VANCOUVER, BC--(Marketwired - September 29, 2016) - Aequus Pharmaceuticals Inc. (TSX VENTURE: AQS) (OTCQB: AQSZF) ("Aequus" or the "Company"), a specialty pharmaceutical company with a focus on developing, advancing and promoting differentiated products, announced today that it has successfully obtained provincial formulary coverage from the Ontario Drug Benefit Program for PrVistitan™ (bimatoprost 0.03% w/v, ophthalmic solution). According to IMS data, over 80% of Ontario's glaucoma patient population rely on public medication coverage, who will now have improved access to this product.
"This is a major milestone since the launch of PrVistitan™ as Ontario accounts for over 40% of prescription volume in the prostaglandin class of medications," said Ian Ball, Chief Commercial Officer at Aequus. "Improved access to PrVistitan™ in Canada's largest market is expected to drive revenues towards during the remainder of 2016 and beyond."
PrVistitan™ is approved for the reduction of elevated intraocular pressure (IOP) in patients with open angle glaucoma or ocular hypertension. Prior to Aequus' launch of this product in April 2016, bimatoprost had only been available in a 0.01% concentration in Canada for this indication.
"We brought bimatoprost 0.03% back to the Canadian market due to its strong, sustained efficacy at lowering IOP," said Ian Ball, Chief Commercial Officer, adding, "this product is a valuable addition to the treatment line-up and we are proud to be able to offer it to patients and Canadian payor groups at a reduced cost relative to other agents in this class of medications."
As previously announced, PrVistitan™ is currently listed among 90% of private payor groups. Aequus continues to work towards coverage in all other Provincial Health Authorities.
Bimatoprost is a synthetic prostamide analogue and is structurally related to prostaglandin F2α. Its mechanism of action resembles that of prostaglandin F2α, a naturally occurring substance. Vistitan, which was approved by Health Canada in 2014, is currently the only marketed version of 0.03% bimatoprost ophthalmic solution indicated for the reduction of elevated intraocular pressure in patients with open angle glaucoma or ocular hypertension. Bimatoprost 0.03% has been studied in two randomized, multicenter, double-blinded, parallel-group clinical studies, of 12 months duration, conducted on 1198 patients with glaucoma or ocular hypertension, versus timolol twice-daily as an active control. Over the 12 month study duration bimatoprost predictability lowered IOP in over 90% of patients to 22mgHg or less, with approximately 50% of patients having IOPs of 17mmHg or less.
Please refer to the product monograph for more details.
Aequus Pharmaceuticals Inc. (TSX VENTURE: AQS) (OTCQB: AQSZF) is a growing specialty pharmaceutical company focused on developing and commercializing high quality, differentiated products. Aequus' development stage pipeline includes several products in neurology and psychiatry with a goal of addressing the need for improved medication adherence through enhanced delivery systems. Aequus intends to commercialize its internal programs in Canada alongside its current portfolio of marketed established medicines and will look to form strategic partnerships that would maximize the reach of its product candidates worldwide. Aequus plans to build on its Canadian commercial platform through the launch of additional products that are either created internally or brought in through an acquisition or license; remaining focused on highly specialized therapeutic areas. For further information, please visit www.aequuspharma.ca.
This release contains forward-looking statements or forward-looking information under applicable Canadian securities legislation that may not be based on historical fact, including, without limitation, statements containing the words "believe", "may", "plan", "will", "estimate", "continue", "anticipate", "intend", "expect", "potential" and similar expressions. Forward-looking statements are necessarily based on estimates and assumptions made by us in light of our experience and perception of historical trends, current conditions and expected future developments, as well as the factors we believe are appropriate. Forward-looking statements in this release include but are not limited to statements relating to: the timing and amount of revenues that the Company may receive from its currently announced commercial products; the ability of the Company to reach its revenue goals; the implementation of our business model and strategic plans; Aequus' anticipated reimbursement submissions and commercial activities in Canada in respect of Vistitan, the expected impact of Vistitan commercialization on Aequus. Such statements reflect our current views with respect to future events and are subject to risks and uncertainties and are necessarily based upon a number of estimates and assumptions that, while considered reasonable by Aequus, are inherently subject to significant business, economic, competitive, political and social uncertainties and contingencies. Many factors could cause our actual results, performance or achievements to be materially different from any future results, performance, or achievements that may be expressed or implied by such forward-looking statements. In making the forward looking statements included in this release, the Company has made various material assumptions, including, but not limited to general business and economic conditions, the suitability of Vistitan to commence commercial activities in Canada, the ability of Aequus to integrate Vistitan into its existing pipeline and sales infrastructure, Aequus' assumptions regarding the sales of Vistitan being accurate, and the demand for Aequus and the expenses associated with Aequus' business continuing as expected by Aequus. In evaluating forward-looking statements, current and prospective shareholders should specifically consider various factors set out herein and under the heading "Risk Factors" in the Company's Short- Form Prospectus dated June 30, 2015, a copy of which is available on Aequus' profile on the SEDAR website at www.sedar.com, and as otherwise disclosed from time to time on Aequus' SEDAR profile. Should one or more of these risks or uncertainties, or a risk that is not currently known to us materialize, or should assumptions underlying those forward-looking statements prove incorrect, actual results may vary materially from those described herein. These forward-looking statements are made as of the date of this release and we do not intend, and do not assume any obligation, to update these forward-looking statements, except as required by applicable securities laws. Investors are cautioned that forward-looking statements are not guarantees of future performance and are inherently uncertain. Accordingly, investors are cautioned not to put undue reliance on forward-looking statements.
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