Aequus Signs Term Sheet with European Partner for a Preservative Free Therapeutic in Ophthalmology
VANCOUVER, British Columbia, Dec. 17, 2018 (GLOBE NEWSWIRE) — Aequus Pharmaceuticals Inc. (TSX-V: AQS, OTCQB: AQSZF) (“Aequus” or the “Company”) is pleased to announce the signing of a term sheet for an exclusive license in Canada of an undisclosed preservative free ophthalmic therapeutic with a European partner. The preservative free therapeutic is a prescription product, currently approved in certain countries in Europe. Aequus has previously met with Health Canada to receive regulatory guidance regarding this therapeutic and expects to submit an application for regulatory approval in the second half of 2019 for this product, with minimal additional analytical data required to complete the data package.
With the successful execution of the broader license agreement, Aequus will have exclusive rights to the undisclosed preservative free therapeutic in Canada and will have first access to future products from the European partner’s glaucoma focused portfolio to be launched within the territory. Aequus expects the preservative free therapeutic to achieve peak annual sales between $4M-$6M, with an expectation of revenue in excess of $35M to the Company throughout the duration of the license.
“This agreement is a direct result of daily physician feedback from within the clinic,” said Ian Ball, CCO of Aequus. “Our Canadian commercial team detailing ophthalmologists, optometrists, and pharmacists is seeing a unanimous desire for medications that do not contain preservatives. With preservative free medications as first-line mainstays in other major markets, Aequus is excited about the prospect of providing Canadian patients access to this form of medication.”
“Backed by the strong growth we’re seeing in our current ophthalmology products, we continue to focus our efforts on expanding our ophthalmic portfolio by working with global partners,” said Doug Janzen, Chairman and CEO of Aequus. “This preservative free product will be our third product offering in the ophthalmology field and we are confident we can continue to grow our portfolio of revenue generating ophthalmic products over the near and mid-term. The deal construct is similar to our other co-promotion agreements with no upfront fees and a revenue split going forward.”
Under the proposed terms of the agreement the European partner will supply the product while Aequus will be responsible for marketing, distribution, and sales in Canada upon approval of the product by Health Canada. The two companies have agreed to a defined time period for executing the broader license agreement.
ABOUT AEQUUS PHARMACEUTICALS INC.
Aequus Pharmaceuticals Inc. (TSX-V:AQS) (OTCQB:AQSZF) is a growing specialty pharmaceutical company focused on developing and commercializing high quality, differentiated products. Aequus has grown its pipeline to include several commercial products in ophthalmology and transplant, and a development stage pipeline in neurology and psychiatry with a goal of addressing the need for improved medication adherence through enhanced delivery systems. As a complement to its focus in neurology, our most recent addition to the development pipeline was a long-acting form of medical cannabis, where there is a high need for a consistent, predictable and pharmaceutical-grade delivery of products for patients. Aequus intends to commercialize its internal programs in Canada alongside its current portfolio of marketed established medicines and will look to form strategic partnerships that would maximize the reach of its product candidates worldwide. Aequus plans to build on its Canadian commercial platform through the launch of additional products that are either created internally or brought in through an acquisition or license; remaining focused on highly specialized therapeutic areas. For further information, please visit www.aequuspharma.ca
This release may contain forward-looking statements or forward-looking information under applicable Canadian securities legislation that may not be based on historical fact, including, without limitation, statements containing the words “believe”, “may”, “plan”, “will”, “estimate”, “continue”, “anticipate”, “intend”, “expect”, “potential” and similar expressions. Forward- looking statements are necessarily based on estimates and assumptions made by us in light of our experience and perception of historical trends, current conditions and expected future developments, as well as the factors we believe are appropriate. Forward-looking statements include but are not limited to statements relating to: the regulatory requirements for the undisclosed preservative free therapeutic, the successful execution of the broader license agreement, peak annual sales in Canada of the undisclosed preservative free therapeutic, the addition of products to the Company’s portfolio. Such statements reflect our current views with respect to future events and are subject to risks and uncertainties and are necessarily based upon a number of estimates and assumptions that, while considered reasonable by Aequus, are inherently subject to significant business, economic, competitive, political and social uncertainties and contingencies. Many factors could cause our actual results, performance or achievements to be materially different from any future results, performance, or achievements that may be expressed or implied by such forward-looking statements. In making the forward looking statements included in this release, the Company has made various material assumptions, including, but not limited to: obtaining positive results of clinical trials; obtaining regulatory approvals; general business and economic conditions; the Company’s ability to successfully outlicense or sell its current products and in-license and develop new products; the assumption that the Company’s current good relationships with its manufacturer and other third parties will be maintained; the availability of financing on reasonable terms; the Company’s ability to attract and retain skilled staff; market competition; the products and technology offered by the Company’s competitors; and the Company’s ability to protect patents and proprietary rights. In evaluating forward looking statements, current and prospective shareholders should specifically consider various factors set out herein and under the heading “Risk Factors” in the Company’s Annual Information Form dated April 30, 2018, a copy of which is available on Aequus’ profile on the SEDAR website at www.sedar.com, and as otherwise disclosed from time to time on Aequus’ SEDAR profile. Should one or more of these risks or uncertainties, or a risk that is not currently known to us materialize, or should assumptions underlying those forward-looking statements prove incorrect, actual results may vary materially from those described herein. These forward-looking statements are made as of the date of this release and we do not intend, and do not assume any obligation, to update these forward-looking statements, except as required by applicable securities laws. Investors are cautioned that forward-looking statements are not guarantees of future performance and are inherently uncertain. Accordingly, investors are cautioned not to put undue reliance on forward looking statements.
Aequus Investor Relations