Aequus Pharmaceuticals Inc. closes on C$1.2 Million in equity financings, and in-licenses global rights to intellectual property enabling the transdermal delivery of aripiprazole
Vancouver, Canada, September 25, 2013 — 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.
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.