Appili Therapeutics Reports Financial and Operational Results for First Quarter of Fiscal Year 2021
HALIFAX, Nova Scotia, August 14, 2020 – Appili Therapeutics Inc. (TSXV: APLI; OTCQX: APLIF) (the Company or Appili), a biopharmaceutical company developing anti-infective drug candidates, today announced its financial and operational results for the first quarter of its fiscal year 2021, which ended June 30, 2020.
First quarter and recent operational highlights include:
· Clearance from Health Canada and the U.S. FDA to initiate Appili’s Phase 2 trial evaluating favipiravir as a prophylaxis against COVID-19 outbreaks in long-term care homes
· Completed equity financing of $15,525,000 and concurrent private placement of $1,440,000
· Equity trading commencement on the OTCQX marketplace in the U.S.
· Appointment of Dr. Yoav Golan as Chief Medical Officer
“The support from our investor community capitalizing Appili with approximately $17 million this quarter has played an integral part in our ability to advance our clinical programs and continue our mission to address needs in the ID marketplace,” said Kimberly Stephens, Chief Financial Officer of Appili Therapeutics. “Achieving milestones, including recruiting Yoav, a world-class CMO, and creating a program designed to help address the global COVID-19 pandemic, have set the stage for another momentous year for Appili, our shareholders, and the patients who may benefit from our programs.”
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 $2.6 million or $0.05 loss per share for the quarter ended June 30, 2020 was $0.8 million higher than the net loss and comprehensive loss of $1.8 million or $0.06 loss per share during the quarter ended June 30, 2019. This relates mainly to a $1.0 million increase in research and development expenses, a $0.2 million increase in in general and administrative expenses, and a $0.1 million increase accreted interest, offset by a $0.3 million decrease in business development expenses, as well as a $0.1 million increase in government assistance.
As of June 30, 2020, the Company had cash and short-term investments of $25.6 million, compared to $10.5 million at March 31, 2020.
As of August 14, 2020, the Company had 61,604,011 Class A common shares (“Common Shares”) issued and outstanding, 4,021,575 stock options and 15,330,929 warrants outstanding.
This press release should be read in conjunction with the Company’s unaudited interim condensed financial statements for June 30, 2020 and the related management discussion and analysis (MD&A), copies of which are available under the Company’s profile 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 critical 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, including ATI-2307, a novel, broad spectrum, clinical-stage antifungal candidate in development for severe and difficult-to-treat invasive fungal infections; ATI-1701, a vaccine candidate for tularemia, a very serious biological weapons threat; ATI-1503, a drug discovery program aimed at generating a novel class of antibiotics with broad-spectrum activity against Gram-negative superbugs; and ATI-1501, which employs Appili’s proprietary, taste-masked, oral-suspension technology with metronidazole for the growing number of patients with difficulty swallowing. In addition, the Company is also testing FFTC.’s drug favipiravir for the prevention of COVID-19 as a potential prophylaxis treatment. Headquartered in Halifax, Nova Scotia, with offices in Toronto, Ontario, Appili is pursuing worldwide opportunities in collaboration with scientific 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 June 24, 2020 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.
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.
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.
Sam Brown Inc.
Investor Relations Contact:
Kimberly Stephens, CFO