Mr. Armand Balboni reports
APPILI THERAPEUTICS REPORTS FINANCIAL AND OPERATIONAL RESULTS FOR FIRST QUARTER OF FISCAL YEAR 2023
Appili Therapeutics Inc. has released 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 biodefence programs," said Armand Balboni, MD, PhD, 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 biodefence 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:
- Announcing commitment of over $10-million (U.S.) in new funding from DTRA to advance for the company's biodefence 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 an 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 $3.6-million (U.S.), and a licence and distribution agreement with Long Zone Holdings Inc.;
Completing equity financing of $4.5-million in gross proceeds.
The company prepares its financial statements in accordance with IFRS (international financial reporting standards) 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 and comprehensive loss of $2.32-million or three cents per share for the three months ended June 30, 2021, was $5.04-million lower than the net and comprehensive loss of $7.36-million or 12 cents 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 $400,000 and a decrease in income tax expense of $10,000. These decreases were offset by an increase in general and administrative expense by $80,000, an increase in financing cost of $150,000, a decrease of government assistance of $220,000, and a decrease in interest income by $10,000.
As of June 30, 2022, the company had cash and short-term investments of $5.55-million, compared with $6.66-million on March 31, 2022. As of Aug. 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 news 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's discussion and analysis (MD&A), copies of which are available on SEDAR.
About Appili Therapeutics
Appili 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 anti-parasitic product for the treatment of a disfiguring disease, a broad-spectrum anti-fungal and two novel antibiotic programs. Led by a proven management team, Appili is at the epicentre of the global fight against infection.
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