- Appili Therapeutics Inc. (APLI) enters a senior secured loan and exclusive license and distribution agreement with Long Zone Holdings Inc. (LZH)
- Appili Therapeutics is an infectious disease biopharmaceutical company
- The US$3.6 million senior secured loan will be used by Appili to retire a previous senior convertible funding agreement
- Appili will grant LZH an exclusive license to commercialize future approved products in Latin America, Canada, and Israel
- Appili will receive a supply price for products sold by LZH, and royalties on net sales
- Appili Therapeutics Inc. (APLI) is up 8.70 per cent and is trading at $0.12 per share as of 3:39 p.m. ET
Appili Therapeutics (APLI) has secured a loan, exclusive license and distribution agreement with Long Zone Holdings Inc. (LZH)
The US$3.6 million senior secured loan will be used by Appili to retire the previously announced senior convertible funding agreement with The Lind Partners and for working capital purposes.
LZH will issue the secured loan bearing a minimum interest rate of 8.5 per cent per year, compounded quarterly, with a maturity date of March 28, 2025.
Appili expects to receive net proceeds of approximately US$3.5 million from the funding after deducting aggregate fees of US$108,000.
LZH will also be issued 1.5 million cash-exercise warrants, exercisable for seven years, with a warrant exercise price of $0.115.
In addition, Appili will grant LZH an exclusive license to commercialize Appili’s future approved products in Latin America, Canada, and Israel. The license excludes ATI-1501 in Latin America, which was recently licensed to existing partner Saptalis Pharmaceuticals.
Appili will receive a supply price for products sold by LZH or its sublicensees, as well as royalties on net sales.
Dr. Armand Balboni, CEO of Appili Therapeutics, commented,
“Infectious diseases are a global threat and the funding from LZH, in addition to over US$10 million in expected non-dilutive funding from the US Department of Defense, help bring Appili that much closer to delivering its portfolio of innovative medicines to patients around the world.”
Appili Therapeutics is an infectious disease biopharmaceutical company that is solving life-threatening infections.
Appili Therapeutics Inc. (APLI) is up 8.70 per cent and is trading at $0.12 per share as of 3:39 p.m. ET.