Halifax pharmaceutical company Appili Therapeutics, which is working on a stock market listing, has received a $476,000 loan from the Atlantic Canada Opportunities Agency’s Regional Economic Growth through Innovation 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.
“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. “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.”
Last month, the drug discovery company said it had raised gross proceeds of about $3.6 million through a private placement and issued a preliminary prospectus for its listing on the TSX Venture Exchange.
Just three years old, Appili has been working on a two-track strategy to get to market. Two years ago, it was allowed a fast-track regulatory process for its first drug candidate, ATI-1501, because the compound is based on a drug called metronidazole that had already been approved. Meanwhile, it is also working on a second compound, ATI-1503, which will take longer to develop but aims for a larger market in addressing antibiotic-resistant viruses.
Disclosure: ACOA is a client of Entrevestor.