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Aequus Announces Sandoz Contract Expiry at Year End and Expected Health Canada Approval for Zimed PF
Tuesday, December 6, 2022Company Profile | Follow Company
Vancouver, BC, December 6, 2022--(T-Net)--Aequus Pharmaceuticals Inc. (TSX-V: AQS, OTCQB: AQSZF), announced today that it has agreed to end its promotional service agreement with Sandoz Canada Inc. on Tacrolimus Immediate Release (Immunosuppressant/Transplant) and PrVistitanTM (bimatoprost 0.03% ophthalmic solution), effective December 31, 2022.
Additionally, Aequus is expected to receive a "Notice of Compliance" from Health Canada for the launch of Zimed PF (bimatoprost 0.03% ophthalmic solution), the first "Preservative Free" bimatoprost eye drop for patients with open-angle glaucoma or ocular hypertension. Health Canada approval is expected before year end 2022.
The Sandoz commercial collaboration began nearly seven years ago and included both PrVistitanTM and Tacrolimus IR.
Aequus deployed two dedicated national sales teams to accelerate the quick adoption of both products. Through targeted awareness, valued added services, and customized support for both provincial and transplant centre stakeholders, Aequus has achieved a 4-Year CAGR of almost 20% for the Sandoz Tacrolimus IR brand.
PrVistitanTM is a prostaglandin for IOP lowering in patients with open-angle glaucoma or ocular hypertension. With an experienced ophthalmology sales force, targeted digital marketing services as well as strong relationships with Sandoz and the Canadian Ophthalmology community, Aequus achieved consistent growth in a competitive Canadian market.
Grant Larsen, Chief Commercial Officer, Aequus Pharmaceuticals
"The expiry of the promotional services agreement allows us to move our business to the next phase as we look to advance our focus to licensed products that have higher revenue potential, rather than third party products. We are proud of the two products our marketing team launched as the Sandoz collaboration showcased our ability to promote and grow specialty brands, which are at the critical early-stage market penetration phase," says Grant Larsen, Chief Commercial Officer.
"As Aequus launches Zimed® PF, transitions to new therapeutic areas, and continues to expand our commercial capabilities in new channels, we are optimistic we can add value for new partners, Canadian physicians and patients."
Doug Janzen, Chairman and CEO, Aequus Pharmaceuticals
Doug Janzen, CEO and Chairman of Aequus noted that "as Sandoz transitions to a publicly traded global business their needs have evolved. We wish them luck and hope to collaborate again in the future."
Approval Pending with Health Canada for Zimed® Preservative Free Bimatoprost (IOP Lowering/Glaucoma) in Canada Aequus Pharma is anticipating a Health Canada approval by December 31, 2022 for Zimed® PF in a multi-dose format. Zimed® PF will provide eye care professionals and patients a new option for the treatment of open-angled glaucoma and ocular hypertension. "For patients who are sensitive to preservatives or have ocular surface disease, this new product to Canada is both convenient and environmentally friendly," says Grant Larsen, CCO of Aequus Pharma. "We look forward to working with Medicom Healthcare to launch this product in 2023."
Doug Janzen added that "We are very excited about the Zimed® PF product and it's revenue potential for Aequus. It will take a few quarters to launch and build Zimed® PF sales, which we expect to eventually exceed previous revenues from the Sandoz products. The last payment from Sandoz is expected to be received in the first quarter of 2023. During the launch period our revenues will be impacted and, like in the past, I will personally provide funding to Aequus if needed."
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.
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 implementation of our business model and strategic plans; revenue growth trends into the future; expected timing for product launches; the Company's expected revenues; the regulatory approval of its products; the Company's ability to attract international partners; and ongoing discussions with and the Company's ability to secure potential partners to further grow our product 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. [ MORE ] |
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