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Antibe Therapeutics completes second tranche of IPO

Antibe Therapeutics completes second tranche of IPO

Antibe Therapeutics (CVE:ATE) said it has raised a total of $2.7 million after completing the second tranche of its initial public offering. 

When the Toronto-based pharmaceutical company went public in June, it had raised $2.1 million, as well as $155,100 in a private placement. In the second closing, Antibe raised $602,800.

Antibe's lab work focuses on updating existing drugs by linking an off-patent drug to its hydrogen sulfide-releasing molecule for the treatment of inflammation, pain or vascular dysfunction.

Antibe's team includes a Nobel Prize winner, entrepreneurs and senior scientists affiliated with major research institutions worldwide.

As of the end of March, the company had $194,301 in cash on hand, a 108% rise from the end of last March. In fiscal 2013, the company reported a loss of $1 million or five cents a share. 

Shares were unchanged on Wednesday at 54 cents a share. 

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