TORONTO--(BUSINESS WIRE)--Acerus Pharmaceuticals Corporation (“Acerus” or the “Company”) (TSX:ASP, OTCQB:ASPCF) today issued an update on the Company’s activities in relation to the current worldwide COVID-19 pandemic.
“We are in unprecedented times as we deal with the impact of the ongoing COVID-19 pandemic”, said Ed Gudaitis, President and CEO, Acerus Pharmaceuticals. “Our highest priority is to ensure the safety of our employees and our healthcare professional partners, while ensuring the stability of our supply chain. At the same time, we continue to look for ways to grow our global footprint for Natesto®, especially in our core market of the United States.”
Currently, all Acerus staff are working from home as the Company abides by social distancing and stay at home guidelines from various governments in both Canada and the United States. Because of these guidelines, the ability of sales staff to visit physicians is severely limited.
At the same time, Acerus, in combination with its US contract commercial provider Syneos Health, is working remotely to build out our US commercial (marketing, sales and national accounts) and US medical (medical science liaisons) organizations so that we are ready to rapidly start promotion of Natesto® once business activities return to normal.
Acerus’ supply chains and contract manufacturers are still active and are supporting the Company’s efforts to expand its business. We are making progress in returning Natesto® to the Canadian and South Korean markets and have on hand sufficient supply of API to support the restocking of the global market until early-2022. Acerus continues its efforts in supporting the return of Estrace® to the Canadian market.
Finally, Acerus is eagerly awaiting the Health Canada approval of avanafil, a treatment for erectile dysfunction (“ED”). Avanafil is a new, second generation PDE5 inhibitor, which has increased receptor specificity for fast onset of action and lower off-target side effects. Our latest expectation is for approval from Health Canada in the next 60-90 days. Avanafil is available in the U.S. under the brand name STENDRA® (Avanafil) and is indicated for the treatment of erectile dysfunction. Metuchen Pharmaceuticals LLC (“Metuchen”) has exclusive marketing rights to STENDRA® in the U.S. Acerus licensed Avanafil from Metuchen for distribution in Canada.
First Quarter 2020 Financial Results
The Company is currently anticipating releasing its first quarter results on Tuesday May 12. If COVID-19 conditions persist in such a way that we would not be able to achieve this target, an updated release date will be disseminated to the market.
Annual Meeting of Shareholders
Acerus’ annual shareholders meeting is currently scheduled for Tuesday June 23. The Company will confirm this date and meeting details in its 2020 Management Information Circular.
Acerus Pharmaceuticals Corporation is a Canadian-based specialty pharmaceutical company focused on the commercialization and development of innovative prescription products that improve patient experience, with a primary focus in the field of men’s health. The Company commercializes its products via its own salesforce in the United States and Canada, and through a global network of licensed distributors in other territories.
Notice Regarding Forward-Looking Statements
Information in this press release that is not current or historical factual information may constitute forward looking information within the meaning of securities laws. Implicit in this information are assumptions regarding our future operational results. These assumptions, although considered reasonable by the company at the time of preparation, may prove to be incorrect. Readers are cautioned that actual performance of the company is subject to a number of risks and uncertainties, including with respect to the commercial performance of NATESTO® globally and in the U.S. and the impact of COVID-19 on such performance, and could differ materially from what is currently expected as set out above. In particular, these assumptions include but are not limited to, the following: the COVID-19 pandemic will not affect our business plan and that of our suppliers, the COVID-19 pandemic will not last many months and health care professionals will be available to hear about our products and to continue education programs related to them. For more exhaustive information on these risks and uncertainties you should refer to our annual information form dated March 3, 2020 which is available at www.sedar.com. Forward-looking information contained in this press release is based on our current estimates, expectations and projections, which we believe are reasonable as of the current date. You should not place undue importance on forward-looking information and should not rely upon this information as of any other date. While we may elect to, we are under no obligation and do not undertake to update this information at any particular time, whether as a result of new information, future events or otherwise, except as required by applicable securities law.