Hi, everyone. We're gonna get the next session started, so please find a seat. Please come in and find a seat. We'll get the 11:00 A.M. presentation started. Great. Our next presentation is Valeo Pharma. Joining us today is Steve Saviuk, the CEO. At the end of his presentation, we'll have 5 minutes for questions and answers. Steve, take it away. Thank you.
Thank you very much. Thanks, everyone, for coming and listening to the Valeo presentation. I'd like to thank Bloom Burton, Jolyon and Brian and all the team for putting on a wonderful event that supports Canadian healthcare companies. Maybe a little special shout-out to the Bellini family whose deal announced last week sheds a little light on what has been a dismal capital markets for some time for the healthcare business. Hopefully that deal will be the turning point, and we'll start seeing some valuations reflect more properly the value and the future of Canadian companies. Next slide, please. Forward-looking statements. You've been in this room. You've heard quite a few of them. Encourage you to read it quickly, and we'll move on to the presentation. Next slide.
For those of you who have not been exposed to Valeo, we're 20 years in existence. We're a Canadian pharmaceutical company. We're at commercial stage focused in only on Canada or Canadian assets. We're fully integrated. There's no virtual aspect to us. We have a lot of people that do a lot of things that traditional pharma companies do. We believe that's the only way that you can successfully grow the type of portfolio that we have. We're listed on the TSX. We have a Montreal head office. We're over 125 employees, probably closer to 130, and 2/3 of those are in the field sales team. When I look at Valeo, I look at people, I look at products, and I look at the environment that we're in.
We have a great team, many senior or former pharma people with companies like Novartis, Merck and whatnot at various key positions. We've got 12 products, six of which we call our core. We've got an environment, and the environment has finally returned back. When I say environment, I mean environment in the sense of being able to commercialize drugs in Canada. It's finally come back to where it was pretty close to where it is pre-COVID. We've had a rough couple of years launching products where it's hard to see doctors, where doctors are not seeing patients. I think we're now back to where, at least from our statistics, our reps are seeing, you know, the five to six interactions per day. We're very pleased to be able to get back to commercializing as we know it.
We're a licensor, we look at late-stage assets. These are either approved assets. These are either post Phase III, Phase III. We take out that R&D clinical trial risk. We certainly commend the companies, and we partner with companies that undertake drug development. That's just not part of our business model. We want to take the drugs when they're about ready to be commercialized for the Canadian market. We're split up into 3 business units. As I mentioned, we have 6 high-growth products, and if we take the ensemble of our portfolio now, we have potential peak sales of well over CAD 200 million. That's shows the potential of our products. Next slide, please. We are organized into 3 business units. Each unit has its own dedicated commercial team.
That means in-field sales. That means marketing. That means business unit heads. On the left, you have respiratory. Our two are really the jewel or the diamond in our portfolio is Enerzair Breezhaler. It's the first fixed triple combination asthma therapy in Canada, first to be launched. In allergy, we have Allerject. We'll talk about it, and we'll go through overviews of our key products. Ophthalmology, a relatively new area for us. We got involved through the acquisition of a couple of products last July from Novartis, XIIDRA and SIMBRINZA. These are all patented meds that have, we believe, significant upside in terms of commercial success. On the specialty side, our big product there is Redesca, hospital-based anticoagulant. Next slide. Looking at our revenues over the last four years or, we...
from 2020, relatively modest CAD seven and a half million to last year, we have an October year-end, CAD 28 million. We're projecting CAD 63 million this year. Our current run rate is over 50. It's about CAD 55 million. If you analyze our current monthly sales, we're getting up to about CAD 63 million and the following year CAD 100 million. What's important to look at here is the way our various therapeutic areas will contribute to our overall revenue. Where today you're seeing the respiratory allergy portfolio contributing 25% of revenues, that'll grow to 40% in 2024 and even greater, up to 50% in 2025. Next slide, please. This slide really captures the big six, as we call them, our six core assets.
When you see the CAD 63 million or when I mentioned 63 as our target for this year, you see where it comes from. Ophthalmology, the leader with XIIDRA and SIMBRINZA, the hospital CAD 22 million and then CAD 16 million in Respiratory. The darker part of the bar shows the potential of these products in terms of upside and revenue growth. All six are nowhere near the peak sales. They've got tremendous upside potential, and that's why we're dedicating 85-90 specialty reps in the field to visit physicians to drive these sales. We have the products that have great sales now, but the upside potential is, you know, multiplier of, you know, 3-4x where it is now, and they're diversified. Next slide, please. Let's talk about Respiratory.
