leadf
logo-loader
viewAequus Pharmaceuticals Inc.

Aequus Pharmaceuticals completes C$2.5 million equity financing to launch its Evolve line of dry eye products

Launched in 2015 in Europe, the Evolve brand has grown to five products across 35 countries

Aequus Pharmaceuticals Inc. - Aequus Pharmaceuticals completes C$2.5 million equity financing to launch its Evolve line of dry eye products
Aequus intends to use the funds to buy inventory for the launch of its Evolve line of preservative free dry eye products, and carry out associated marketing and regulatory application costs for the glaucoma product

Aequus Pharmaceuticals Inc (CVE:AQS) said Thursday that it has closed its previously announced public offering to raise approximately C$2.5 million equity financing to raise funds to launch its Evolve preservative-free line of dry eye products.

The Vancouver-based specialty pharmaceutical company issued 31,250,000 units at a price of C$0.08 per unit for aggregate gross proceeds of C$2.5 million. Each unit comprised of one common share and one-half of one common share purchase warrant.

Each warrant entitles the holder to purchase one share at an exercise price of C$0.12 per share for a period of 36 months following the closing date of the offering on August 6. The warrants include an acceleration provision, exercisable at the company's discretion, if the company's daily volume weighted average share price is greater than C$0.20 for ten consecutive trading days.

READ: Aequus Pharmaceuticals to raise funds to launch its Evolve line of dry eye products

The company said that its investment dealer Cormark Securities received a cash commission equal to 5% of the aggregate gross proceeds of the offering, and broker warrants equal to 5% of the aggregate number of units issued and sold.

The offering was completed in each of the provinces of British Columbia, Alberta, Manitoba and Ontario.

Aequus intends to use the funds to buy inventory for the launch of its Evolve line of preservative free dry eye products, associated marketing and regulatory application costs for a preservative-free prescription glaucoma product. Some of the money will also be as general corporate and working capital.

Aequus CEO Doug Janzen, CFO Ann Fehr, and a director of Aequus purchased 3,125,000 units, 125,000 units and 625,000 units, respectively, under the offering. 

Contact the author Uttara Choudhury at uttara@proactiveinvestors.com

Follow her on Twitter: @UttaraProactive

Quick facts: Aequus Pharmaceuticals Inc.

Price: 0.125 CAD

TSX-V:AQS
Market: TSX-V
Market Cap: $13.96 m
Follow

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events

NO INVESTMENT ADVICE

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

In exchange for publishing services rendered by the Company on behalf of Aequus Pharmaceuticals Inc. named herein, including the promotion by the Company of Aequus Pharmaceuticals Inc. in any Content on the Site, the...

FOR OUR FULL DISCLAIMER CLICK HERE

Full interview: Aequus Pharmaceuticals off to a great start in 2020 after...

Aequus Pharmaceuticals (CVE:AQS-OTCQB: AQSZF) Chairman and CEO Doug Janzen joined Steve Darling from Proactive Vancouver as the company released their 2019 financial numbers which saw Aequus set a revenue record in the 4th quarter. Janzen also discussed 2020 and where he sees the best...

on 4/5/20

2 min read