Antibe Therapeutics Inc. priced a "best efforts" offering of its units at 10 Canadian cents apiece for minimum gross proceeds of C$3 million and maximum gross proceeds of C$5 million.

The units will be made up of 1 common share and 0.5 three-year purchase warrant. Each whole warrant will allow the holder to buy 1 Antibe share at 15 cents apiece.

The offering's underwriters can purchase up to an additional 15% of the units sold; the offering is meant to raise funds for the company's lead drug ATB-346. If the company raises the maximum amount, it will also direct funds toward the development of ATB-352.

Bloom Burton Securities Inc., Dominick Inc. and Echelon Wealth Partners Inc. are acting as the co-agents of the offering.