Why are we so excited about the respiratory area? This year will do CAD 16 million. We expect that to jump to about CAD 40 million and ultimately be almost CAD 150 million at peak, which is probably 4 to 5 years out. Next slide. Asthma, you know, you have to drive big revenues, you need big markets. Asthma in Canada, certainly a big market. It's a CAD 700 million market today. I know this is by 2025, but even today you have products like SYMBICORT, CAD 280 million; Advair, CAD 150 million; Breo, CAD 110 million. These are big asthma therapies. The reality of the asthma market is that there are many asthma sufferers who don't feel that their symptoms are properly controlled. There is a large unmet need.
This is where Enerzair and Atectura actually shine. We'll go to the next slide. Why do we say that? Well, Enerzair, as I mentioned earlier, is the diamond in our portfolio. It's a what's known as a fixed triple combination, the first of its kind to be launched in Canada. It actually attacks the asthma symptoms through three different chemicals. In a head-to-head trial with Advair, it showed not just statistically, but clinically significant benefits in terms of the reduction of asthma exacerbations or attacks, the expansion of lung capacity, the reduction of other symptoms commonly associated with asthma. We believe it is the best inhaled asthma therapy in Canada for moderate to severe asthmatics, of which there are about 1 million in Canada.
We have a better product, better than Advair, which generates CAD 160 million of revenue. Atectura is a sort of a little brother. It's a conventional dual therapy, and again, against Advair, significantly better clinical results. We think we have the genesis or the basis for a respiratory portfolio with two strong drugs that have patents that extend into the 2030s. Next slide. How are we doing in the marketplace? Well, as of February, and we just got March data actually in, you can see on the left the number of prescribers. We're about 1,900 physicians now who have written at least one prescription. It's growing on a monthly basis. And we're about 42,000 prescriptions in total.
Again, growing on a, on a nice, and now a exponential kind of curve. Probably about 8,000 prescriptions per month are being written on this product now. And growing. We're seeing in the field we're the number one recommended brand by respirologists. We're at, are at the top of the prescription podium or the prescription triangle in terms of influencers. The real challenge for us is the GP marketplace, the family practitioners. That's the bulk of asthma therapy or of asthma prescriptions are written by general practitioners. That's the yellow bar there. It's really encouraging to start seeing that we're breaking the prescribing habits.
If you've been prescribing SYMBICORT for 10 years, how do we get you to switch to Enerzair? How do we get you to remember Enerzair? That process is working. We're actually getting converts from... That's basically because the drug is being demonstrated as, frankly, a better therapy or a better therapeutic option. Next slide, please. Rounding out that portfolio, we have a, I guess, similar to Cipher that had a $80 million opportunity in onychomycosis. This is not onychomycosis. This is severe allergic reactions, anaphylaxis. The incumbent in that marketplace is EpiPen. Everyone has probably seen or unfortunately maybe had to use one of these devices.
We're replacing it with a device that's quite a bit smaller, speaks to you, more reliable, army tested in the U.S., and the same price. We took this product on last summer from a company called Kaléo. We really haven't launched it with a significant marketing campaign. That'll be coming up in the next couple of weeks. Sales have already progressed from, on an annualized basis, CAD 4 million to about CAD 6 million. We think this product can go to about CAD 25 million. This product is CAD 75 million. In the U.S., they actually have a label claim that says, "You may not feel the injection." I guarantee you, if you have ever used this, you have felt the injection. We think this is a great product. Next slide, please. Ophthalmology. It's an area that we like a lot.
It reminds us a lot of our old days when we were in the derm business before we sold that business to Valeant. Two key products there is the foundation. We built a full team around these products. When I say full team, full commercial team, marketing, business unit head. One is for dry eye called XIIDRA, the other is SIMBRINZA. Current revenues when we acquired Aprax were about CAD 22 million. That should grow to about CAD 25 million this year. CAD 33 million next as our commercial activities accelerate, and ultimately we expect the revenues to top out around CAD 45 million. When we talk about business development, we'll come back to ophthalmology, but this is an area that we think can become a real cornerstone for Valeo, where we can add significant other products. Both of these products also are patented until 2030. Next slide, please.
Just very quickly, XIIDRA for dry eye. This is a prescription medication. Novartis product only launched in 3 markets in the world: Canada, U.S., I believe, Saudi Arabia. In the U.S., it does about $450 million of revenue. In Canada, it does CAD 15 million of revenue. It has been an underperformer in Canada. By and large, because of lack of commercial support, sales representation in the field. We think we can turn that around. SIMBRINZA, for those that have access to a ophthalmologist, it's one of the gold standards for treating glaucomas. We think we have 2 products that ophthalmologists wanna see us about, that they're very interested in, and then we hope to build around those 2 products. Next slide, please.
