Appili Therapeutics Raises an Additional $4.3 Million in Oversubscribed Financing to Advance its Anti-infective Pipeline
FOR IMMEDIATE RELEASE
HALIFAX, Nova Scotia, February 7, 2018 – Appili Therapeutics Inc. (the “Company” or “Appili”), a biopharmaceutical company developing and commercializing anti-infective drugs, announced today it raised an additional $4,339,000 in an oversubscribed private placement financing, bringing the total equity raised since its seed round in March 2016 to $11,816,000. In addition, Appili is also pleased to be receiving a $500,000 repayable contribution from the Government of Canada, through the Atlantic Canada Opportunities Agency’s (ACOA) Business Development Program.
“The second wave of financing in the last quarter of 2017 and into early 2018 confirms the confidence of our investors in the company’s strategy to bring to market new anti-infective drugs for resistant or neglected infections,” said Kevin Sullivan, CEO of Appili Therapeutics.
The private placement includes investments from new and current investors, including Innovacorp, Nova Scotia’s early-stage venture capital organization. Proceeds from the financing will be used to fund operations and the continued growth of the company. Specifically, the additional funding will enable Appili to expand its pipeline of anti-infectives with additional in-licensed assets.
“The Government of Canada is pleased to continue its support of Appili Therapeutics as it expands its portfolio and business, creating more opportunities for export and foreign investment. Appili is contributing to the global community’s search for solutions to combat antibiotic resistance and is a valued member of Canada’s life sciences industry,” said Andy Fillmore, Parliamentary Secretary to the Minister of Democratic Institutions and Member of Parliament for Halifax, on behalf of the Honourable Navdeep Bains, Minister of Innovation, Science and Economic Development and Minister responsible for ACOA.
“Appili Therapeutics was formed with the intent to create a portfolio of research and development assets, and this funding will allow us to be opportunistic in our in-licensing activities,” added Kimberly Stephens, Appili Therapeutics CFO.
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. Balancing near-to-market product candidates with higher-risk but potentially transformative early-stage programs, Appili’s growing pipeline includes assets being developed by Appili as well as an active licensing program. ATI-1501 employs Appili’s proprietary, taste-masked, oral-suspension technology with metronidazole for the growing number of pediatric and elderly patients with difficulty swallowing. ATI-1503 is a drug discovery program aimed at generating negamycin analogue candidates, a novel class of antibiotics with broad-spectrum activity against Gram-negative bacteria. Via an in-licensing program, Appili acquired the rights to ATI-1701, a vaccine for tularemia, removing risk from a weaponized bioterrorism pathogen. Headquartered in Halifax, Nova Scotia, with offices in Mississauga, 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.