Appili Therapeutics Announces FY 2019 Financial Results
HALIFAX, Nova Scotia, July 3, 2019 – Appili Therapeutics Inc. (TSXV: APLI) (the “Company” or “Appili”), a biopharmaceutical company focused on anti-infective drug development, today announced its financial and operational results for the year ended March 31, 2019.
Operational highlights include:
Announcing results in its completed Phase 1 study for ATI-1501, a pivotal relative bioavailability trial that met its primary objective by demonstrating that ATI-1501 achieved equivalent systemic drug levels as a metronidazole tablet; it was also well tolerated, consistent with the known safety profile of metronidazole
Securing a $3.6M in funding via a special warrant private placement round enabling the Company to complete a direct listing on the TSX Venture Exchange (“TSXV”)
Expanding the leadership team to include Armand Balboni, MD, as Chief Development Officer and Myriam Triest, PhD, as Director, Manufacturing and Pharmaceutical Development
Expanding its Board of Directors with the appointment of Global Infectious Disease Pharmaceutical Executive Dr. Theresa Matkovits
“FY2019 was a great year for Appili Therapeutics as we advanced our pipeline, expanded our team, and laid the groundwork for long term operational and financial success,” said Kevin Sullivan, CEO of Appili Therapeutics. “We achieved a major milestone by listing on the TSXV last month; are well funded to near term milestones; and looking forward to the next stage in our growth. We are energized about the opportunities on our horizon and remain committed to our mission: provide value to patients and shareholders by delivering solutions to address the global threat of infectious diseases.”
Annual 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 $4,300,984 or $0.14 loss per share for the year ended March 31, 2019 was $354,869 higher than the net loss and comprehensive loss of $3,976,115 or $0.16 loss per share during the year ended March 31, 2018. This relates mainly to a $751,629 increase in general and administrative expenses, a $621,226 decrease in government assistance and a $126,446 increase in business development, offset by a $894,253 decrease in research and development (R&D) expenses and a $250,179 increase in accreted interest.
At March 31, 2019, the Company had cash and short-term investments of $5,451,578 and working capital of $5,405,447, compared to $5,751,820 and $5,866,482, respectively at March 31, 2018.
As of July 2, 2019, the Company had 33,588,947 Class A common shares (“Common Shares”) issued and outstanding. In addition, the Company had 725,967 stock options and 259,877 and warrants exercisable into 2,737,898 and 1,003,117 Common Shares, respectively.
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 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. Via an in-licensing program, Appili acquired the rights to ATI-1701, a vaccine for tularemia, being developed to mitigate the risks of a very serious biological weapons threat. ATI-1503 is a drug discovery program aimed at generating negamycin analogue candidates, which are 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 metronidazole for the growing number of patients with difficulty swallowing. 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.
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. Such statements include, but are not limited to, statements regarding the Company’s proposed development plans and business strategy. 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. These statements reflect management’s current beliefs with respect to future events and are based on information currently available to management. Forward-looking statements involve significant risks, uncertainties and assumptions including with respect to the ability of the Company to adequately fund and implement its development plans and business strategy. Many factors could cause the Company’s actual results, performance or achievements to be materially different from any future results, performance or achievements that may be expressed or implied by such forward-looking statements 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. Although the forward-looking statements contained in the press release are based upon what management currently believes to be reasonable assumptions, the Company cannot assure prospective investors that actual results, performance or achievements will be consistent with these 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. All forward-looking statements are expressly qualified in their entirety by this cautionary statement.
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.
Media Relations Contacts:
Andrea Cohen, Sam Brown Inc.
Investor Relations Contact:
Kimberly Stephens, CFO