Aequus Pharmaceuticals Inc (CSE:AQS) (OTCMKTS:) AQSZF) released second-quarter results on Tuesday, showing that it is seeing revenue growth once again.
Revenue for the quarter ended 30 June 2019 was C$397,263, compared to C$377,855 year earlier, the company said in a statement.
That was a 5% increase year-over year and a 20% jump from the first quarter of 2019 when the Vancouver-based company earned C$328,996 in revenue.
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Aequus CEO Doug Janzen said the revenue increase in 2Q can be attributed in part to its core therapy Vistitan, which reduces the pressure inside the eyes of patients with glaucoma. The drug saw year-over-year unit volume growth of 76% in the quarter, he said.
“Meanwhile, our strategic team has been executing on new collaborations to bring revenue-generating products into the territory,” he said. “With the regulatory approval of the Evolve line of products expected in 2019 and continued strength in our currently marketed products, Aequus is poised to continue the trend in revenue growth over the coming quarters.”
In March, Aequus doubled its commercial product roster with an exclusive license with UK-based Medicom Healthcare Ltd for a line of products to treat dry eye, including Medicom’s Evolve line of preservative-free, dry-eye products within Canada.
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The dry-eye market is estimated at more than C$90 million, and Aequus and Medicom are working with Health Canada to review Medicom’s manufacturing facility prior to submitting the regulatory package for the Evolve line of products.
“Evolve will be launched in Canada by our existing sales infrastructure, bringing the broadest range of preservative free dry eye products to the market,” said Aequus CCO Ian Ball. “Finally, the companies have discussed the possibility of expanding the agreement to cover other territories in the future which would greatly enhance the value of the partnership to both companies.”
Aequus reported a 2Q net loss of C$678,006, an increase of 2% from the C$666,243 loss in the year-ago quarter, stemming in part from higher sales and marketing costs.
The net loss for the six months ended June 30 was C$1,408,218, a narrowing compared to a net loss C$1,482,727 in June 2018.
Aequus is a specialty pharma company focused on commercializing drugs meant for the highly specialized areas of neurology, organ transplant and ophthalmology.
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