Aequus Pharmaceuticals achieves its second-highest quarterly revenue to date

Aequus Pharmaceuticals Inc. (TSX-V:AQS, OTCQB:AQSZF) reported that it achieved its second-highest quarterly revenue to date.

For its second quarter ended June 30, the company said it generated $651,516 in promotional services and product sales revenue, compared to $542,992 in the year-ago period. 

“It finally feels like we are back to normal levels of business activity,” said CEO Doug Janzen in a statement.

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“With the sudden onset of COVID-19 in 2020 Aequus, like many companies, aggressively lowered costs, slowed down programs and reduced sales force costs. In 2021 we more aggressively invested in future growth, launching the Evolve products, funding the regulatory costs of Zimed, increasing our legal and commercial diligence of potential new products and adding to our commercial team. This investment in future growth is expected to bolster revenues over the coming months and allow us to continue with the reVision transaction announced earlier this month,” Janzen added.

However, the company said its net loss for the quarter increased by 114% year-over-year -- $479,041 versus $222,248 in 2020.

“We are pleased to see the strong rebound in sales in Second Quarter 2021,” said Grant Larsen, the company’s chief commercial officer. “While our losses compared to the same period last year look larger than normal by comparison, we want to remind investors that Q2 of 2020 coincided with the onset of COVID-19 and was not a normal quarter considering the cost saving measure we implemented at the start of the pandemic.”

Aequus said it is in a strong cash position as its management continues to explore new product and business opportunities. Subsequent to June 30, the company entered into an Exclusive Right of First Negotiation Agreement with reVision and invested US$400,000 through reVision’s open convertible note offering.

Aequus is a specialty pharmaceutical company focused on developing and commercializing high-quality, differentiated products.

The Vancouver-based company takes medications that are already available in the US or elsewhere and licenses or acquires the Canadian rights, then takes the clinical data that supported that approval and works with Health Canada, Canada’s national health system, to get them approved and commercialized in Canada.

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