Appili Therapeutics Reports Fiscal Year 2022 Financial and Operational Results
June 29 2022 - 6:49AM
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 fiscal year ended
March 31, 2022, and provided an update on the Company’s strategy
for fiscal 2023. All figures are stated in Canadian dollars unless
otherwise stated.
“Over the past several months, we have enhanced our global
partnerships and advanced our cutting-edge programs to address some
of the most pressing threats in infectious disease and biodefense,”
said Armand Balboni, M.D., Ph.D., Chief Executive Officer of Appili
Therapeutics. “As we look ahead to our upcoming year, I look
forward to continuing to expand our partnership with the U.S.
Department of Defense's Defense Threat Reduction Agency (“DTRA”)
for our biodefense vaccine candidate, ATI-1701, and, with the help
of our partners, seek regulatory approval later this year for
ATI-1501, designed to help patients burdened by difficult-to-treat
bacterial infections.”
2022 and recent operational highlights include:
- Announcing commitment of over US$10 million in new funding from
DTRA to advance our biodefense vaccine candidate ATI-1701 to help
combat the bacteria Francisella tularensis, the causative agent of
tularemia and a top priority biothreat.
- Expanding our agreement with Saptalis Pharmaceuticals, LLC
(“Saptalis”), a New York-based specialty pharmaceuticals company,
to include the European and Latin American markets where Saptalis
plans to commercialize ATI-1501, Appili’s liquid oral reformulation
of the antibiotic metronidazole.
- Announcing new late-stage clinical program ATI-1801 for the
treatment of cutaneous leishmaniasis, a disfiguring infection of
the skin that affects hundreds of thousands of people around the
world annually and may be eligible for a valuable Priority Review
Voucher
- Securing a non-convertible loan of US $3.6 million, and a
license and distribution agreement with Long Zone Holdings
Inc..
- Completing equity financing of $4,500,000
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.
The net loss and comprehensive loss of $25.1 million or $0.38
loss per share for the year ended March 31, 2022 was $10.8 million
higher than the net loss and comprehensive loss of $14.3 million or
$0.24 loss per share during the year ended March 31, 2021. This
relates mainly to a $10.5 million increase in research and
development (R&D) expenses, $0.2 million increase in general
and administrative expenses, and $1.5 million increase in financing
costs, offset by a $0.2 million increase in government assistance
and $1.3 million increase in revenue.
At March 31, 2022, the Company had cash and short-term
investments of $6.7 million compared to $16.1 million at March 31,
2021. In May 2022, the Company successfully completed an equity
raise of $4.5 million.
As of June 23, 2022, the Company had 121,266,120 issued and
outstanding Common Shares, 9,276,490 stock options and 49,817,879
warrants outstanding.
This press release should be read in conjunction with the
Company’s audited annual consolidated financial statements for the
fiscal year ended March 31, 2022 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 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 broad-spectrum antifungal, a vaccine candidate to
eliminate a serious biological weapon threat, a topical
antiparasitic product for the treatment of a disfiguring disease,
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 funding commitment from DTRA and the
Company’s development plans with respect to ATI-1501 and ATI-1701
and potential Priority Review eligibility for ATI-1801. 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.
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version on businesswire.com: https://www.businesswire.com/news/home/20220628006208/en/
Media Contact: Danielle Raabe/APCO Worldwide T:
1-646-717-9915 E: DRaabe@apcoworldwide.com Investor Relations
Contact: Armand Balboni, CEO Appili Therapeutics E:
Info@AppiliTherapeutics.com
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