Appili Therapeutics Inc (TSX-V:APLI) shares rallied after it announced the US Food and Drug Administration (FDA) approved its application for a liquid oral reformulation of the antibiotic metronidazole (ATI-1501).
The company’s shares were up 45% at C$0.08 by noon in Toronto.
In a statement, Appili noted that ATI-1501 has been licensed to its manufacturing partner Saptalis Pharmaceutical for commercialization in the US, where it will be sold under the brand name Likmez.
“The FDA approval of LIKMEZ, shortly after securing patent coverage through 2039, is an important milestone that demonstrates Appili’s ability to identify promising opportunities and develop and monetize them for the benefit of both patients and shareholders,” commented Appili CEO Don Cilla.
“Difficulty swallowing tablets and capsules should not be a barrier to accessing appropriate antibiotic therapy.
“Appili was formed to develop ATI-1501 and it is exciting to see our first development project make it to market,” Cilla added.
Appili said it expects to receive milestone payments and royalties from Saptalis based on this FDA approval and Saptalis’ commercialization plans.
Contact the author at stephen.gunnion@proactiveinvestors.com