Appili Therapeutics Reports Financial and Operational Results for First Quarter of Fiscal Year 2023
12 August 2022 - 10:54PM
Business Wire
Appili Therapeutics Inc. (TSX:APLI; OTCQX: APLIF) (the “Company”
or “Appili”), a biopharmaceutical company focused on drug
development for infectious diseases and biodefense, today announced
its financial and operational results for the first quarter of its
fiscal year 2023, which ended on June 30, 2022.
“As threats from both known and emerging infectious diseases
loom around the world, I’m proud that Appili is working to advance
our pipeline of critical infectious disease and biodefense
programs,” said Armand Balboni, M.D., Ph.D., Chief Executive
Officer of Appili Therapeutics. “Following our recent presentation
at WorldLeish7, we are even closer to making available ATI-1801, an
urgently needed treatment for those suffering from cutaneous
leishmaniasis, a disfiguring infection of the skin. We look forward
to continuing this momentum and hope to announce reinforced support
from the Defense Threat Reduction Agency for our biodefense
tularemia vaccine candidate ATI-1701, and with the help of our
partners, receive FDA Approval for ATI-1501, a liquid oral
reformulation designed to help patients burdened by
difficult-to-treat bacterial infections.”
First quarter and recent operational highlights include:
- Announcing commitment of over US$10 million in new funding from
DTRA to advance for our biodefense tularemia vaccine candidate
ATI-1701 to help combat the bacteria Francisella tularensis, the
causative agent of tularemia and a top priority biothreat.
- Attending at the WorldLeish7 Conference in Cartagena, Colombia,
and presenting update on new clinical program ATI-1801 for the
treatment of cutaneous leishmaniasis that may be eligible for a
valuable Priority Review Voucher
- Securing a non-convertible loan of US $3.6 million, and a
licence and distribution agreement with Long Zone Holdings
Inc.
- Completing equity financing of $4,500,000 in gross
proceeds.
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 figures are stated in Canadian dollars
unless otherwise stated.
The net loss and comprehensive loss of $2.32 million or $0.03
loss per share for the three months ended June 30, 2021, was $5.04
million lower than the net loss and comprehensive loss of $7.36
million or $0.12 loss per share during the three months ended June
30, 2021. This relates mainly to a decrease in research and
development expenses by $5.09 million, a decrease in business
development of $0.4 million, and a decrease in income tax expense
of $0.01 million. These decreases were offset by an increase in
general and administrative expense by $0.08 million, an increase in
financing cost of $0.15 million, a decrease of government
assistance of $0.22 million and a decrease in interest income by
$0.01 million.
As of June 30, 2022, the Company had cash and short-term
investments of $5.55 million, compared to $6.66 million on March
31, 2022. As of August 13, 2022, the Company had 121,226,120 issued
and outstanding Common Shares, 8,656,905 stock options, and
49,817,879 warrants outstanding.
This press release should be read in conjunction with the
Company’s unaudited interim condensed financial statements for the
first quarter of the 2022 fiscal year and the related management
discussion and analysis (MD&A), copies of which are available
on SEDAR at www.sedar.com.
About Appili Therapeutics
Appili Therapeutics is an infectious disease biopharmaceutical
company that is purposefully built, portfolio-driven, and
people-focused to fulfill its mission of solving life-threatening
infections. By systematically identifying urgent infections with
unmet needs, Appili’s goal is to strategically develop a pipeline
of novel therapies to prevent deaths and improve lives. The Company
is currently advancing a diverse range of anti-infectives,
including, a vaccine candidate to eliminate a serious biological
weapon threat, a topical antiparasitic product for the treatment of
a disfiguring disease, a broad-spectrum antifungal, and two novel
antibiotic programs. Led by a proven management team, Appili is at
the epicenter of the global fight against infection. For more
information, visit www.AppiliTherapeutics.com.
Forward Looking Statements
This news release contains “forward-looking statements”,
including with respect to the Company’s development of its products
and expected funding arrangements. 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 forward-looking statements reflect the current
expectations of the Company’s management for future growth, results
of operations, performance and business prospects and opportunities
and involve significant known and unknown risks, uncertainties and
assumptions, including, without limitation, those listed in the
annual information form of the Company dated June 23, 2022 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.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20220812005408/en/
Media: Danielle Raabe/APCO Worldwide 1-646-717-9915
DRaabe@apcoworldwide.com
Investor Relations: Armand Balboni, CEO Appili
Therapeutics Info@AppiliTherapeutics.com
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