Appili Therapeutics Inc. has raised $4,339,000 in an oversubscribed new round of private placement financing, bringing the total equity raised since its seed round in March 2016 to $11,816,000.
The new round of financing closed in two tranches and was priced at $[mepr-active rule=”374″ ifallowed=”hide”]##Subscribe today to see our research on this and all other subscriber ONLY items##[/mepr-active][mepr-active rule=”374″]4 per share, up from that of the precious round closed in October 2017 which was priced $3.00 per share.[/mepr-active]
Innovacorp, Nova Scotia government’s early-stage venture capital firm, led the financing and was joined by Canadian and international private investors.
GMP Securities L.P. acted as placement agent and Baker McKenzie LLP acted as legal counsel.
Appili has also received a $500,000 repayable contribution from the Government of Canada, through the Atlantic Canada Opportunities Agency’s (ACOA) Business Development Program.
“The second wave of financing in the last quarter of 2017 and into early 2018 confirms the confidence of our investors in the company’s strategy to bring to market new anti-infective drugs for resistant or neglected infections,” said Kevin Sullivan, CEO of Appili Therapeutics.
Appili intends to use funding for operations and the continued growth of the company. Specifically, the additional funding will enable Appili to expand its pipeline of anti-infectives with additional in-licensed assets.
“The Government of Canada is pleased to continue its support of Appili Therapeutics as it expands its portfolio and business, creating more opportunities for export and foreign investment. Appili is contributing to the global community’s search for solutions to combat antibiotic resistance and is a valued member of Canada’s life sciences industry,” said Andy Fillmore, Parliamentary Secretary to the Minister of Democratic Institutions 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 Therapeutics was formed with the intent to create a portfolio of research and development assets, and this funding will allow us to be opportunistic in our in-licensing activities,” added Kimberly Stephens, Appili Therapeutics CFO.
Halifax, Nova Scotia based Appili Therapeutics, a Bloom Burton Development Corp. incubated company, was founded in 2015 by a team of drug development, infectious disease and commercialization experts to advance the global fight against infectious disease and the mounting threat of drug-resistant pathogens.
photo credit: Appili Therapeutics