Aequus Pharmaceuticals says entrepreneur Marc Lustig will join board of directors

Aequus Pharmaceuticals Inc (CVE:AQS) (OTCMKTS:AQSZF) (FRA:AEQ) said that it intends to complete a non-brokered private placement of around 6.67 million units at a price of $0.15 each to raise $1 million as part of a direct equity investment by Marc Lustig, who has concurrently agreed to join the company’s board of directors. 

The pharmaceuticals company, which focuses on developing and commercializing high quality, differentiated products, including several in the ophthalmology and transplant spaces, said each unit will consist of one share in Aequus and one-half non-transferable share purchase warrant with an exercise price of $0.25 for a period of 24 months following the transaction closing date, which is expected to be on or around February 26. 

READ: Aequus sees 3Q revenue jump double-digits year-over-year on increased market access and sales of PrVistitan and Tacrolimu

Aequus said it intends to use the proceeds of the investment for general corporate and working capital purposes, including commercial and marketing activities and supporting on-going business development.

In connection with his board appointment, the company said it also plans to grant Lustig 350,000 incentive stock options on February 15, the effective date of his appointment, which will be exercisable at the closing price on Friday 12, February for a term of eight years.

Lustig currently serves as a director at cannabis companies Cresco Labs and Pharmacielo Ltd (CVE:PCLO) (OTCMKTS:PCLOF), he also serves as chairman of both cannabis investment firm Trichome Financial Corp (CNSX:TFC) (OTCMKTS:TRICF) and medical cannabis group IMC Cannabis.

“Aequus is pleased to welcome Marc Lustig who is joining the team as a director. I have worked with Marc on a number of successful projects over the years and we are delighted to add such an experienced and talented director,” Aequus chairman and chief executive Doug Janzen said in a statement.

“Marc has extensive North American capital markets experience and is a respected entrepreneur, who founded and built Origin House before it was acquired by Cresco Labs. Marc’s expertise is expected to be a significant benefit to Aequus as we launch the Evolve and Revive Eye Care products and finalize the submission for Health Canada regarding Zymed -PF, a preservative free prescription drug for the treatment of glaucoma,” he added.

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