VANCOUVER, British Columbia, March 23, 2020 (GLOBE NEWSWIRE) — Aequus Pharmaceuticals Inc. (TSX-V: AQS, OTCQB: AQSZF) (“Aequus” or the “Company”), a specialty pharmaceutical company with a focus on developing, advancing and promoting differentiated products, announced today a message from the CEO and Chairman of Aequus, Doug Janzen:

“We have been working diligently over the past weeks to respond promptly and proactively against this novel coronavirus (COVID-19) and closely following the guidance of medical officials as well as the most recent government actions across several provinces.

We have suspended in-field clinic and hospital visits for the time being, in an effort to both stay out of the way of essential services in our health care facilities as well as minimizing the risk of exposure or inadvertent spreading of the virus by our employees. Our operational expenses have been significantly reduced during this period as a result.

Our commercial products are taken daily to help manage serious chronic conditions and we continue to see prescriptions filled without interruption for both PrVistitanTM (glaucoma) and Tacrolimus (anti-organ rejection). To help ensure the continuity of our business operations, we have streamlined our responses to requests for product resources or samples and have been very active in ancillary initiatives such as digital marketing and targeting. Our partner, Sandoz, has confirmed that they are not having any manufacturing or supply issues with our partnered products.

With a significant decrease in our corporate travel and other operational expenses, we continue to have adequate cash and cash flow to operate our business.

Our launch efforts for the Evolve products continue to move forward and we will provide a separate update on recent progress regarding launch timing and additional new products in the coming weeks.”

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 pipeline to include several commercial products in ophthalmology and transplant, and a development stage pipeline in neurology. 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 continuation of supply of our partnered products, the expected launch date of our dry-eye products, the impact of the novel coronavirus (COVID-19) on our ongoing business operations. 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, including, but not limited to: obtaining regulatory approvals; general business and economic conditions; the ability of its manufacturer and other third party manufacturers to continue supplying Vistitan and tacrolimus without interruption; the Company’s ability to attract and retain skilled staff; market competition; and the products and technology offered by the Company’s competitors. 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 Annual Information Form dated April 30, 2018, a copy of which is 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.

CONTACT INFORMATION

Aequus Investor Relations

Email: investors@aequuspharma.ca

Phone: 604-336-7906