Aequus Provides General Update and First Quarter 2023 Financial Highlights

VANCOUVER, British Columbia, May 30, 2023 (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 quarter ended March 31, 2023 (“First Quarter 2023”) and associated Company developments. Unless otherwise noted, all figures are in Canadian currency.

“With the upcoming launch of ZIMED PF expected in August of 2023, Q1 and Q2 2023 has seen a focus on building our distribution commercial infrastructure with a focus on training, pre-launch communication and HCP education activities,” said Doug Janzen, Chairman and CEO. “As anticipated, revenues for the quarter were reduced due to the completion of the Sandoz contract at the end of last year. However, we are pleased to see the excellent momentum with our Dry Eye e-commerce platform as Q1 sales of the Evolve line more than doubled compared the same quarter last year. This performance is a testament to our commercial model and the breadth of our team’s footprint and commitment in eyecare.”

Commercial Update - ZIMED PF Pre-Launch

The Company continues to work toward building its pipeline of products in ophthalmology and optometry with the December 2022 regulatory approval of ZIMED PF. The promotional services contracts for both Tacrolimus and Vistitan expired at year-end 2022, creating a gap in revenue till the launch of Zimed PF, scheduled for August 2023. Aequus has taken the appropriate steps to minimize non-essential spending, reduce overhead, while executing pre-launch activities for Zimed and pursuing partnership relationships to complement our portfolio of products and utilize our team’s expertise. Improved CRM and KOL programs, advanced digital marketing capabilities, prelaunch educational programs for HCP’s and additional business development resources, will all add to our sale acceleration and portfolio expansion in the later half of 2023.

Financial Update

Aequus recorded a net loss of $744,323 for the three months ended March 31, 2023, which is 19% lower than the loss of $916,886 for the period ending March 31, 2022. The decrease in net loss was mainly due to a decrease of $413,413, or 34% in expenses offset by the reduction of $239,239 in gross income due to the end of the promotional services agreement with Sandoz.