Our revenues, they were growing without any commercial support by our partner, Novartis, on a relatively consistent basis. We took them over in July, and we expect with the commercial presence to be able to accelerate that growth to essentially double revenues for those two products alone, in the next four or five years. Next slide, please. Lastly, our specialty products area. Redesca is the blood thinner. This is really, it's known as a biosimilar. Biosimilars are quickly developing in Canada in terms of market share against biologics that come off patent. Redesca is used primarily in a hospital setting. It's a large market. Next slide, please. It's a large market. It's about a CAD 180 million market. There's currently three biosimilars in the market. We're number one share.
We've sort of stabilized at around 50%. We have a better, or we think a more complete, product line, and we have a more robust supply chain. Redesca, we expect it to grow as Ontario adopts. Unfortunately, Ontario has been the last province in Canada that's actually adopted a biosimilar policy, which actually favorizes a lower priced alternative to the biologics. As that market kind of opens up, we expect sales to generate from which now about CAD 12 million-CAD 14 million to grow to about CAD 25 million. You can see there's a half a dozen products there that have all growth potential. Some more than others. Some will peak out at lower levels than others, all of them are growing. Next slide, please.
Let's talk a little bit about our financials. Next slide. This slide really says a lot of things, so I'll take it through a little slower here. The purple lines are the revenues by month, and you can see that we've had five consecutive quarters of revenue growth. The orange lines underneath are EBITDA loss, and you can see that that loss is declining on a monthly basis. We expect us to be EBITDA positive by the end of our fiscal year as our revenues grow, our margins grow. The yellow line shows our operating costs. What you see here is there was a spike in Q3 2021 as we built out this quite large sales force.
I know some companies, use third-party sales organizations or are rely on other kind of marketing sales techniques. We have feet in the ground. We have reps on the road. If I look at last year, over 40,000 doctor interactions. This year, that number will be over 55,000 doctor visits. That's getting back to COVID is now hopefully a thing of the past, but certainly in terms of physician visits and access to physicians, we're returning to pre-COVID levels. We gotta get out there. We gotta see physicians. We have to impart upon them the medical information for them to make the choices for their patients. That led to that big spike in, on the yellow line in 2021.
You've seen that now has dropped down and then slightly rose as we added the ophthalmic field for us. One thing we believe we have now is a fully built-out organization. As our sales grow, our costs will maintain where they are in our operating costs and will in part decline because of certain launch costs that are incorporated in that line as it is right now. As I mentioned, current run rate, CAD 54. Revenue for this year expected to be CAD 60 million plus. Next slide, please. What's our capital structure? We have 85 million shares outstanding, 84 million, market cap's at CAD 45 million. We have some debt, I know a number of people have brought that up. You have, you know, debt, you have...
How are you gonna service the debt? We have CAD 25 million of convertible debentures, convertible at CAD $1.15, which are due in December 2024. CAD 10 million of which is held by the Quebec Government, CAD 5 million of which is held by insiders, and CAD 10 million of which is held by a number of institutional investors. We also have formulated a line of credit arrangement with Sagard Healthcare Partners. Sagard is a wholly owned sub of Power Corporation last summer, where they provided us a $40 million USD denominated debenture or debt. We drew 30 on that to finance the acquisition of the Novartis ophthalmic assets and to buy inventory. And that has a 5-year term with a small payout starting at the beginning of year 3.
We think that the debt is very serviceable. Hopefully, if our, if the markets turn around and our share price can elevate, we could see some conversion of that debt. We had CAD 11 million of cash at the end of Q1. We'll probably report somewhere around very low cash burn in Q2. We'll probably report somewhere in the vicinity of CAD 9 million of cash at the end of Q2. What's important is where our cash is going. For sure, it's going to fund some of our negative cash flow in terms of our operations. A lot of it has been in terms of inventory build, and they're financing our receivables. When people look and say, "Well, how will you get to...
Will you get to cash flow break even with the cash that you have on hand? The answer is no. What will you do about it? Well, we're in advanced negotiations and discussions for layering on non-dilutive capital, which should take us to cash flow breakeven. We feel very strongly about that. There's a number of sources, which you could maybe imagine, most of which are existing stakeholders in the company. Management and insider ownership. When we talk, we talk alignment, and we feel it. It's not just a verbal message about alignment. The board, management, employees own over 50% of the company. We've been there at every financing round.
