VANCOUVER, August 29, 2017 – Aequus Pharmaceuticals Inc. (TSX-V: AQS, OTCQB: AQSZF) (“Aequus” or the “Company”), a specialty pharmaceutical company with a focus on developing, advancing and promoting differentiated products, today reported financial results for the three months ended June 30, 2017 and associated Company developments. Unless otherwise noted, all figures are in Canadian currency.
Since the initiation of Aequus’ promotional efforts in December 2015, the generic version of the most commonly used dose of tacrolimus IR (1mg) has experienced growth of 103% to date and continues to gain market share from branded tacrolimus alternatives.Since the launch of Vistitan™ in April 2016, and with the support of Aequus’ promotional efforts, Vistitan™ has been successfully listed among 90% of private payor groups as well as a benefit under key provincial formularies, including the Ontario Drug Benefit Plan, Alberta Health and Manitoba Health.
The Company expects revenues from the promotional activities of these two products to continue to grow in the current year as they continue to penetrate market share held by the branded equivalent and similar medications within the class.
In Q2 2017, the Company added to its commercial pipeline as it entered into a promotional agreement with Santen, a market leader in Japan for prescription ophthalmology therapies, where Aequus will build on its existing sales infrastructure to promote and support the launch of an undisclosed ophthalmology product which is currently under review by Health Canada.
"The agreement with Santen that we entered into this quarter reinforces our commitment to provide patients with high-quality therapeutics, and adds to the commercial ophthalmology franchise we have been building at Aequus since the launch of Vistitan in 2016,” said Doug Janzen, CEO and Chairman of Aequus. “We look forward to seeing continued growth on the revenue side of our business as we look to add additional products in the near term."
Development Program Activities
The Company incurred research and development (“R&D”) expenses of $581,670 in Q2 2017 as compared to $291,748 in Q2 2016. The increase was attributable to the Company completing the follow-on Proof of Concept clinical study for AQS 1301 (a once-weekly transdermal formulation of aripiprazole), the preparation for and attendance of the AQS1301 Pre-IND Meeting, the development of clinical trial materials and the initiation of the Proof of Concept study for AQS1303 (a long-acting transdermal anti-nausea patch).
The Company recently completed its Proof of Concept study for AQS1303 and expects results to be announced within the current quarter.
The Company continued to progress its cannabinoid development program since licensing the rights to a cannabinoid transdermal patch in the first quarter of 2017. The Company entered into a research collaboration for cannabinoid-based therapeutics with the Centre for Drug Research and Development in the quarter to establish pre-clinical safety and efficacy of select cannabinoid-based therapeutics targeting neurological movement disorders. The Company further validated the need for improved delivery methods, quality controlled ingredients, and clinical data to support safety and efficacy in key therapeutic areas through a market research survey involving 410 physicians in both Canada and the United States in the quarter. These activities have allowed The Company to calibrate its approach to the burgeoning sector to ensure value is brought to both patient and physician in this unique therapeutic space.
Since the end of Q2 2017, the Company announced a strategic supply agreement with Scientus, a biopharmaceutical company focused on R&D and product commercialization for extracts and formulations related to medical cannabinoids; and a collaboration around clinical trial management with Ehave, a healthcare bioinformatics company whose platform efficiently captures, integrates, and delivers high-quality clinical data and treatment tools. Aequus looks to continue to build on this momentum in the coming quarters.
Investors are encouraged to review Aequus’ complete Financial Statements and Management’s Discussion and Analysis (“MD&A”) for the three and six months ended June 30, 2017, which are available on the Company’s website at www.aequuspharma.ca and on SEDAR at www.sedar.com.
Aequus Pharmaceuticals Inc. (TSX-V: 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. With a focus in neurology and other specialty areas, our most recent addition to the development pipeline was a long-acting form of medical cannabis, where there is a high need for a consistent, predictable and pharmaceutical-grade delivery of products for patients. 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 .