Aequus Provides General Update and Fiscal 2022 Financial Results

VANCOUVER, British Columbia, May 01, 2023 (GLOBE NEWSWIRE) -- Aequus Pharmaceuticals Inc. (TSX-V: AQS, OTCQB: AQSZF) (“Aequus” or the “Company”), a specialty pharmaceutical company focused on bringing healthcare solutions to Canadians through licensing and partnerships, today reports financial results for the year ended December 31, 2022 (“Fiscal 2022”) and associated Company developments. Unless otherwise noted, all figures are in Canadian currency.

“We are excited to have begun a new chapter in our business built around ZIMED. We hold a strong vision of how we want to grow into the future. The end of Fiscal 2022 concludes our promotional agreement with Sandoz and makes 2023 a pivotal year for Aequus as we focus on our own prescription product with a team that has extensive expertise in Ophthalmology. Years ago, we listened to the unmet need from Canadian Ophthalmologists and patients, and now we are thrilled to be providing an exceptional product to the community we serve,” commented Mr. Janzen, CEO. “I continue to believe in the potential of Aequus and look forward to launching ZIMED in the next 3 months.”

Mr. Larsen, Chief Commercial Officer of the Company, added that he “is grateful for Mr. Janzen’s support and faith in the team. His recent loan of $500,000 has brought his total loans in the last year to $2.5 million. Aequus has used the past several months of reduced sales activity to retool our sales team, and enhance our marketing capabilities. Reformatting CRM databases, digital sales training, validating HCP and KOL outreach capabilities are just some of the resource upgrades and prelaunch activities that Aequus has invested in and executed since Q4 2022. We are near ready for the ZIMED launch and expect to begin commercial sales in June.”

Financial Highlights

The Company reported an operating loss before other income and expenses of $2,712,044 for Fiscal 2022, an increase of 49% from the loss before other income of $1,822,294 in Fiscal 2021. The higher loss was primarily due lower revenue in Fiscal 2022 relative to Fiscal 2021. The loss was offset by reduction in general, administration and development expense. The Company also impaired its $566,756 investment in reVision, which impacted the net loss after other income and expense resulting in a net loss of $3,210,044 in Fiscal 2022 compared to a $1,809,592 in Fiscal 2021.