VANCOUVER, British Columbia--(BUSINESS WIRE)--Aequus Pharmaceuticals Inc., a life sciences company specializing in transdermal reformulations of existing and approved drugs that address the difficult clinical problems of side-effects and patient compliance, announced today the closing of its first round of external financing.
“With this amount raised, we are excited to further the development of our proprietary long-acting, transdermal application of aripiprazole, the world’s largest selling anti-psychotic in its branded oral form.. Over the coming months we expect to initiate human proof of concept studies, and begin filing new intellectual property on additional pipeline projects.” said Doug Janzen, President, Director and Co-Founder of Aequus Pharmaceuticals. “The amount raised was split equally between sophisticated investors from Canada and the United States, and we are pleased to welcome all of our new shareholders to this exciting new venture.”
At the time of closing, Aequus finalized an exclusive, worldwide in-licensing deal of intellectual property enabling for the transdermal application of aripiprazole from New York based laboratory, Transdermal Research Pharm Laboratories, LLC.
Many widely-used oral and injectable psychiatric and CNS medications have existing problems in convenience, side-effects and compliance. A transdermal version has the potential to provide a well-tolerated long-acting alternative. Furthermore, a transdermal vehicle has the benefit of reversibility compared to long acting injectables, which when given, adverse effects cannot be reversed.
“Our business model is centered upon identifying approved medications that could benefit from enhanced drug-delivery systems, including transdermal, thereby addressing currently unmet medical needs,” said Mr. Janzen. “By reformulating approved products with known safety and efficacy profiles, we can pursue an accelerated regulatory pathway with the FDA and other international regulatory bodies, minimizing the development costs, timelines and risks. We anticipate that this will provide a more rapid and consistent return on investment compared to traditional drug development models.”
Aequus’ team has combined world-class expertise and know-how in drug development and transdermal delivery with clinical experience in treating patients with psychiatric and CNS disorders and management experience in financing and advancing growth companies.
ABOUT AEQUUS PHARMACEUTICALS
Aequus Pharmaceuticals Inc is a Vancouver-based company, focused on enhancing delivery methods for approved drugs and select consumer products that are limited by non-compliance, high frequency dosing, first-pass metabolism side effects, painful injections, or where the commercial presentation can be improved by making a long acting alternative available.
DISCLOSURE NOTICE: The information contained in this release is current as of the day on which it was released. Aequus Pharmaceuticals Inc. assumes no obligation to update forward-looking statements contained in this release as the result of new information or future events or development except as otherwise required by applicable law.
This release contains forward-looking statements. All statements included herein, other than statements of historical fact, are forward-looking information. This release contains forward-looking information that involves substantial risks and uncertainties regarding the development of the transdermal application of aripiprazole for the treatment of schizophrenia, bipolar and manic depressive disorder. Forward-looking statements are based on estimates and assumptions made by management and the company and are believed to be reasonable, though they are inherently uncertain and difficult to predict. Such risks and uncertainties include, among other things, the uncertainties inherent in research and development, including uncertainty regarding outcomes in clinical experience or unanticipated manufacturing or quality issues that would impact the future development or commercial potential of the indication or indications for the transdermal application of aripiprazole; and competitive developments. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking information, there may be other factors that cause actions, events or results to differ from those anticipated, estimated or intended. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, investors should not place undue reliance on such forward-looking information.