The Vancouver-based specialty pharmaceutical company has several commercial products in the ophthalmology and transplant space. It also boasts a development stage pipeline of drugs in neurology and psychiatry.
READ: Aequus Pharmaceuticals posts 44% rise in 4Q revenue rounding out solid financial gains in 2019
In a statement accompanying the numbers, Aequus Pharmaceuticals CEO Doug Janzen, said: "Today, the company reported record quarterly revenues of C$579,450 for the first quarter of 2020, a 76% increase in revenues compared to the first quarter in 2019."
"We ended 2019 with strong sales momentum and are pleased to report a record quarter in Q1 2020, almost doubling revenues over the same period 12 months ago," he added.
Janzen put the strong revenue growth down to the company's greater market access and higher sales volume.
"We also have progressed our launch plans for the Evolve line up of dry-eye products and recently completed a large patient and physician engagement survey which gave us a positive indication of demand and has provided us the insights necessary for a successful launch," he added.
In its first quarter ended March 31, Aequus reported a loss of C$405,815, down from a loss of C$730,215 in the first quarter of 2019, mainly due to higher sales and a decrease in expenses.
Research and marketing expenses were lower as the firm focused on growing commercial revenues, while sales and marketing expenses were down as doctors were not accessible due to the coronavirus, while the company's field representatives were not able to travel to see customers in person from March due to the coronavirus lockdown.
In Monday' statement, the group clarified that on May 2, 2019, the company issued convertible debenture units for gross proceeds of $2,348,000.
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