Whether the round was at CAD 1, CAD 1.10, we put money in. Whether it was the debentures convertible CAD 1.15, we contributed in that financing, that's kept our ownership high. That doesn't mean we treat it as a private company. We are a public company. What it does do is it aligns us with all our shareholders. We're... You know, we show up every morning to build the revenues, build the earnings, build shareholder value, and we all participate in that value. I would say, if you check our information circular and compare salaries across the board, I think you'll see that we're in the bottom decile of how we pay our employees.
Our culture is very much around ownership and, you know, we have the examples of someone taking a mortgage out on their house to buy the stock, going to the bank, getting a line of credit to buy shares. We want people engaged. We want people to have skin in the game, and that's. That, I think, is a, is a, is a key differentiator of our culture. We have three analysts that follow us. Most recently, André Audet from Research Capital, all with buy targets that are significantly higher than where the share price is currently. Next slide. Business development. You know, we have a great portfolio, but as you know, no company can stop at any point in time and say, "That's it. That's enough.
I've got what we need." You're always on the lookout, how do we better this company? We look at respiratory. We've done deals with Novartis, Kaleo, Teikoku, Ethypharm, PharmaMar, and we've been around for 20 years. We've done deals with Schering, Merck, Pfizer, Sanofi. Virtually all the who's who of pharma. Where are we focusing our BD right now? There's 2 ways of looking at it. Number 1, what stage assets are we looking at? Generally speaking, we're looking at closer to commercialization stage assets. Assets that we can acquire that could drive revenue the quarter after we acquire them. That's where the bulk of our activity is.
When I say the bulk, let's say 2/3 of our focus is on the shorter term, shorter to market access drivers that are proprietary, that we believe have upside, and that leverage our portfolio. The other third would be more what someone termed earlier, development assets. Assets that are finishing phase three, that we'll file and we'll generally look for revenues to commence 3 years out. A lot of focus on the short term on getting cash flow positive. The area, ophthalmology probably number 1. I mean, that's an area that is just. There's really, in terms of competition, other than the big multinationals in the mid-tier, the competition is relatively sparse. There's great assets out there. Ophthalmologists do appreciate a portfolio approach, coming in and being able to look and say, "I have first-line, second-line, third-line treatment in glaucoma.
This is my portfolio." They like that kind of approach. I think you're gonna see or hear about things in ophthalmology first. Specialty and respiratory, obviously, we continue with those. The big brunt I think will be in trying to build that ophtha portfolio. Next slide. That's our board. Actually, a new member of the board. We're having our annual meeting tomorrow. We have Stuart Fowler is joining our board. It's quite apropos. Stu was formerly president of Allergan in Canada as well as Alcon, so brings a strong ophthalmic presence, and obviously that's an area that we are gonna be focusing a lot on in the company going forward. Next slide. The investment thesis or for us is we're top-line growth, significant.
We continue to, you know, to push on that because it does drive up. With top-line growth, you get the growing margins, and if you can maintain your costs, you get the profitability quicker. Once you're there, then the incremental margins with very little additional operating costs flow right to the bottom line. We're a pure commercial play. We got 12 products. I didn't talk about the other 6 that do anywheres from half a million to CAD 6 million of revenue, but those aren't not where we focus on for growth. We wanna focus on our core. We've got a potential, as you saw in some of the other slides, clear upside potential in terms of just from our existing product base to build a business that. You know, you look at peak sales, it's peak sales.
I mean, the likelihood you're gonna get to CAD 230 is probably very small. If you're at CAD 200, if you're at CAD 175, still significant improvement or significant growth from where we are today. Leverage, operating leverage. Again, for us, operating leverage is grow your revenues, add products, and don't add people, and I think we've got that kind of organization set up. It took time. It takes money to be able to do that. I think we're gonna start seeing the benefits of that, or we are seeing the benefits, but you'll truly see them from a financial reporting perspective coming in the quarters ahead. Ongoing business development. Jeff Skinner, our VP of BD, is in the back of the room, and he's very active on that front.
As most people here have said, the market valuations just don't reflect the what we believe is our value. Yesterday we were with an analyst who showed us some nice graphs, and I think that the healthcare sector on a valuation, whether it be EBITDA valuation or multiple of sales, is trading at an almost unheard of lows. We're all in this together. We're all in this market, which is not being valued. You know, that sort of begs the thing. There will be a turn, and when that turn comes, the companies that are successful, that have the revenue growth, that have the earnings will once again shine. With that's our presentation. I'd love to hear any questions that you may have.
Thank you, Steve. If any questions from the crowd, please raise your hand. I'll come by with the mic. All right. Thanks, Steve.
Great. Thanks.
Thank you.