Company well-capitalized, reporting record level of capital
support with over $27M CAN in equity financings
Pipeline portfolio strengthened with initiation of unique
COVID-19 clinical study focused on preventing disease outbreaks in
long-term care settings, acquisition of Phase 2-ready novel
anti-fungal program, and commercialization deal for later-stage
antibiotic
Appili Therapeutics Inc. (TSXV: APLI; OTCQX: APLIF) (the
“Company” or “Appili”), a biopharmaceutical company focused on
anti-infective drug development, today reported its financial and
operational results for the year ended March 31, 2020.
“2020 proved to be a transformative year for Appili,” said
Armand Balboni, MD, PhD, Chief Executive Officer of Appili
Therapeutics. “Appili emerged fully onto the global biotech stage
this year, transitioning to a publicly traded company, adding novel
anti-fungal and anti-viral programs to our development portfolio,
including our recently announced trial assessing favipiravir, which
we believe has the potential to address a critical global unmet
need as a preventative agent for COVID-19. We look forward to
making continued, purposeful progress over the course of the next
year as Company advances its mission to identify and address
significant unmet needs in the infectious disease sector, and
beyond.”
2020 and recent highlights included:
- Financial
- Debuted as a public company on the TSXV exchange and
subsequently began trading on the OTCQX trading platform
- Completed successful equity financings for $10.25M CAD in
February 2020 and $16.9M CAD in June 2020
- Increased its non-dilutive funding, including a $3M USD grant
from the U.S. Department of Defense and a $476,000 CAD repayable
contribution through Atlantic Canada Opportunities Agency
- Leadership
- Named Dr. Armand Balboni as new Chief Executive Officer
- Expanded the Board of Directors with the addition of veteran
biotech executive Dr. Juergen Froehlich
- Named infectious disease specialist Dr. Yoav Golan as Appili’s
Chief Medical Officer
- Development Programs
- Received Health Canada approval to initiate Phase 2 trial
evaluating FujiFilm Toyama Chemical’s (“FFTC”) favipiravir as a
prophylaxis against COVID-19 outbreaks in long-term care homes (May
2020)
- Entered into a commercialization agreement with Saptalis
Pharmaceuticals for Appili’s reformulation of the antibiotic
metronidazole (December 2019)
- Acquired ATI-2307, a novel broad spectrum anti-fungal drug
candidate from FFTC to target resistant fungal infections,
including Cryptococcus and Candida (November 2019)
“Appili has laid the groundwork for continued progress and
impact in our industry,” said Kimberly Stephens, CPA, CA, Chief
Financial Officer at Appili. “With continued support from the
investor community – including two successful fundraises – and our
listing on TSXV and the OTCQX trading platform, we remain well
capitalized and well positioned to advance our pipeline through
milestones that create value for our shareholders and solutions for
patients.”
The Company is not making any express or implied claims that its
product has the ability to eliminate, cure or contain the Covid-19
(or SARS-2 coronavirus) at this time.
Financial Results
The Company prepares its financial statements in accordance with
IFRS as issued by the International Accounting Standard Board and
Part I of Chartered Professional Accountants of Canada Handbook
–Accounting. All dollar figures are $CAN unless otherwise
noted.
The net loss and comprehensive loss of $5,416,496 or $0.16 loss
per share for the year ended March 31, 2020 was $1,085,512 higher
than the net loss and comprehensive loss of $4,330,984 or $0.14
loss per share during the year ended March 31, 2019. This relates
mainly to a $909,918 increase in general and administrative
expenses, a $1,483,478 decrease in government assistance and a
$80,949 increase in business development, offset by a $1,242,315
decrease in research and development (R&D) expenses and a
$53,588 increase in accreted interest.
At March 31, 2020, the Company had cash and short-term
investments of $10,540,165 and working capital of $9,732,658,
compared to $5,451,578 and $5,405,447, respectively at March 31,
2019. Subsequent to the year ended March 31, 2020, the Company
completed a public offering for aggregate gross proceeds of
$15,525,000 and a concurrent private placement for aggregate gross
proceeds of $1,440,000 on June 10, 2020.
As of June 24, 2020, the Company had 61,604,011 Class A common
shares issued and outstanding, 4,021,757 stock options and
7,359,354 and warrants.
This press release should be read in conjunction with the
Company’s audited annual consolidated financial statements for the
fiscal year ended March 31, 2020 and the related management
discussion and analysis (MD&A), copies of which are available
under the Company’s profile on SEDAR at www.sedar.com.
About Appili Therapeutics
Appili Therapeutics Inc. was founded to advance the global fight
against infectious disease by matching clearly defined patient
needs with drug development programs that provide solutions to
existing challenges patients, doctors, and society face in this
critical disease space. Appili has built a pipeline of assets
designed to address a broad range of significant unmet medical
needs in the infectious disease landscape. This diverse pipeline
aims to address some of the most urgent threats in global public
health, including ATI-2307, a novel, broad spectrum, clinical-stage
antifungal candidate in development for severe and
difficult-to-treat invasive fungal infections; ATI-1701, a vaccine
candidate for tularemia, a very serious biological weapons threat;
ATI-1503, a drug discovery program aimed at generating a novel
class of antibiotics with broad-spectrum activity against
Gram-negative superbugs; and ATI-1501, which employs Appili’s
proprietary, taste-masked, oral-suspension technology with
metronidazole for the growing number of patients with difficulty
swallowing. In addition, the Company is also testing FFTC.’s drug
favipiravir for the prevention of COVID-19 as a potential
prophylaxis treatment. Headquartered in Halifax, Nova Scotia, with
offices in Toronto, Ontario, Appili is pursuing worldwide
opportunities in collaboration with scientific and industry
commercial partners, governments and government agencies. For more
information, visit www.AppiliTherapeutics.com.
This news release contains “forward-looking statements” which
reflect the current expectations of the Company’s management future
growth, results of operations, performance and business prospects
and opportunities. Wherever possible, words such as “may “, “would
“, “could “, “should”, “will,” “anticipate,” “believe,” “plan,”
“expect,” “intend,” “estimate,” “potential for” and similar
expressions have been used to identify these forward-looking
statements. Forward-looking statements involve significant known
and unknown risks, uncertainties and assumptions, including,
without limitation, those listed in the annual information form of
the Company dated June 24, 2020 and the other filings made by the
Company with the Canadian securities regulatory authorities (which
may be viewed at www.sedar.com). Should one or more of these risks
or uncertainties materialize or should assumptions underlying the
forward-looking statements prove incorrect, actual results,
performance or achievements may vary materially from those
expressed or implied by the forward-looking statements contained in
this news release. These factors should be considered carefully,
and prospective investors should not place undue reliance on the
forward-looking statements. The Company disclaims any intention or
obligation to revise forward-looking statements whether as a result
of new information, future developments or otherwise, except as
required by law.
Neither the TSX Venture Exchange, nor its regulation services
provider (as that term is defined in the policies of the exchange),
accepts responsibility for the adequacy or accuracy of this
release.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20200624005841/en/
Media Relations: Andrea Cohen, Sam Brown Inc. T: 917-209-7163 E:
andreacohen@sambrown.com Investor Relations: Kimberly Stephens, CFO
Appili Therapeutics E: Info@AppiliTherapeutics.com
Appili Therapeutics (TSXV:APLI)
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