Aequus Announces Marc Lustig Joining Board of Directors and Making Direct Equity Investment into the Company

NOT FOR DISTRIBUTION OR DISSEMINATION INTO THE UNITED STATES OR
THROUGH U.S. NEWSWIRE SERVICES

VANCOUVER, British Columbia, Feb. 12, 2021 (GLOBE NEWSWIRE) --  Aequus Pharmaceuticals Inc. (TSX-V: AQS, OTCQB: AQSZF), a specialty pharmaceutical company with a focus on developing, advancing and promoting differentiated products is pleased to announce that it intends to complete a non-brokered private placement of 6,666,666 units of the Company (the "Units") at a price of $0.15 per Unit (the "Offering Price"), for aggregate gross proceeds of $1,000,000 (the “Proposed Financing”) to Marc Lustig, who has concurrently agreed to join the Aequus Board of Directors as described below. Each Unit shall consist of one common share of the Company and one-half non-transferrable common share purchase warrant (each whole warrant, a "Warrant"). Each Warrant shall entitle the holder thereof to purchase one common share at an exercise price of $0.25 for a period of twenty-four (24) months following the transaction closing date. Aequus expects the Proposed Financing to close on or about February 26, 2021, subject to a number of conditions, including the execution of definitive documentation and receipt of final approval of the TSX Venture Exchange for the listing of the common shares issuable on closing.

Aequus intends to use the net proceeds of the Proposed Financing for general corporate and working capital purposes, including commercial and marketing activities and supporting on-going business development. Securities issued under the Proposed Financing will be subject to a four month hold period in Canada following the date of closing. The securities offered have not been registered under the U.S. Securities Act of 1933, as amended, or applicable state securities laws, and may not be offered or sold to persons in the United States absent registration or an exemption from such registration requirements. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.

“Aequus is pleased to welcome Marc Lustig who is joining the team as a Director,” said Doug Janzen, Aequus Chairman and CEO. “I have worked with Marc on a number of successful projects over the years and we are delighted to add such an experienced and talented Director. Marc has extensive North American capital markets experience and is a respected entrepreneur who founded and built Origin House before it was acquired by Cresco Labs. Marc’s expertise is expected to be a significant benefit to Aequus as we launch the Evolve and Revive Eye Care products and finalize the submission for Health Canada regarding Zymed -PF, a preservative free prescription drug for the treatment of Glaucoma.”