Aequus Provides General Update and Reports Record 2020 Financial Results

VANCOUVER, British Columbia, April 23, 2021 (GLOBE NEWSWIRE) -- 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 year ended December 31, 2020 (“Fiscal 2020”) and associated Company developments. Unless otherwise noted, all figures are in Canadian currency.

“We had a very strong end to our fiscal year and set new records for both the fourth quarter and annual revenue,” said Doug Janzen, Chairman and CEO of Aequus. “2020 gross revenues were $2,592,613 for the year, a 59% increase over Fiscal 2019 revenues of $1,632,524 and Q4 revenues were $851,187 a 59% increase over Q4 2019. Our fourth quarter is traditionally our strongest quarter, and we will work to carry this momentum forward into 2020. We significantly improved on our bottom line as well; the net loss for Fiscal 2020 was $1,045,360, a 66% reduction compared to a net loss of $3,106,104 in Fiscal 2019 and the net loss for Q4 2020 dropped to $165,376 compared to $1,037,354 for the same period in 2019.

I am very pleased with our performance in 2020. We have dramatically narrowed our operating losses and continue to close in on our goal of reaching operational break-even. With the recent launch of the Evolve^TM and Revive^TM products our focus remains on commercial execution while expanding our existing partnerships to include the acquisition of new products for our growing pipeline. In the next few weeks, we will be submitting the first tranche of information to Health Canada to support the approval of Zimed-PF, a preservative free prescription product for open angle Glaucoma. We are very excited about introducing this product to the Canadian market. We are also encouraged by the pace of negotiations we are having with potential new partners and B2B relationships, despite the challenges associated with the impact of COVID-19 on our partners and customers.”

Key 2020 Financial Highlights

• Highest annual revenue to date, with Fiscal 2020 total revenue of $2.6 million, resulted in an increase of 59% over the $1.6 million in revenue during the year ended December 31, 2019 (“Fiscal 2019”).
  
  
• The three months ended December 31, 2020 (“Fourth Quarter 2020”) had revenues of $851,187, is a 59% increase over the three months ended December 31, 2019 (“Fourth Quarter 2019”).
  
  
• Fiscal 2020 net loss of $1.0 million, a reduction of 66% from the $3.1 million loss in Fiscal 2019, mainly due to higher sales and a temporary reduction in sales expenses during the mandated shutdowns last year.