HALIFAX, Nova Scotia–(BUSINESS WIRE)–lt;a href="https://twitter.com/search?q=%24IMV&src=ctag" target="_blank"gt;$IMVlt;/agt; lt;a href="https://twitter.com/hashtag/AntibioticDeveloper?src=hash" target="_blank"gt;#AntibioticDeveloperlt;/agt;–Pharmaceutical company Appili Therapeutics Inc. (“Appili” or the
“Company”) announced today that it is receiving a $476,000 CAD repayable
contribution through the Atlantic
Canada Opportunities Agency’s (ACOA) Regional
Economic Growth through Innovation (REGI) program. Appili is
creating novel antibiotic and anti-infective therapies to help patients
suffering from serious infections and to address the need for new
treatments due to increasing resistance to currently available
antibiotics.
This contribution will help to maintain highly qualified positions in
Halifax while supporting world class research and development operations
to combat a global crisis that poses a serious threat to human health.
The company will use this assistance to procure materials for continued
development of its pipeline of novel drug candidates, as well as to
further explore the listing of its common shares on the TSX Venture
Exchange (the “TSXV”).
“The support from our community – the financial resources, human talent,
and federal and local backing – are an integral part of Appili’s growth
and innovation,” said Kevin
Sullivan, CEO of Appili Therapeutics. “We have had a strong working
relationship with ACOA since our inception and are very grateful for its
continued support. The urgent medical need for stronger anti-infectives
is a global problem, and we are proud to bring solutions developed here
in Atlantic Canada to this fight.”
This loan follows Appili’s recently announced private placement
financing, which raised proceeds of $3.6 million CAD.
“Seeing high quality research, commercialization and jobs in Atlantic
Canada is a top priority,” said Andy Fillmore, Parliamentary Secretary
to the Minister of Canadian Heritage and Multiculturalism and Member of
Parliament for Halifax, on behalf of the Honourable Navdeep Bains,
Minister of Innovation, Science and Economic Development and Minister
responsible for ACOA. “Appili’s pipeline of anti-infective medications
are already bringing foreign investment and highly skilled workers to
the region. Investments such as these build on the government’s plan to
deliver meaningful results for the middle-class and those who are
working hard to join it.”
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 to 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.
Certain information in this press release may contain forward-looking
statements. Such statements include, but are not limited to the proposed
use of proceeds and the Company’s intention to list its common shares on
the TSXV. This information is based on current expectations that
are subject to significant risks and uncertainties that are difficult to
predict, including the risk that the Company may not be able to secure a
listing on the TSXV or another stock exchange mutually acceptable to the
Company and the Agents and certain other risk factors set out under the
heading “Risk Factors” in the preliminary prospectus of the Company
dated March 20, 2019, a copy of which is available under the Company’s
profile on SEDAR at www.sedar.com.
Actual results might differ materially from results suggested in any
forward-looking statements. The Company assumes no obligation to update
the forward-looking statements, or to update the reasons why actual
results could differ from those reflected in the forward-looking
statements unless and until required by securities laws applicable to
the Company.
Neither the Toronto 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.
Contacts
Media Relations Contact:
Andrea Cohen, Sam Brown Inc.
O: (917)
209-7163
E:andreacohen@sambrown.com
Chris Brooks
Director, Communications and Outreach
Atlantic
Canada Opportunities Agency
O: 902-426-9417 / C: 902-830-3839
E:
chris.brooks@canada.ca
Investor Relations Contact:
Kimberly Stephens, CFO
Appili
Therapeutics
E: info@appilitherapeutics.com