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Aequus Pharmaceuticals posts second-highest quarterly revenue as demand grows for opthalmic and transplant products

The Vancouver-based firm posted C$543,000 in revenue in its second quarter ended June 30, 2020

Aequus Pharmaceuticals Inc. -
The firm’s total year-to-date revenue of just over C$1.1 million is driven by increased market share of its promoted ophthalmic and transplant products

Aequus Pharmaceuticals Inc (CVE:AQS) (OTCQB:AQSZF) delivered its second-highest quarterly revenue ahead of its planned launch of the Evolve dry eye product line.

The Vancouver-based firm posted C$543,000 in revenue in its second quarter ended June 30, 2020, compared to C$397,000 it generated during the same period a year earlier.

In a statement, the company chalked up its total year-to-date revenue of just over C$1.1 million to increased market share of its promoted ophthalmic and transplant products.

READ: Aequus Pharmaceuticals welcomes eye care executive Grant Larsen as Chief Commercial Officer

In April, Aequus told shareholders that launch planning for Evolve is “fully underway” after receiving a positive outcome of the audit to meet standards for the Canadian Medical Device Single Audit Program (MDSAP). The firm is developing an e-commerce distribution channel for product access during self-isolation, as well as the establishment of strategic B2B partnerships for clinical distribution as workers return to the healthcare sector, which will bolster existing “boots on the ground” sales infrastructure, according to the company.

During its second quarter, Aequus also narrowed its net loss by 67% thanks to strong cost-control efforts. The firm’s loss came in at C$222,000, compared to $678,000 a year earlier.

Aequus CEO Doug Janzen called the second quarter “exceptional” as the company tackled challenges presented by the coronavirus (COVID-19) global pandemic.

“While revenues continue to show strong growth over the same period last year we are even more pleased to see the results of our cost control efforts in response to temporary COVID-19 field and operational restrictions,” Janzen told shareholders.

“We successfully closed a financing with significant insider participation this month and I am very excited about our capital position to launch new products this fall and enter into new strategic partnerships.”

Anne Stevens, Aequus’s COO, said the company is well poised for a successful launch of Evolve. “We couldn’t be happier to have our recently announced new head of commercial, Grant Larsen, motivating the team and leading the way to find creative and innovative ways to build our business in the ophthalmic space.”

The pharmaceutical company recently closed a C$2.5 million financing to purchase inventory for its Evolve launch.

Contact Angela at [email protected]

Follow her on Twitter @AHarmantas

Quick facts: Aequus Pharmaceuticals Inc.

Price: 0.115 CAD

TSX-V:AQS
Market: TSX-V
Market Cap: $12.84 m
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