The Halifax, Nova Scotia-based company is focused on the acquisition and development of novel treatments targeting unmet needs in infectious disease.
Shares of Appili began trading at C$1.10 on Tuesday morning before resting at C$1 by mid-afternoon.
Appili currently has 33.5 million shares outstanding, giving it a valuation of around C$33.5 million at the current share price levels.
The company, incorporated in 2015, has a unique business model in the biopharmaceutical sector. Instead of focusing on a select few drugs, Appili builds and advances a diverse portfolio of anti-infective programs before pairing with strategic partners to continue towards commercialization.
“Appili has a clear and unwavering mission: to tackle the growing number of threats in the infectious disease landscape,” said Kevin Sullivan, Appili’s CEO. “Listing our shares on the TSXV is an important milestone in our maturation in support of this mission.”
Sullivan said that the company has made “strong efforts” to be efficient with shareholder capital, combining C$15.4 million in equity raised with over C$19 million in non-dilutive funding to advance its programs.
“Our public listing marks an important inflection point in our ability to deepen our reach into this market and demonstrate that it is possible to invest in a compelling and attractive social mission and business opportunity in parallel,” Sullivan said.
In the current pipeline are three assets geared towards fighting infectious diseases such as a vaccine for tularemia being developed to mitigate the threat against biological weapons.
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