Aequus Pharmaceuticals Inc (CVE:AQS) (OTCQB:AQSZF) announced Tuesday that it has expanded its partnership with UK-based Medicom Healthcare to include an additional formulation in its Evolve preservative-free dry eye product line.
Aequus recently submitted an application for this new product with Health Canada for processing of a New Medical Device License.
Vancouver-based Aequus said the new Evolve product added to the existing agreement is a unique preservative-free formulation. The product formulation combines Hyaluronate and Carbomer 980 for the treatment of patients with more intense dry eye symptoms.
READ: Aequus Pharmaceuticals files new medical device licenses for Evolve dry eye products in Canada
With the addition of this product to the Health Canada submission, Aequus said it plans to launch a full range of products designed to treat patients suffering from mild to more intensive forms of dry eye disease later in 2020.
“In preparation for launch, we have engaged Canadian eyecare professionals by creating advisory boards and research groups, built B2B relationships with clinic networks, added specialized personnel to our commercial team, and planned branded marketing campaigns to targeted customer segments,” said Aequus CEO Doug Janzen in a statement.
“Our team has a deep understanding of ophthalmology and years of operational experience. We see our new product launches as being the perfect fit for Canadian patients who have been wanting a wider range of options for dry eye treatments. We are more than ready now, for the anticipated approval of these three Evolve products in Canada, that will be launching into a $90 million dry eye market”
Aequus has now submitted three new products for Health Canada approval.
As with the previous submissions, the additional Evolve product was submitted for approval with Health Canada as a Class II medical device. According to Health Canada, the target review time for a Class II MDL application is typically 20 days.
Aequus is moving ahead with plans in accordance with this timeline but acknowledges that review timing may be affected by factors out of its control such as backlogs caused by COVID-19.