Appili Therapeutics Inc., a Bloom Burton Development Corp. inculcated company, has raised $3,062,000 in tranched private placement primarily from new and existing accredited investors. Innovacorp, an existing investor, also participated in the financing.
Haywood Securities Inc., Dundee Securities Ltd., Canaccord Genuity Corp., GMP Securities L.P. acted as agents for the private placement. Baker & McKenzie LLP acted legal counsel to Appili Therapeutics.
Halifax, Nova Scotia based Appili Therapeutics Inc. is a drug development company dedicated to identifying, acquiring and advancing novel therapeutics for infectious disease.
Proceeds from the financing will be used to fund operations and the continued growth of the company. Specifically, Appili Therapeutics intends to use the additional funding to advance its pipeline of anti-infectives and move its lead antibiotic, a taste-masked treatment for anaerobic infections, into the clinic.
“Appili has assembled a team with the proven ability to bring new antibiotics to market, and has made remarkable progress in building a pipeline that addresses major unmet needs in bacterial infections,” said Dr. Lidija Marušić, life sciences investment manager at Innovacorp and member of Appili’s Board of Directors. Innovacorp has participated in all of Appili’s financing rounds.
“There is a robust market opportunity for antibiotics that really bring value and the successful closing of this financing round reflects that,” said Kimberly Stephens, CFO of Appili Therapeutics.
“We appreciate the confidence investors have in our strategy to build a balanced-risk pipeline of products designed to treat the most serious and drug-resistant infections affecting patients today,” said Kevin Sullivan, CEO of Appili Therapeutics.
Appili has two anti-infective programs, ATI-1501 and ATI-1503, in its pipeline. ATI-1501 is a taste-masked treatment for anaerobic infections that has been granted orphan drug status by the FDA. Appili plans to take ATI-1501 into clinical trials in 2017. Appili’s second product, ATI-1503, is a novel antibiotic with broad potential to treat deadly Gram-negative infections. These drug-resistant infections have been identified by the U.S. Centers for Disease Control (CDC) and the World Health Organization as posing the highest threat to human health.
photo credit: Appili Therapeutics Inc.