For the quarter ended December 31, 2019, the Vancouver-based specialty pharmaceutical company reported revenue of $535,466. Overall for 2019, Aequus posted record revenue in 2019 of $1.6 million, a 16% jump over the $1.4 million in revenue it clocked during the year ended December 31, 2018.
In a statement accompanying the latest numbers, Aequus CEO Doug Janzen said: “We had a strong end to 2019 and set new records for both quarterly and annual revenue.”
“We continue to drive this momentum forward into 2020, with preliminary revenue numbers in Q1 looking positive. This, in combination with efforts to streamline operations in response to the changing world around us, we are aiming to reach operational breakeven in 2020,” he added.
Janzen noted that Aequus added several new ophthalmology products to its commercial pipeline through its partnership with Medicom Healthcare Ltd.
“We expect additional product announcements between Aequus and Medicom in the near term,” added Janzen.
Under an exclusive distribution agreement signed in July last year, Aequus will receive commercial rights to the Evolve line of preservative-free dry eye products. The products contain five commercial-stage products and two products in development
The CEO said: “We are working diligently on the preparations for a successful launch of Evolve in the coming months. With our focus turned to the launch of Evolve and the continued growth of our glaucoma prescription product, we have made the decision to permanently discontinue the Zepto program. We previously announced having halted sales of Zepto in Q3 of 2019 while Mynosys worked through modifications of the product."
Aequus posted a net loss of $3.1 million, an increase of 11% from the $2.8 million loss in 2018, mainly due to debenture related expense. The company issued convertible debenture units for gross proceeds of $2,348,000. Each convertible debenture unit consists of one 9.5% unsecured convertible debenture of the company in the principal amount of $1,000 and 2,380 common share purchase warrants.
Meanwhile, the company said its fourth-quarter operating loss of $557,873 before other expenses was 27% lower than the same period in 2018.
In other positive news, Aequus said Medicom Healthcare, the UK manufacturer of Evolve products, has met the standards for the Canadian Medical Device Single Audit Program and Canadian launch planning is fully underway.
Contact the author Uttara Choudhury at [email protected]
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