Antibe Therapeutics Inc. (TSX:ATE), a Toronto, Ontario-based clinical stage biotechnology company that develops novel pain and inflammation-reducing drugs, was placed in receivership on April 22.

The company previously obtained CCAA protection on April 9 after it was ordered to pay US$20 million plus costs and interest to Nuance Pharma, the company’s biggest creditor.

Nuance had paid Antibe for the right to market the company’s lead drug in the Greater China Area, but alleged that the company had excluded certain correspondence with Health Canada from the data room.

In granting the receivership application and refusing the CCAA stay extension, the Court found that the drug was Antibe’s entire business and that it is a long way from commercialization.

FTI is the receiver. Counsel is Bennett Jones for Nuance Pharma, TGF for the receiver, Paliare Roland for Antibe, Norton Rose Fulbright for Deloitte as the former monitor, and Davies for Knight Therapeutics.

By: Dina Milivojevic