08:48 AM EDT, 04/19/2024 (MT Newswires) -- Antibe Therapeutics ( ATBPF ) on Friday said it has sought an extension of its stay of proceedings under the Companies' Creditors Arrangement Act at a hearing before the Ontario Superior Court of Justice on April 18.

The court has reserved its decision and has extended the stay pending the decision's release. Antibe is requesting the stay be extended until May 24 so the company can engage with the U.S. Food and Drug Administration regarding the regulator's hold on Antibe's Phase II trial of otenaproxesul (in development as an alternative to opioids and NSAIDs for acute pain), and to determine next steps.

The FDA informed Antibe on March 28 that otenaproxesul has been placed on clinical hold, delaying the planned Phase II trial. Antibe said it expects to receive a formal Clinical Hold Letter from the FDA within 30 days outlining their rationale and further details.