Aequus Provides Update on Delay in Filing Annual Financial Statements

Rhea-AI Summary

Aequus Pharmaceuticals Inc. (TSX-V: AQS, OTCQB: AQSZF) announced delays in filing its audited annual financial statements for the fiscal year ending December 31, 2021, and related quarterly financials. CEO Doug Janzen stated that the delay is due to additional queries from their primary commercial partner's auditors and is not attributed to the company's internal processes. Aequus aims to file both Annual and Quarterly Disclosures soon, once the necessary information is received, to lift the Cease Trade Order. Further updates are expected shortly.

Positive

• Progress made in obtaining information needed for financial filing.
• Continued cooperation from primary commercial partner, Sandoz.

Negative

• Delayed filing of financial statements could impact investor confidence.
• Cease Trade Order remains in place until reports are filed.

VANCOUVER, British Columbia, June 13, 2022 (GLOBE NEWSWIRE) -- Aequus Pharmaceuticals Inc. (TSX-V: AQS, OTCQB: AQSZF) (“Aequus” or the “Company”) announces that further to its news release on May 6, 2022 and May 26, 2022, the filing of its audited annual financial statements for the fiscal year ended December 31, 2021 and the related management’s discussion and analysis (collectively, the “Annual Disclosure”) as well at the financial statements for the three months ended March 31, 2022 and the related management’s discussion and analysis (collectively, the “Quarterly Disclosure”) continues to be delayed.

Doug Janzen, CEO and Director commented that “Aequus provided all required information, under its control, to its auditors well before the filing deadline. However, the auditors had a number of additional questions for our primary commercial partner – which is a global business with sophisticated commercial operations, and while they have provided information to the auditor to the best of their ability, the process has taken more time than expected. This delay is not related to the Company’s internal accounting policies or procedures. We expect to be able to publicly file the reports soon after our auditor has completed their work so that the Cease Trade Order can then be lifted. Much progress has been made and we are grateful to Sandoz for their continued co-operation.”

The Company expects to file the Annual Disclosure concurrently with the Quarterly Disclosure soon after the requested information is in hand and intends to provide updates on further developments in respect of this matter promptly following their occurrence. We hope to issue another update later this coming week.

About Aequus Pharmaceuticals Inc.

Aequus Pharmaceuticals Inc. (TSX-V: AQS, OTCQB: AQSZF) is a growing specialty pharmaceutical company focused on developing and commercializing high quality, differentiated products. Aequus has grown its sales and marketing efforts to include several commercial products in ophthalmology and transplant. Aequus plans to build on its Canadian commercial platform through the launch of additional products that are either created internally or brought in through an acquisition or license; remaining focused on highly specialized therapeutic areas. For further information, please visit www.aequuspharma.ca.

Forward-Looking Statements

This release may contain forward-looking statements or forward-looking information under applicable Canadian securities legislation that may not be based on historical fact, including, without limitation, statements containing the words “believe”, “may”, “plan”, “will”, “estimate”, “continue”, “anticipate”, “intend”, “expect”, “potential” and similar expressions. Forward-looking statements are necessarily based on estimates and assumptions made by us in light of our experience and perception of historical trends, current conditions and expected future developments, as well as the factors we believe are appropriate. Forward-looking statements include but are not limited to statements relating to: the completion of the Company’s audit; that the cease trade order will be lifted; the completion and anticipated filing date of the Annual Disclosure and Quarterly Disclosure. Such statements reflect our current views with respect to future events and are subject to risks and uncertainties and are necessarily based upon a number of estimates and assumptions that, while considered reasonable by Aequus, are inherently subject to significant business, economic, competitive, political and social uncertainties and contingencies. Many factors could cause our actual results, performance or achievements to be materially different from any future results, performance, or achievements that may be expressed or implied by such forward-looking statements. In making the forward looking statements included in this release, the Company has made various material assumptions. In evaluating forward looking statements, current and prospective shareholders should specifically consider various factors set out herein and under the heading “Risk Factors” in the Company’s final short-form prospectus dated November 5, 2021, and annual information form dated April 30, 2021, copies of which are available on Aequus’ profile on the SEDAR website at www.sedar.com, and as otherwise disclosed from time to time on Aequus’ SEDAR profile. Should one or more of these risks or uncertainties, or a risk that is not currently known to us materialize, or should assumptions underlying those forward-looking statements prove incorrect, actual results may vary materially from those described herein. These forward-looking statements are made as of the date of this release and we do not intend, and do not assume any obligation, to update these forward-looking statements, except as required by applicable securities laws. Investors are cautioned that forward-looking statements are not guarantees of future performance and are inherently uncertain. Accordingly, investors are cautioned not to put undue reliance on forward looking statements.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Contact Information:

Aequus Investor Relations
Email: investors@aequuspharma.ca
Phone: 604-336-7906 

FAQ

What is the reason for Aequus Pharmaceuticals' delayed financial filings?

The delay is due to additional questions from auditors regarding information from Aequus' primary commercial partner.

When does Aequus Pharmaceuticals expect to file its annual and quarterly financial statements?

Aequus plans to file its annual and quarterly disclosures soon after receiving the required information from its auditors.

How does the audit delay affect Aequus Pharmaceuticals' trading status?

The delay in filings has resulted in a Cease Trade Order, which will remain until the reports are filed.

What updates can investors expect from Aequus Pharmaceuticals regarding the financial filings?

Aequus intends to provide updates promptly as further developments occur.

What is the stock symbol for Aequus Pharmaceuticals?

The stock symbol for Aequus Pharmaceuticals is AQSZF on the OTCQB.