus on advancing our pipeline of novel anti-inflammatory therapies. As an all-cash transaction, it provides non-dilutive funds for those programs, and fortifies our already strong balance sheet. We’re also delighted to have found the perfect home for Citagenix while enabling HANSAmed to solidify their market leadership.
The $6.5 million transaction involves a guaranteed $3.5 million, divided into four equal payments over three years, the first of which will be received at closing. The remaining $3 million is subject to Citagenix achieving sales milestones over the three-year period following closing.
The transaction will close no later than 180 days following the signing of this binding agreement. Under the terms of the agreement, Antibe will also receive a $250,000 deposit from HANSAmed to be held in escrow and released at closing.
About Antibe Therapeutics Inc.
Antibe is a clinical stage biotechnology company leveraging its proprietary hydrogen sulfide platform to develop next-generation safer therapies that target inflammation arising from a wide range of medical conditions. The company’s current pipeline includes assets that seek to overcome the gastrointestinal (“GI”) ulcers and bleeding associated with nonsteroidal anti-inflammatory drugs (“NSAIDs”).