Aequus Pharmaceuticals Inc (CVE:AQS) (OCTMKTS:AQSZF) announced Friday that it has advanced the filings for provincial reimbursement in Quebec and British Columbia for its flagship glaucoma-treatment product Vistitan.
If successful, the company noted that the additional coverage would advance sales in the second and third largest markets in Canada and would trigger an increase in the percentage of total revenue that Aequus receives from its partner.
Meanwhile, investors cheered the news, sending Aequss shares up 10% to US$0.07 in morning trading on the OTC markets in New York.
Aequus has been consistently growing market share of Vistitan in Ontario and Alberta and is continuing its expansion of access for Canadian patients in both British Columbia and Quebec.
“The bimatoprost market in Canada exceeds $55 million, nearly 36% of that is in these two provinces,” CEO Doug Janzen said in a statement.
“Whilst our sales team has done a great job in Ontario and Alberta growing our volume share by over 30% in the last 12 months, we want to replicate that in both Quebec and BC following an anticipated positive reimbursement outcome.”
Ian Ball, chief commercial officer at Aequus, said the additional coverage benefits the company in two ways.
“There is a compelling case for Vistitan reimbursement in Canada and we look forward to a decision shortly from BC and later in the year from INNESS in Quebec,” he said.
“In addition to expanding the markets for Vistitan, the company will also earn an increase in the revenue share from our partner Sandoz and expects to further bolster our ophthalmology offering with the launch of the Evolve products in the coming months.”
The company said it will provide a further update on the anticipated launch timelines for Evolve by the end of January, as a final notification from the auditor is expected by its partner.
Aequus, based in Vancouver, 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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