TORONTO, March 18, 2025 (GLOBE NEWSWIRE) — Antibe Therapeutics Inc. (“Antibe” or the “Company”) announced that, in connection with its previously announced receivership proceedings, the Company completed a transaction (the “Transaction”) on March 17, 2025 whereby Taro Pharmaceuticals Inc. (the “Purchaser”) purchased all of the issued and outstanding common shares of the Company from FTI Consulting Inc. (the “Receiver”), in its capacity as court-appointed receiver and manager of the Company, pursuant to a transaction agreement (the “Transaction Agreement”) dated January 15, 2025.
On January 29, 2025, the Superior Court of Justice (Commercial List) (the “Court”) granted an order under section 101 of the Courts of Justice Act pursuant to which the Court, among other things, approved the Transaction Agreement and also (i) added 1001138302 Ontario Ltd. (“Residual Co”) as part of the receivership proceedings; (ii) authorized the transfer and vesting of all of the right, title and interest of the Company in certain excluded assets and liabilities in Residual Co; (iii) authorized the Company to file articles of reorganization, if required; (iv) authorized and directed the Corporation to issue an aggregate of 100 newly issued common shares representing 100% of the issued and outstanding common shares of the Company to the Purchaser; and (v) authorized the termination and cancellation of all of the other equity interests of the Company for no consideration.
On March 6, 2025, an order was issued by the Ontario Securities Commission (“OSC”) for the partial revocation of the failure-to-file cease trade order (“FFCTO”) issued by the OSC on July 10, 2024 as a result of the Company’s failure to file certain continuous disclosure documents. The Company has filed with the OSC an application for a full revocation of the FFCTO and an application to cease to be a reporting issuer in each of Alberta, British Columbia, Manitoba, Ontario and Saskatchewan.
Additional information regarding the Company’s receivership proceedings and the Transaction can be found on the Receiver’s website at http://cfcanada.fticonsulting.com/antibe/.
Notice regarding forward-looking statements
This press release contains forward-looking information within the meaning of Canadian securities laws. Such forward-looking information includes, without limitation, statements relating to the Company’s application for a full revocation of the FFCTO and to cease to be a reporting issuer in each of Alberta, British Columbia, Manitoba, Ontario and Saskatchewan. Forward-looking information is subject to known and unknown risks, uncertainties and other factors which may cause the actual results to differ materially from those expressed or implied by the forward-looking information. Such risks include the failure of the Company to satisfy the securities regulatory requirements for obtaining the full revocation order and/or the cease to be a reporting issuer order. Accordingly, readers should not place undue reliance on forward-looking information. Readers are cautioned that forward-looking information contained in this press release are made as of the date of this press release. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
Contact:
(416) 922-3460
