Appili Therapeutics Inc. (TSXV: APLI; OTCQX: APLIF) (the Company
or Appili), a biopharmaceutical company developing anti-infective
drug candidates, today announced its financial and operational
results for the first quarter of its fiscal year 2021, which ended
June 30, 2020.
First quarter and recent operational highlights include:
- Clearance from Health Canada and the U.S. FDA to initiate
Appili’s Phase 2 trial evaluating favipiravir as a prophylaxis
against COVID-19 outbreaks in long-term care homes
- Completed equity financing of $15,525,000 and concurrent
private placement of $1,440,000
- Equity trading commencement on the OTCQX marketplace in the
U.S.
- Appointment of Dr. Yoav Golan as Chief Medical Officer
“The support from our investor community capitalizing Appili
with approximately $17 million this quarter has played an integral
part in our ability to advance our clinical programs and continue
our mission to address needs in the ID marketplace,” said Kimberly
Stephens, Chief Financial Officer of Appili Therapeutics.
“Achieving milestones, including recruiting Yoav, a world-class
CMO, and creating a program designed to help address the global
COVID-19 pandemic, have set the stage for another momentous year
for Appili, our shareholders, and the patients who may benefit from
our programs.”
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 $2.6 million or $0.05
loss per share for the quarter ended June 30, 2020 was $0.8 million
higher than the net loss and comprehensive loss of $1.8 million or
$0.06 loss per share during the quarter ended June 30, 2019. This
relates mainly to a $1.0 million increase in research and
development expenses, a $0.2 million increase in general and
administrative expenses, and a $0.1 million increase accreted
interest, offset by a $0.3 million decrease in business development
expenses, as well as a $0.1 million increase in government
assistance.
As of June 30, 2020, the Company had cash and short-term
investments of $25.6 million, compared to $10.5 million at March
31, 2020.
As of August 14, 2020, the Company had 61,604,011 Class A common
shares (“Common Shares”) issued and outstanding, 4,021,575 stock
options and 15,330,929 warrants outstanding.
This press release should be read in conjunction with the
Company’s unaudited interim condensed financial statements for June
30, 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.
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.
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/20200814005063/en/
Media: Andrea Cohen Sam Brown Inc. T: 917-209-7163 E:
andreacohen@sambrown.com Investor Relations: Kimberly
Stephens, CFO Appili Therapeutics TSX: APLI E:
Info@AppiliTherapeutics.com
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