Biotech
Wednesday, October 25th, 2023 2:06 pm EDT
Key Points
- Appili Secures Additional Funding for ATI-1701: Appili Therapeutics has secured a commitment for the second stage of funding for ATI-1701 from the U.S. Air Force Academy (USAFA), in partnership with the Defense Threat Reduction Agency (DTRA). ATI-1701 is the company’s vaccine candidate for the prevention of infection with Francisella tularensis, a top-priority biothreat. With this additional $6.6 million award, the total funding commitment for the ATI-1701 program reaches $14 million.
- Support for Biodefense Efforts: The funding commitment from USAFA and DTRA strengthens Appili’s foundation in biodefense and allows the company to scale up its efforts to develop a vaccine for Francisella tularensis. The funding will support nonclinical studies, manufacturing, and regulatory activities for ATI-1701, with the goal of advancing the program toward an Investigational New Drug (IND) submission.
- Corporate Update and Leadership Change: The article also mentions the passing of one of the company’s Directors, Rochelle Stenzler. The company intends to seek a new independent Director to join its Board in the coming months. This update highlights changes in the company’s leadership and governance.
Appili Therapeutics Inc. (TSX: APLI; OTCQB: APLIF) (the “Company” or “Appili”), a biopharmaceutical company focused on drug development for infectious diseases and biodefense, today announced that the company secured a commitment for the second stage of funding for ATI-1701 from the U.S. Air Force Academy (“USAFA”), who is working in partnership with the Defense Threat Reduction Agency (“DTRA”), the funding agency. ATI-1701 is the Company’s potential first-in-class vaccine candidate for the prevention of infection with Francisella tularensis, the causative agent of tularemia and a top-priority biothreat.
With this additional 6.6 million award, Appili’s ATI-1701 program has been awarded the total US$14 million in USAFA funding commitments announced on May 8, 2023.
“Being awarded this additional funding commitment from USAFA, in partnership with DTRA further strengthens Appili’s foundation in biodefense and enables us to scale-up our efforts to develop an urgently needed vaccine for this serious bioterrorism threat,” said Don Cilla, Pharm.D., M.B.A., President and Chief Executive Officer of Appili. “This level of funding commitment should further support nonclinical, manufacturing, and regulatory activities for ATI-1701, and should enable us to continue to advance this program towards an Investigational New Drug (“IND”).”
Appili will continue to oversee a comprehensive development program for ATI-1701, which includes nonclinical studies, manufacturing, and regulatory activities to support an IND submission. In May 2023, Appili was awarded the first stage of funding commitment from USAFA of US$7.3 million. The initial commitment was used to kick-off ATI-1701 early-stage development and regulatory activities, which are currently ongoing. Under the terms of the agreement with USAFA, Appili will be reimbursed for the subcontractor and vendor costs necessary to carry out the technical tasks. Additionally, Appili will be reimbursed for direct labour costs associated with budgeted program activities, including a portion of its overhead costs. Appili has also entered into an agreement with its lender whereby if needed, Appili has obtained temporary waivers of a minimum cash balance requirement. Further waivers may be necessary from time to time depending on the timing of reimbursements for expenses submitted to USAFA.
Corporate Update
It is with great sadness that the Company must announce that one of its Directors, Rochelle Stenzler, has passed away. The Company plans on seeking a new independent Director to join its Board in the coming months.
About ATI-1701
Appili is developing ATI-1701 as a vaccine to combat Francisella tularensis, which is classified by the U.S. National Institutes of Health (NIH) as a Category A pathogen, an organism that poses the highest risk to national security and public health. Estimated to be 1,000-fold more infectious than anthrax, experts consider the aerosolized form to have a high potential for use in a bioterrorism attack.
About Appili Therapeutics
Appili Therapeutics 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 antiparasitic for the treatment of a disfiguring disease, and a novel easy to use, liquid oral formulation targeting parasitic and anaerobic infections. Led by a proven management team, Appili is at the epicenter of the global fight against infection. For more information, visit www.AppiliTherapeutics.com.
