Halifax-based Appili Therapeutics has raised $2.2 million in equity financing.
According to a report from Entrevestor, Appili is developing antibiotics to treat superbugs resistant to antibiotics. The funding will go towards advancing its lead product candidate, a taste-masked antibiotic designed to treat anaerobic infections like Clostridium difficile, into clinical trials.
The company also wants to continue development of antibiotics targeting drug-resistant Gram-negative bacteria, and evaluate opportunities to add high potential anti-infective programs to its pipeline.
“We continue to seek new programs that complement this balanced-risk approach with a mix of near-term revenue programs along with early stage programs that have the potential to fundamentally change how we treat infectious disease,” said Kevin Sullivan, CEO of Appili Therapeutics.
The funding included current Appili investors such as Innovacorp, as well as new individual and institutional investors. To date, Appili has raised $4.5 million in equity financing over the past 18 months.
“In a very short period of time, Appili has made significant progress with their strategy to identify and develop improved anti-infective therapies, and we look forward to supporting their upcoming clinical trial,” said Dr. Lidija Marušić, life sciences investment manager at Innovacorp, which invests in early stage Nova Scotia-based entrepreneurs, and member of Appili’s board of directors.
Image via Entrevestor