Appili Therapeutics Reports Financial Results for First Quarter of Fiscal Year 2020
HALIFAX, Nova Scotia, August 21, 2019 – 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 first quarter of its fiscal year 2020, which ended June 30, 2019.
Operational highlights include:
Successfully completing the process of a direct listing on the TSX Venture Exchange (“TSXV”), trading under the ticker APLI
Receiving a $475,000 CAD contribution from the Atlantic Canada Opportunities Agency's (ACOA) Regional Economic Growth through Innovation (REGI) program to support its anti-infective programs
The United States Department of Defense (DOD) awarding Appili a $3M USD grant in support of the ATI-1503 program
“In the first quarter of our fiscal year, Appili Therapeutics experienced one of the most significant changes in our company’s history: publicly listing on the TSXV exchange, which opens channels to new capital and resources and expands our ability to address additional unmet needs in the marketplace,” said Kevin Sullivan, CEO of Appili Therapeutics. “Support from organizations like ACOA and the U.S. DOD demonstrates confidence in our ability to bring urgently needed anti-infectives to market. Our team is well positioned to realize the value in these opportunities, and to continue to fulfill our mission to become a global leader in infectious disease solutions that provide benefits for our patient community and value to our shareholders.”
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 $1,799,012 or $0.06 loss per share for the quarter ended June 30, 2019 was $1,315,246 higher than the net loss and comprehensive loss of $483,766 or $0.01 loss per share during the quarter ended June 30, 2018. This relates mainly to a $886,943 decrease in government assistance, a $377,317 increase in general and administrative expenses, and a $291,589 increase in business development expenses, and a reduction of accreted interest by $109,181, offset by a $349,785 decrease in research and development (R&D) expenses.
As of June 30, 2019, the Company had cash and short-term investments of $4,205,816, compared to $5,451,578 at March 31, 2019.
As of August 22, 2019, the Company had 33,588,947 Class A common shares (“Common Shares”) issued and outstanding. In addition, the Company had 2,737,898 stock options and 992,740 warrants outstanding as of August 22, 2019.
The Company’s unaudited interim condensed financial statements for June 30, 2019 and the management discussion and analysis (MD&A), are available 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 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. 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.
Media Relations Contacts:
Andrea Cohen, Sam Brown Inc.
Investor Relations Contact:
Kimberly Stephens, CFO