Aequus Provides General Update and Reports Record 2020 Financial Results - Seite 2

Fourth Quarter 2020 operating loss of $164,750, before other expenses, was 70% less compared to the same quarter in 2019. The Fourth Quarter 2020 net loss of $165,376 was a $871,978 decrease when compared to $1,037,354 net loss in the Fourth Quarter 2019. The change was primarily due to higher sales in 2020 and a $478,940 expense in Q4 2019 related to the impairment of an intangible asset when there was no such expense in Q4 2020.

Key 2020 Operational Highlights

Commercial Activities

• On January 10, 2020, the Company advanced the filings for provincial reimbursement in both Quebec and British Columbia for its lead product, ^PRVistitan^TM (Bimatoprost 0.03%). If successful, this additional coverage would advance sales in the second and third largest markets in Canada and would trigger an increase in the percentage of total revenue that Aequus receives from its partner Sandoz.
  
  
• On October 16, 2020, the Company agreed to a contract extension under modified terms for its promotional service agreement with Sandoz Canada Inc. (“Sandoz”) for Tacrolimus IR to December 31, 2021.
  
  
• On October 29, 2020, the Company, together with its partner, Medicom Healthcare Ltd. (“Medicom”), was issued a new Medical Device License for two of three product submissions made for the Evolve^TM preservative free dry eye product line, including Daily Intensive Drops and Daily Intensive Gel.
  

Corporate Activities

• On August 6, 2020, the Company issued 31,250,000 units at a price of $0.08 per unit for aggregate proceeds of $2,500,000. Each unit is comprised of one common share and one-half of one warrant of the Company (each whole common share purchase warrant, a "Warrant"). Each Warrant entitles the holder to purchase one common share at an exercise price of $0.12 for 36 months. The Warrants include an acceleration provision, exercisable at the Company's option, if the Company's daily volume weighted average share price is greater than $0.20 for ten consecutive trading days.
  

2021 Highlights - Subsequent to December 31, 2020

• In February 2021, the Company closed a private placement of 6,666,666 units at a price of $0.15 per unit, for proceeds of $1,000,000 to Marc Lustig, a director of the Company. Each unit shall consist of one common share and one-half warrant. Each warrant shall entitle the holder to purchase one common share at an exercise price of $0.25 for 24 months.