Antibe Therapeutics Inc (TSE:ATE) (OTCQB:ATBPF) (FRA:4B7) ended its fiscal 2Q with C$22.4 million in the bank as it prepares to launch Phase III trials of its lead drug candidate otenaproxesul, a non-addictive medication for chronic pain and inflammation.
The Canadian pharmaceutical firm revealed secondary data from Phase IIB trials of otenaproxesul in June confirmed the drug’s potency to treat osteoarthritis pain.
During the quarter ended September 30, Antibe also completed third-party studies for seven of its largest markets, showing “impressive” commercial opportunity for otenaproxesul, according to the company.
The upcoming Phase III study will replicate the Phase IIB gastrointestinal safety and dose-ranging efficacy studies with larger sample sizes and longer treatment durations, according to Antibe. Registration is slated to being in spring 2021 with subsequent follow-up trials staggered every several months thereafter. Initially, trials will focus on the US, but Antibe is looking to do global trials for Europe and key Asian markets.
The firm reported revenue of nearly C$2.9 million compared to the $2.2 million from the year-ago quarter, according to its financials. Its net loss came in at C$8.9 million compared C$4.9 million in 2Q 2019 as is common with pharmaceutical firms at this stage of the product life cycle.
“We’ve made tremendous progress this quarter in preparing our lead drug for Phase III trials and partnering,” Dan Legault, Antibe’s CEO said in a statement Friday.
“We are getting closer to the start of our Phase III program, with a total of eight Phase III-enabling studies now running in parallel. Additionally, the recent commercial data strengthens our position as we engage partners for the large markets. Finally, we are executing our capital markets strategy to increase institutional awareness and liquidity, highlighted by the recent graduation to the TSX.”
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