HALIFAX, Nova Scotia–(BUSINESS THREAD)–Appili Therapeutics Inc. (TSX:APLI; OTCQX: APLIF) (the “Company” or “Appili”), a biopharmaceutical company focused on the development of drugs for infectious diseases and biodefense, today announced its financial and operating results for the first quarter of its fiscal year 2023, which ended on June 30, 2022.
“As known and emerging infectious disease threats loom large around the world, I am proud that Appili is working to advance our portfolio of critical infectious disease and biodefense programs,” said Armand Balboni, MD, Ph .D., general manager. from Appili Therapeutics. “Following our recent presentation at WorldLeish7, we are even closer to making it available AND-1801, an urgently needed treatment for those suffering from cutaneous leishmaniasis, a disfiguring skin infection. We look forward to continuing this momentum and look forward to announcing enhanced Defense Threat Reduction Agency support for our biodefense tularemia vaccine candidate. AND-1701and with the help of our partners, receive FDA approval for AND-1501an oral liquid formulation designed to help patients burdened by difficult-to-treat bacterial infections.”
First quarter and recent operational highlights include:
Announcing Commitment of Over $10 Million in New DTRA Funding to Advance Our Biodefense Tularemia Vaccine Candidate AND-1701 to help fight the bacterium Francisella tularensis, the causative agent of tularemia and a top priority biological threat. Attending the WorldLeish7 Conference in Cartagena, Colombia, and presenting an update on the new clinical program AND-1801 for the treatment of cutaneous leishmaniasis that may be eligible for a valuable priority review voucher securing a US$3.6 million non-convertible loan and a license and distribution agreement with Long Zone Holdings Inc.
Complete equity financing of $4,500,000 in gross proceeds.
Financial results
The Company prepares its financial statements in accordance with IFRS issued by the International Accounting Standard Board and Part I of the Chartered Professional Accountants of Canada Handbook–Accounting. All figures are in Canadian dollars unless otherwise noted.
Net loss and comprehensive loss of $2.32 million or loss of $0.03 per share for the three months ended June 30, 2021 was $5.04 million less than net loss and loss $7.36 million or $0.12 loss per share for the three months ended June 30. , 2021. This is primarily related to a decrease in research and development expenses of $5.09 million, a decrease in business development of $0.4 million and a decrease in income tax expense of 0.01 million dollars. These decreases were offset by an increase in general and administrative expenses of $0.08 million, an increase in the cost of financing of $0.15 million, a decrease in government aid of $0.22 million and a decrease in interest income of $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 as of March 31, 2022. As of August 13, 2022, the company had 121,226,120 common shares issued and outstanding, 8.65 stock options, and 49,817,879 outstanding warrants.
This press release should be read in conjunction with the Company’s unaudited interim condensed financial statements for the first quarter of fiscal 2022 and the related Management’s 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 purpose-built, portfolio-driven and people-centric 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 portfolio of novel therapies to prevent deaths and improve lives. The company is currently advancing a broad range of anti-infectives, including a vaccine candidate to eliminate a serious biological weapons threat, a topical anti-parasitic product for the treatment of a disfiguring disease, a broad-spectrum antifungal and two new 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 press release contains “forward-looking statements,” including regarding the Company’s development of its products and anticipated financing arrangements. Whenever possible, words such as “may”, “could”, “could”, “should”, “anticipate”, “believe”, “plan”, “expect”, “try”, “estimate” have used “potential of” and similar expressions to identify these forward-looking statements. These forward-looking statements reflect the current expectations of the company’s management regarding future growth, results of operations, performance and business prospects and opportunities and involve significant known and unknown risks, uncertainties and assumptions, including, among others, those listed in the annual information. Company’s form dated June 23, 2022 and the Company’s other filings with Canadian securities regulatory authorities (which can be found at www.sedar.com). If one or more of these risks or uncertainties materialize or the assumptions underlying the forward-looking statements prove incorrect, actual results, performance or achievements may differ materially from those expressed or implied by the forward-looking statements contained in this press release. These factors should be considered carefully and prospective investors should not place undue reliance on 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.
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