Ms. Christina Cameron reports

ANTIBE ANNOUNCES GRANTING OF INITIAL ORDER UNDER COMPANIES' CREDITORS ARRANGEMENT ACT

Antibe Therapeutics Inc.'s previously announced application for an initial order under the Companies' Creditors Arrangement Act (CCAA) has been granted by the Ontario Superior Court of Justice (Commercial List).

Pursuant to the initial order, the company has obtained protection from its creditors for an initial period expiring April 18, 2024, the maximum permitted under the CCAA. The court has appointed Deloitte Restructuring Inc. as the monitor. While under CCAA protection, management of the company will remain responsible for the day-to-day operation of the company under the general oversight of the monitor and supervision of the court.

The initial order, among other things, stays any action by Nuance Pharma to enforce the previously announced confidential ruling from the Singapore International Arbitration Centre requiring Antibe to pay approximately $24-million (U.S.) to Nuance.

At a hearing scheduled for April 18, 2024, Antibe will seek a further extension of the stay period in order to be able to continue engaging with the U.S. Food and Drug Administration with respect to the previously announced hold on the company's planned phase II trial and to determine the appropriate next steps.

Earlier today, the Toronto Stock Exchange suspended trading of Antibe's common shares.

Additional information

Further updates will be provided as appropriate. A copy of the initial order and other information regarding the CCAA proceedings is available on the monitor's website.

About Antibe Therapeutics Inc.

Antibe is a clinical-stage biotechnology company leveraging its proprietary hydrogen sulphide platform to develop next-generation therapies to target pain and 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 nonsteroidal anti-inflammatory drugs (NSAIDs). Antibe's lead drug, otenaproxesul, is intended 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.

We seek Safe Harbor.