HALIFAX, Nova Scotia--(BUSINESS WIRE)--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.
