Aequus Announces Financing to Support Launch of Zimed® Preservative – Free (Bimatoprost 0.03%) and Board Update
VANCOUVER, BC — Aequus Pharmaceuticals Inc. (TSX-V: AQS, OTCQB: AQSZF) (“Aequus”or the “Company”), announced today it has entered into a loan agreement to raise $500,000 to support the launch of Zimed® PF. Mr. Doug Janzen, Chairman and Chief Executive Officer of the Company, will provide financing to Aequus by way of an unsecured demand loan of C$500,000 (the “Loan”). The Loan bears interest at an annual rate of two and a half percent (2.5%) to be calculated and repaid monthly and is repayable on demand. We are very excited about the commercial prospects for Zimed® and these funds are earmarked for launch and pre-launch activities”, said Mr. Janzen.
On December 20th, 2022,Aequus Pharmaceuticals announced Health Canada’s approval of Zimed® PF (Bimatoprost 0.03%) for the reduction of elevated intraocular pressure (IOP) in patients with open – angled glaucoma or ocular hypertension. This new product is the only multi-dose prostaglandin analog (PGA) on the market, offering patients the efficacy, convenience, and safety without the use of preservatives.
Glaucoma is a serious eye condition that affects millions of people worldwide and is a leading cause of blindness. Traditional glaucoma treatments have relied on the use of preservatives to extend the shelf life of the medication in multi-dose bottles. The use of preservatives may be linked to a range of adverse side effects, including eye irritation, redness, and even damage to the ocular surface. Grant Larsen, Chief Commercial Officer, notes that “many countries around the world have transitioned away from preserved eyedrop medications, and we expect Canadian Physicians and patients to adopt Zimed® Preservative – Free in short order.” The funds will be used for general working capital and are expected to accelerate sales efforts and digital resources to build professional education and awareness.
The Loan involves a related party (as such term is defined under Multilateral Instrument 61-101 –Protection of Minority Security Holders in Special Transactions (“MI61-101”)), specifically a director and senior officer of the Company, and constitutes a related party transaction under MI 61-101. This transaction is exempt from the formal valuation and minority shareholder approval requirements of MI 61-101 pursuant to sections 5.5(b) and 5.7(1)(f) of MI 61-101, as the Company is not listed or quoted on any of the stock exchanges or markets listed in subsection 5.5(b) of MI 61-101, and the Loan represents a loan from a related party on reasonable commercial terms that are not less advantageous to the Company than if the Loan were obtained from a person dealing at arm’s length and the Loan is not convertible or repayable in securities.
In Addition, the Company would like to thank Stuart Fowler, who has resigned from the Board of Directors. “We are appreciative for Stuart’s unwavering commitment to Aequus and the contributions he has made to our business these past three years. Stu has been a leader in the Canadian Eye Care space for years and we are grateful to keep him on as an advisor. We wish him much success in his new ventures” said Doug Janzen, Chairman and CEO of Aequus. His expertise and guidance will continue to be invaluable in preparing for critical launches in the Ophthalmology and Eyecare markets in mid-2023.
ABOUTAEQUUS PHARMACEUTICALS INC.
Aequus Pharmaceuticals Inc. (TSX-V: AQS, OTCQB: AQSZF) is a specialty pharmaceutical company focused on developing and commercializing high-quality, differentiated products. Aequus has grown its sales and marketing efforts to include several commercial products in ophthalmology. 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.
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