Antibe Therapeutics Release: Biotech Announces Change Of Auditor To Ernst & Young LLP

TORONTO--(BUSINESS WIRE)--Antibe Therapeutics Inc. (“Antibe” or the “Company”) (TSXV: ATE, OTCQX: ATBPF) announced today that its board of directors (the “Board”) has approved a change of the Company’s auditor. The Board has appointed Ernst & Young LLP (“EY”) as the new auditor and at the request of the Company, Zeifmans LLP (“Zeifmans”) has resigned as Antibe’s auditor effective as of today.

“We would like to extend our sincere gratitude and appreciation for all of the hard work, dedication and expertise provided by the team at Zeifmans. However, given our growing focus on global strategic initiatives, we decided it was time to leverage the resources of a multinational accounting firm.”

Daniel Legault, Antibe’s CEO, commented: “We would like to extend our sincere gratitude and appreciation for all of the hard work, dedication and expertise provided by the team at Zeifmans. However, given our growing focus on global strategic initiatives, we decided it was time to leverage the resources of a multinational accounting firm.”

Antibe advises that there were no reservations in the Auditor’s Reports in respect to the Company’s financial statements for the two most recently completed fiscal years. To the knowledge of the Company, there were no “reportable events” (as defined in National Instrument 51-102 — Continuous Disclosure Obligations) between the Company and Zeifmans.

The Notice of Change of Auditor, together with the required letters from Zeifmans and EY will be filed on SEDAR.

In addition, Antibe has granted new employees options to purchase a total of 150,000 common shares of the Company pursuant to its stock option plan. Each option has an exercise price of $0.19, being yesterday’s closing price of Antibe’s shares, and an expiry date of January 18, 2027. Twenty-five percent of the granted options vest on the grant date and 1/36th of the remaining options vest in each of the subsequent 36 months.

The Company has also granted BND Projects Inc. 24,000 options for investor relations services. Each option has an exercise price of $0.19, being the 5-day volume weighted average price of Antibe’s shares, vest quarterly in equal amounts starting on the date of the grant and will expire on January 18, 2020.

About Antibe Therapeutics Inc.

Antibe develops safer medicines for pain and inflammation. Antibe’s technology involves linking a hydrogen sulfide-releasing molecule to an existing drug to produce a patented, improved medicine. Antibe’s lead drug ATB-346 targets the global need for a safer drug for chronic pain and inflammation. ATB-352, the second drug in Antibe’s pipeline, targets the urgent global need for a safer, non-addictive analgesic for treating severe acute pain, while ATB-340 is a GI-safe derivative of aspirin. www.antibethera.com.

Antibe’s subsidiary, Citagenix Inc. (“Citagenix”), is a leader in the sales and marketing of tissue regenerative products servicing the orthopedic and dental marketplaces. Since its inception in 1997, Citagenix has become the largest source of knowledge and experience in the Canadian medical device industry. Citagenix Inc. is active in 15 countries, operating in Canada through its direct sales teams, and internationally via a network of distributor partnerships. www.citagenix.com.

Forward Looking Information

This news release includes certain forward-looking statements, which may include, but are not limited to, the completion of financing transactions and the licensing and development of drugs and medical devices. Any statements contained herein that are not statements of historical facts may be deemed to be forward-looking, including those identified by the expressions “will”, “anticipate”, “believe”, “plan”, “estimate”, “expect”, “intend”, “propose” and similar expressions. Forward-looking statements involve known and unknown risks and uncertainties that could cause actual results, performance, or achievements to differ materially from those expressed or implied in this news release. Factors that could cause actual results to differ materially from those anticipated in this news release include, but are not limited to, the Company’s ability to secure additional financing, its ability to execute its business strategy and successfully compete in the market, and risks associated with drug and medical device development generally. Antibe Therapeutics Inc. assumes no obligation to update the forward-looking statements or to update the reasons why actual results could differ from those reflected in the forward-looking statements except as required by applicable law.