Appili Therapeutics Inc. (TSXV: APLI) (the “Company” or
“Appili”), a biopharmaceutical company focused on anti-infective
drug development, today reported its financial and operational
results for the third quarter of its fiscal year 2020, ending
December 31, 2019.
Third quarter and recent operational highlights included:
- Acquiring ATI-2307, a novel, antifungal candidate from FUJIFILM
Toyama Chemical Co., LTD, thereby adding another clinical-stage
asset to the Company’s pipeline;
- Entering its first commercialization agreement by partnering
with Saptalis Pharmaceuticals on ATI-1501, Appili’s taste-masked
liquid oral suspension of the antibiotic metronidazole;
- Naming Dr. Armand Balboni as Appili’s new Chief Executive
Officer; and
- Securing C$10,250,000 in funding via a marketed equity
offering.
“Our third quarter proved to be a transformative period for
Appili and we are pleased to continue executing against our
mission: addressing urgent unmet needs in the infectious disease
marketplace,” said Kimberly Stephens, Chief
Financial Officer of Appili Therapeutics. “In the third
quarter alone, we expanded our asset pipeline with the acquisition
of ATI-2307—a novel anti-fungal clinical asset, secured an optimal
partner for the commercialization of ATI-1501 and transitioned our
CEO leadership to industry veteran Dr. Armand Balboni, whose
significant late-stage development experience will be instrumental
in this period of the Company’s corporate growth.”
Chief Executive Officer Dr. Balboni added, “Our recent funding
has provided significant financial support that positions Appili to
continue meeting our value-driving milestones. We are very pleased
that this offering included many of our long-standing investors, as
well as many new participants. Together with the Board of Directors
and leadership team, we believe that Appili is well positioned to
keep advancing our programs and maintain leadership in the
infectious disease marketplace.”
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 $4,129,423 or $0.13 loss
per share for the nine months ended December 31, 2019 was
$1,104,895 higher than the net loss and comprehensive loss of
$3,024,528 or $0.10 loss per share during the nine months ended
December 31, 2018. This relates mainly to a $1,209,528 decrease in
government assistance, a $795,797 increase in general and
administrative expenses, a $337,128 increase in business
development expenses, and a reduction of accreted interest by
$90,193, offset by a $1,128,645 decrease in research and
development (R&D) expenses and an increase of revenue by
$199,106 attributable to the out-license of ATI-1501.
As of December 31, 2019, the Company had cash and short-term
investments of $2,438,599, compared to $5,451,578 at March 31,
2019.
As of February 26, 2020, the Company had 46,401,447 Class A
common shares (“Common Shares”) issued and outstanding. In
addition, the Company had 4,402,932 stock options and 8,043,243
warrants outstanding as of February 26, 2020.
The Company’s unaudited interim condensed financial statements
for December 31, 2019 and the management discussion and analysis
(MD&A) are available on SEDAR at www.sedar.com.
Investor Relations Consultant
The Company also announced that it has retained Transcend
Capital Inc. (“Transcend Capital”) to provide strategic investor
relations services. With offices in Vancouver, British Columbia,
Transcend Capital is a full-service investor relations firm that
assists small and mid-cap companies with market awareness campaigns
and exposes their clients to an extensive network of retail and
institutional clients. Mr. Etienne Moshevich is the sole owner of
Transcend Capital.
Under the terms of the consulting agreement with Transcend
Capital (the “Agreement”), the Company has agreed to pay Transcend
Capital CDN $50,000 for a term of 6 months. The Agreement is
subject to the approval of the TSX Venture Exchange. The Agreement
has an initial term of six months but may be extended by the
parties. The fees paid by the Company to Transcend Capital are for
its services only. Transcend Capital advises that it currently
holds 62,500 common shares and 31,250 common share purchase
warrants of the Company.
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
challenging disease space. Appili has built a pipeline of assets
designed to address a broad range of urgent threats in global
public health. ATI-2307, a novel, broad spectrum, clinical stage
antifungal, is in development to address severe and
difficult-to-treat invasive fungal infections. Via an in-licensing
program, Appili is developing ATI-1701, a vaccine for tularemia, to
mitigate the risks of a very serious biological weapons threat.
ATI-1503 is a drug discovery program developing a novel class of
antibiotics with broad-spectrum activity against Gram-negative
superbugs. ATI-1501 employs Appili’s proprietary, taste-masked,
oral-suspension technology with the antibiotic metronidazole for
the growing number of patients with difficulty swallowing.
Headquartered in Halifax, Nova Scotia, with offices in Toronto,
Ontario, Appili is pursuing worldwide opportunities in
collaboration with science 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 July 2, 2019 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.
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version on businesswire.com: https://www.businesswire.com/news/home/20200227005682/en/
Media Relations Contact: Andrea Cohen, Sam Brown Inc. T:
917-209-7163 E: andreacohen@sambrown.com
Investor Relations Contact: Kimberly Stephens, CFO Appili
Therapeutics E: Info@AppiliTherapeutics.com
Appili Therapeutics (TSXV:APLI)
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