Mr. Dan Legault reports

ANTIBE REPORTS Q2 2024 INTERIM FINANCIAL AND OPERATING RESULTS

Antibe Therapeutics Inc. has filed its financial and operating results for the fiscal quarter ended Sept. 30, 2023.

"Last quarter capped two years of preparation for otenaproxesul's successful PK/PD study," commented Dan Legault, Antibe's chief executive officer. "With human safety addressed and encouraging PK data in hand, we're excited to be nearing another inflection point in otenaproxesul's value and partnering potential. We're looking forward to the phase II trial, on track to launch in calendar Q1 2024."

Business highlights and operational update

The following covers fiscal Q2 2024 and subsequent events:

Progress for otenaproxesul on formulation, intellectual property and commercial potential:

• Completed first-in-human pharmacokinetic/pharmacodynamic (PK/PD) study of faster-absorbing formulation, enabling selection of treatment regimens for the coming phase II trial;
• Strong PK/PD safety results validated DILIsym liver safety modelling results showing envisioned acute pain treatment regimens of the new formulation to be liver-safe;
• PK/PD data confirm linear, dose-proportional pharmacokinetics;
• Filed and supplemented patent applications, strengthening IP protection for new formulation to 2043;
• DILIsym program under way to explore potential chronic treatment regimens.

Emerging discovery program progressing:

• Filed patent applications covering a family of new anti-inflammatory compounds with effectiveness demonstrated in three animal models; announcement expected in calendar Q1 2024.

Corporate:

• Arbitration decision with Nuance Pharma expected in calendar Q4 2023;
• Dr. Joseph Stauffer, Antibe's chief medical officer, to chair the USA Clinical Trials Innovation & Outsourcing Programme conference on Nov. 15, 2023 (New York, N.Y.);
• Second guaranteed payment of $875,000 received in accordance with the Citagenix sale agreement.

Coming milestones

In light of the strong safety and PK data from otenaproxesul's recent clinical PK/PD study, Antibe is upgrading the design of the upcoming fully financed phase II trial. While trial initiation remains set for calendar Q1 2024, the company now anticipates top-line results in calendar Q3 2024.

Financial results

Cash position: As of Septe. 30, 2023, the company had available cash balance and term deposits totalling $27.9-million, compared with $34.3-million as at June 30, 2023.

Net loss: For the quarter ended Sept. 30, 2023, net loss and comprehensive loss totalled $5-million (10 cents per share), a decrease of $1.1-million compared with $6.1-million (12 cents per share) in fiscal Q2 2023.

Research and development expenses: Research and development expenses for the quarter, net of research tax credits, amounted to $3.5-million, compared with $3.9-million in fiscal Q2 2023.

General and administrative expenses: General and administrative expenses were $1.9-million, compared with $1.7-million in fiscal Q2 2023.

The company's unaudited fiscal Q2 2024 condensed interim financial statements and management's discussion and analysis are available on SEDAR+.

About Antibe Therapeutics Inc.

Antibe is a clinical-stage biotechnology company leveraging its proprietary hydrogen sulphide platform to develop next-generation therapies to target inflammation arising from a wide range of medical conditions. The company's current pipeline includes assets that seek to overcome the gastrointestinal ulcers and bleeding associated with non-steroidal anti-inflammatory drugs (NSAIDs). Antibe's lead drug, otenaproxesul, is in clinical development as a safer alternative to opioids and today's NSAIDs for acute pain. Antibe's second pipeline drug, ATB-352, is being developed for a specialized pain indication. The company's next target is inflammatory bowel disease (IBD), a condition long in need of safer, more effective therapies.

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