VANCOUVER, January 10th 2020 – 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, is pleased to announce that it has advanced the filings for provincial reimbursement in both Quebec and British Columbia for its lead product, PrVistitanTM (bimatoprost 0.03%). If successful, this additional coverage would advance sales in the second and third largest markets in Canada and would trigger an increase in the percentage of total revenue that Aequus receives from its partner.

Aequus has been consistently growing market share of Vistitan in Ontario and Alberta and is continuing its expansion of access for Canadian patients in both British Columbia and Quebec. “The bimatoprost market in Canada exceeds $55 million, nearly 36% of that is in these two provinces,” said Doug Janzen, CEO and Chairman of Aequus. “Whilst our sales team has done a great job in Ontario and Alberta growing our volume share by over 30% in the last 12 months, we want to replicate that in both Quebec and BC following an anticipated positive reimbursement outcome.”

“We believe this news benefits Aequus in two ways. There is a compelling case for Vistitan reimbursement in Canada and we look forward to a decision shortly from BC and later in the year from INNESS in Quebec,” said Ian Ball, Chief Commercial Officer at Aequus. “In addition to expanding the markets for Vistitan, the Company will also earn an increase in the revenue share from our partner Sandoz and expects to further bolster our ophthalmology offering with the launch of the Evolve products in the coming months.”

Aequus will provide a further update on the anticipated launch timelines for Evolve by the end of January, as a final notification from the auditor is expected by its partner.

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: successful reimbursement in Quebec and British Columbia; additional coverage would advance sales; an increase in the percentage of total revenue from its partner; the

launch of Evolve products in the coming months. 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 positive results of clinical trials; obtaining regulatory approvals; general business and economic conditions; the Company’s ability to successfully outlicense or sell its current products and in-license and develop new products; the assumption that the Company’s current good relationships with its manufacturer and other third parties will be maintained; the availability of financing on reasonable terms; the Company’s ability to attract and retain skilled staff; market competition; the products and technology offered by the Company’s competitors; and the Company’s ability to protect patents and proprietary rights. 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