Medexus Pharmaceuticals Reports Revenue of $16.2 Million for the Third Quarter of Fiscal 2020

Q3 2020 Metoject unit market demand increased 88%¹;
Rupall unit market demand increased 62%²; and
Rasuvo unit market demand increased 8%³

Management to host conference call at 8:00 AM ET on Wednesday, February 19, 2020

TORONTO and CHICAGO and MONTREAL, Feb. 18, 2020 (GLOBE NEWSWIRE) -- Medexus Pharmaceuticals Inc. (the “Company” or “Medexus”) (TSXV: MDP, OTCQB: PDDPF) today provided a business update and announced its financial and operating results for the three- and nine- month periods ended December 31, 2019.  All dollar amounts below are in Canadian dollars.

Ken d’Entremont, Chief Executive Officer of Medexus, commented, “We achieved revenue of $16.2 million for the three months ended December 31, 2019, compared to $14.4 million for the same period last year. This improvement reflects both the Acquisitions in October 2018, as well as continued unit demand growth across our key products. Specifically, Metoject unit market demand increased 88%¹, Rupall unit market demand increased 62%², and Rasuvo unit market demand increased 8%³ over the same period last year. Rasuvo has received strong payor, prescriber and patient acceptance in the United States, which has positioned us as an emerging leader in the methotrexate auto-injector market. As reported last quarter, while gross revenue continues to grow, net revenue in the United States continues to be impacted by the consolidation of the Company’s payors in the United States market.  As a result of this consolidation, we have experienced an increase in the discounts given to payors in the form of rebates, and a corresponding reduction in the net selling price of Rasuvo.  We received a substantial rebate invoice from one of our main payors in the United States, which negatively impacted net revenue and gross margin for Rasuvo in respect of the three-month period ended December 31, 2019. The late receipt of the invoice in respect of these additional rebates was due to an error in the payor’s internal reporting system. We continue to investigate the cause of the late receipt of this rebate invoice, and to analyze and monitor the impact of the consolidation of the Company’s payors in the United States and the potential impact such consolidation has on the net selling price of Rasuvo. Nevertheless, we anticipate sustained growth of our key products going forward.”