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Shares of Halifax drug discovery company Appili Therapeutics Inc. begin trading on the TSX Venture exchange today.
The company, whose long-term goal is to produce drugs that can combat antibiotic-resistant viruses, issued a statement Monday evening saying the Toronto Stock Exchange had accepted its application for an initial public offering.
Appili is not raising new funds in the listing as it meets the TSX Venture requirements for capital, with enough money in the bank to last until mid-2020. The company raised $3.6 million earlier in the year via a sale of warrants. Since inception, the company has raised a total of $15.4 million in equity funding and $19 million in non-dilutive funds, and decided last autumn that its best long-term route to capital would be found in public markets.
“This public listing is an important part of our evolution as we look to continue to build our pipeline of products that treat the most serious threats to human health,” said Appili CEO Kevin Sullivan in an email Monday night. “It really is an exciting part of our life cycle/growth strategy that we are keen to show the markets.”
NeuroQuest Press Release
February 9, 2016— NeuroQuest Inc. (www.neuroquest.ca), and its joint-venture partner Concept 2 Clinic Inc. (www.concept2clinic.com) (“Company”) today announced that the Canadian Intellectual Properties Office (“CIPO”) and the Korean Intellectual Property Office (“KIPO”) have issued the patents for the Company’s lead natural bioactive products.
“With these issuance’s in Canada and Korea, we will have very comprehensive intellectual property protection for our lead natural bioactive research programs. We intend to further enhance our intellectual property portfolio with additional patent applications in US, Europe, China and Japan throughout 2016 and beyond,” said Robert Cervelli, NeuroQuest’s Chief Executive Officer.
“Our Company’s medicinal chemistry program began with specific naturally occurring compounds which have prior evidence of efficacy and safety in both animal and human studies. These natural compounds are listed as GRAS (generally regarded as safe) by the US FDA, providing an excellent safety profile. PN34 is a naturally-occurring bioactive which is highly efficacious in relieving neuropathic and nociceptive pains. Unlike currently marketed neuropathic pain therapeutics, PN34 has no life-threatening side effects, and induces no numbing or burning sensation. These properties of PN34 appeal to current market needs, which place increasing pressure on drug safety,” said YC Lee,
Ph.D., Concept 2 Clinic’s Managing Director.
Canadian Patent Number CA 2676139 “Composition Comprising Terpene Compounds and Methods for Inhibiting Nerve Transmission”, was issued in February, 2016 and will expire in 2028. Korean Patent Number 10-1580857 “Composition Comprising Terpene Compounds and Methods for Inhibiting Nerve Transmission” was issued on December 22, 2015 and will expire in 2028.
About NeuroQuest Inc. and Concept 2 Clinic Inc.
NeuroQuest Inc. (www.neuroquest.ca) and its joint-venture partner, Concept 2 Clinic Inc.
(www.concept2clinic.com), are Canadian biotechnology companies located in Halifax and Toronto focused on developing prescription drugs from enhanced chemical modifications to natural bioactives for the treatment of neurological diseases. NeuroQuest and Concept 2 Clinic are seeking new approaches to modulation of nerve transmission with clinical applications particularly for neuropathic pain. The company focuses on a first-in-class small molecule drug discovery platform that is based on bioactives discovered in plant extracts showing efficacy for neuropathic pain. The company has a proprietary position in both natural bioactives for the consumer health market and new chemical entities (NCE’s) for out-license to the pharmaceutical industry.
For further information, please visit the Company’s website at www.neuroquest.ca;
www.concept2clinic.com or contact:
Mr. Robert Cervelli, President & CEO of NeuroQuest Inc.
Email: [email protected]
YC Lee, Ph.D. , Managing Director of Concept 2 Clinic Inc.
Email: [email protected]