Appili Therapeutics Announces Closing of Public Offering of $15,525,000 and Concurrent Private Placement of $1,440,000

by | Jun 10, 2020 | Appili Therapeutics, News

Read more here

Appili Therapeutics Inc. (TSXV: APLI) (the “Company” or “Appili”) announced the closing of its previously announced public offering (the “Public Offering”) of units (the “Units”). The Public Offering was made pursuant to an agency agreement entered into with a syndicate of agents led by Bloom Burton Securities Inc. (the “Lead Agent”) and including Mackie Research Capital Corporation, Industrial Alliance Securities Inc., Haywood Securities Inc., and Richardson GMP Limited (collectively with the Lead Agent, the “Agents”) and the Company.

Pursuant to the Public Offering, the Company issued a total of 12,937,500 Units at a price of $1.20 per Unit for aggregate gross proceeds of $15,525,000, which includes the exercise in full by the Agents of their over-allotment option to purchase 1,687,500 additional Units for additional gross proceeds of $2,025,000. Each Unit is comprised of one Class A common share of the Company (a “Common Share”) and one-half of one Common Share purchase warrant of the Company (each whole Common Share purchase warrant, a “Warrant”). Each Warrant entitles the holder thereof to acquire one Common Share (a “Warrant Share”) at an exercise price of $1.50 per Warrant Share until June 10, 2023.

“Appili has entered the global effort to solve the COVID-19 pandemic, and our team, along with our partners, including Fujifilm Toyama Chemical and Sinai Health, are working diligently to advance this randomized controlled trial as quickly and as thoroughly as possible,” said Dr. Armand Balboni, Chief Executive Officer, Appili Therapeutics. “Appili was built to solve infectious disease problems, and we believe that favipiravir will be an important part of the arsenal that ultimately addresses this coronavirus pandemic. With the continued support from the investment community, the results of this fundraise bolsters our capacity to push forward our Phase 2 program, which is designed to address a critical unmet need for the most vulnerable COVID-19 patients.”

The net proceeds of the Public Offering will be used primarily towards funding planned research and development activities for the clinical trial sponsored by the Company evaluating FUJIFILM Toyama Chemical Inc.’s (“FFTC”) drug favipiravir in long-term care facilities as a potential preventative measure against COVID-19.