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Aequus Pharmaceuticals shared their financial report for the first quarter of 2017.
Aequus Pharmaceuticals (TSXV:AQS, OTCQB:AQSZF) shared their financial report for the first quarter of 2017.
As quoted in the press release:
Q1 2017 Key Highlights
Corporate Finance
- On March 13, 2017, the Company closed an agreement with Canaccord Genuity Corp. (“Canaccord”) to which they agreed to purchase, on a bought deal basis, 17,250,000 units at a price of $0.30 per unit, for aggregate gross proceeds to the Company of $5,175,000. Net proceeds of the offering will be used for the development of the Company’s drug pipeline, business development and other general corporate purposes.
Commercial Activities
- The Company recorded revenue of $293,002 in Q1 2017 compared to $116,083 in Q1 2016, representing a growth of 152% when comparing the two quarters. Revenues are attributable to its promotional activities for Tacrolimus IR, which launched in December 2015, and PRVistitan™, which launched in April 2016.
- Sales and marketing costs for Q1 2017 were $349,145, which included $71,014 in amortization and share based payments expenses. Depreciation and amortization, and share-based payments for Q1 2017 were $45,917 and $25,097, respectively, compared to $42,398 and $60,444, respectively, in Q1 2016. The amortization costs were primarily related to the acquisition costs of TeOra.
- Aequus incurred sales and marketing expenses in Q1 2017 of $349,145 in Q1 2017 compared to $443,863 in Q1 2016, a decrease associated with launch related expenses that had been incurred in Q1 2016.
- “We are pleased with the first year of progress of our commercial activities and the execution of our overall strategy to date,” said Ian Ball, Chief Commercial Officer at Aequus. “In the currently reported quarter and on a cash flow basis, our commercial revenues have covered the costs associated with our commercial infrastructure. We expect to add additional commercial products in 2017 that will leverage our existing salesforce giving us further confidence in our continued growth.”
Click here to read the full press release.
Source: www.marketwired.com
