VANCOUVER, BC--(Marketwired - November 30, 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, today provided a corporate update and has filed its financial results for the three months ended September 30, 2016, which is available on www.sedar.com. Unless otherwise noted, all figures are in Canadian currency.
Financial Highlights for Q3 2016:
- Total revenues reported in Q3 2016 were $300,549, an increase of 155% over Q2 2016. YTD revenues of $534,732 have been driven by Aequus' promotional activities for tacrolimus IR and the launch of Vistitan™.
- Aequus reported a net loss of $1,120,687 in Q3 2016, a decrease of 19% compared to Q2 2016. The company increased operational spend during this quarter compared to Q3 2015 as it continued to invest in marketing activities for its two commercially promoted products, tacrolimus IR and Vistitan™. This increase in spend, however, was offset by an increase in earned revenues and receipt of a Scientific Research and Experimental Development (SR&ED) tax credit.
- The company's efforts in market access have been positively reflected by having achieved over 90% private coverage for Vistitan™ as well as major provincial listings including formulary coverage from the Ontario Drug Benefit Program within the first six months of launch with other major provincial formularies expected in the near term.
- In the first half of 2016, the Company announced positive Proof of Concept clinical data for its once-weekly, transdermal aripiprazole program, and expects to initiate the follow-on, multi-dose exposure study in late 2016 with results expected in early 2017. It has continued to expand the patent portfolio for this program with a patent issued / allowed in six major countries or regions, including the US, Russia, Mexico, Japan, Canada and Australia.
- The Company expects to advance its long-acting transdermal doxylamine/pyridoxine combination patch for the treatment of nausea and vomiting of pregnancy (NVP) into Proof of Concept clinical studies in early 2017, and has recently announced that preparations are underway with its manufacturing partner, Corium International, for doxylamine/pyridoxine Clinical Trial Materials. The company has filed an international patent application covering the current formulation.
- The Company also continues to advance its long-acting transdermal clobazam program for the treatment of epilepsy and has filed an international patent application for this program.
- Aequus expects to continue dialogue with third party partners for potential partnerships for at least one of its internal development programs in 2017.
"We have started to see solid growth in our Canadian commercial operations, with current quarter over preceding quarter revenues increasing by 155% as a direct result of our promotional activities for tacrolimus IR and Vistitan™. We recognize that this growth pattern will be unpredictable in the near term as provincial formularies are won and initial stock-ins are made at the pharmacy level, however, based on the enthusiasm from physicians around each of these products, we are confident in the continued growth and success of the commercial arm of our business in the long term," said Ian Ball, Chief Commercial Officer of Aequus.
"We are very pleased to see these early signs of success in our commercial business as we continue to invest in driving revenues and look for areas where we can build-in operational efficiencies. We have a clear objective of driving the business towards profitability in 2017 and are reviewing a number of strategic opportunities that will help us to reach this goal and enhance shareholder value," said Doug Janzen, President and CEO of Aequus.
Additionally, the Company would like to update information provided in a prior press release dated October 3, 2016. The Company issued Camargo Pharmaceutical Services, LLC 153,072 common shares on October 19, 2016 in connection with the execution of the service agreement.
ABOUT AEQUUS PHARMACEUTICALS INC.
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.
FORWARD-LOOKING STATEMENT DISCLAIMER
This release may contain 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 include but are not limited to statements relating to: the implementation of our business model and strategic plans; the Company's expected revenues; the timing of public listings; the advancement of the Company's transdermal pyridoxine/doxylamine program into a Proof of Concept clinical study; the Company's potential regional partnerships for its internal programs; the timing of public reimbursement decisions for Vistitan ™; the timing of the Company's follow-on, multi-dose bioavailability study for the its transdermal aripiprazole program; and the Company's expectations regarding the tech transfer to its development partner with respect to the Company's transdermal patch for clobazam. 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: obtaining positive results of clinical trials; obtaining regulatory approvals; general business and economic conditions; the Company's ability to successfully outlicense or sell its current products and in-license and develop new products; the assumption that the Company's current good relationships with its manufacturer and other third parties will be maintained; the availability of financing on reasonable terms; the Company's ability to attract and retain skilled staff; market competition; the products and technology offered by the Company's competitors; and the Company's ability to protect patents and proprietary rights. 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 Annual Information Form dated April 29, 2016, 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.
Vistitan™ Trademark owned or used under license by Sandoz Canada Inc.