Mr. Doug Janzen reports

AEQUUS ANNOUNCES NEW FINANCING AND PROVIDES LAUNCH UPDATE OF ZIMED PRESERVATIVE FREE (BIMATOPROST 0.03%)

Aequus Pharmaceuticals Inc. has increased its debt by $270,000 to support operating costs and the new sales of Zimed PF. Doug Janzen, chairman and chief executive officer of the company, has agreed to provide financing to Aequus by way of an unsecured demand loan of $270,000. The loan bears interest at an annual rate of 2.5 per cent to be calculated and repaid monthly, and is repayable on demand.

Mr. Janzen shared: "The launch of Zimed PF is on track and progressing well. We have completed submissions to private insurers across Canada and have shipped stock to all the major wholesalers. The funds will be used to support general working capital and our commercial operations as we continue the momentum of the launch."

On Dec. 20, 2022, Aequus announced Health Canada's approval of Zimed PF (bimatoprost 0.03 per cent) for the reduction of elevated intraocular pressure (IOP) in patients with open-angled glaucoma or ocular hypertension. This new product is the only multidose preservative-free prostaglandin analogue (PGA) on the market, offering patients the efficacy, convenience and safety without the use of preservatives.

The loan involves a related party (as such term is defined under Multilateral Instrument 61-101 (Protection of Minority Security Holders in Special Transactions)), specifically a director and senior officer of the company, and constitutes a related-party transaction under MI 61-101. This transaction is exempt from the formal valuation and minority shareholder approval requirements of MI 61-101 pursuant to sections 5.5(b) and 5.7(1)(f) of MI 61-101, as the company is not listed or quoted on any of the stock exchanges or markets listed in Subsection 5.5(b) of MI 61-101, and the loan represents a loan from a related party on reasonable commercial terms that are not less advantageous to the company than if the loan were obtained from a person dealing at arm's length and the loan is not convertible or repayable in securities.

About Aequus Pharmaceuticals Inc.

Aequus (TSX Venture Exchange: AQS and OTCQB: AQSZF) is a specialty pharmaceutical company focused on developing and commercializing high-quality, differentiated products. Aequus has increased its sales and marketing efforts to include several commercial products in ophthalmology. 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 licence, remaining focused on highly specialized therapeutic areas.

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