Aequus Announces Financing to Support Launch of Zimed Preservative Free (Bimatoprost 0.03%)
VANCOUVER, BC — Aequus Pharmaceuticals Inc. (TSX-V: AQS, OTCQB: AQSZF) (“Aequus” or the “Company”), announces today it has increased its debt by $400,000 to support the launch of Zimed® PF. Mr. Doug Janzen, Chairman and Chief Executive Officer of the Company, has agreed to provide financing to Aequus by way of an unsecured demand loan of C$400,000 (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 remain very excited about the commercial prospects for Zimed and these funds will be used to support operations as we work to a successful launch in August”, said Mr. Janzen.
On December 20th, 2022, Aequus Pharmaceuticals announced HealthCanada’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 preservative free prostaglandin analog (PGA) on the market, offering patients the efficacy, convenience, and safety without the use of preservatives.
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.
ABOUT AEQUUS 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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