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
HALIFAX, Nova Scotia — 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.
https://business.financialpost.com/pmn/press-releases-pmn/business-wire-news-releases-pmn/appili-therapeutics-announces-fy-2020-annual-and-financial-results
