Apricus Biosciences Issues Statement Regarding Registration of Shares Related to Finesco/Scomedica and PediatRx Transactions
SAN DIEGO, July 17, 2012 (GLOBE NEWSWIRE) -- Apricus Biosciences, Inc. ("Apricus Bio") (Nasdaq:APRI) (www.apricusbio.com) today issued the following statement regarding the registration of 3,706,397 shares of the Company's common stock on U.S. Securities and Exchange Commission resale Form S-3, filed yesterday, July 16, 2012:
"The shares Apricus Bio has registered in a resale S-3 filing relate to the Stock Contribution Agreement by and among Finesco, Scomedica and related parties, and Apricus Biosciences, Inc (APRI), as well as shares issued to PediatRx Inc. pursuant to the Termination Agreement by and between Apricus Biosciences, Inc. and PediatRx Inc. None of the shares relate to fund raising or financing activities.
"As the Company announced on July 13, Apricus Bio has closed an agreement to own Finesco, the French parent and holding company of Scomedica, a leading French healthcare contract sales and marketing organization, by way of a share contribution. Finesco and Scomedica will operate as wholly-owned subsidiaries of Apricus Bio. Finesco's existing shareholders contributed to Apricus Bio 100% of the outstanding common stock of Finesco in exchange for 2,592,592 newly issued shares of Apricus Bio common stock valued at ¬7 million ($8.8 million USD). Additional, 740,671 newly issued shares worth approximately ¬1.8 ($2.3 million USD) are due in the first quarter of 2013 if Scomedica achieves certain revenue milestones during 2012.
"As announced at the signing of the agreement, bringing Finesco and Scomedica into the Apricus Bio family of companies enables the Company to bring its own drugs and additional partnered drugs to the key French market to build a strong pipeline in this country, and is an important component of the Company's long-term commercial strategy in Europe."
About Apricus Biosciences, Inc.
Apricus Bio is a San Diego-based revenue-generating pharmaceutical company, with commercial products and a broad pipeline across numerous therapeutic classes.
Revenues and growth are driven from the sales of the Company's commercial products through its Apricus Pharmaceuticals USA, Inc. and NexMed (U.S.A.), Inc. subsidiaries and through out-licensing in certain territories of its product pipeline and NexACT® technology.
Apricus Bio's current NexACT® pipeline includes Vitaros®, approved in Canada for the treatment of erectile dysfunction, as well as compounds in development from pre-clinical through pre-registration currently focused on Sexual Dysfunction, Oncology, Dermatology, Autoimmune, Pain, Anti-Infectives, Diabetes and Consumer Healthcare.
Apricus Bio currently markets Totect® (dexrazoxane HCl), the only drug approved in the US for the treatment of anthracycline extravasation and Granisol® (granisetron HCI) oral solution, the only FDA-approved, oral, ready-to-use liquid solution of granisetron. The Company also plans to market in the U.S. or certain other countries Aquoral", an FDA-cleared, prescription-only spray for the treatment of Xerostomia (the medical term for dry mouth due to a lack of saliva) and NitroMist" (nitroglycerin sublingual spray), an FDA-approved nitrate vasodilator indicated for acute relief of an attack or acute prophylaxis of angina pectoris (chest pain) due to coronary artery disease (narrowing of the blood vessels that supply blood to the heart).
The Company also expects to develop and/or acquire and then bring to market additional pharmaceutical products in areas of care that will benefit patient needs worldwide.
For further information on Apricus Bio, visit http://www.apricusbio.com, and for information on its subsidiary please visit http://www.nexmedusa.com. You can also receive information at http://twitter.com/apricusbio .
Apricus Bio's Forward-Looking Statement Safe Harbor
Statements under the Private Securities Litigation Reform Act, as amended: with the exception of the historical information contained in this release, the matters described herein contain forward-looking statements that involve risks and uncertainties that may individually or mutually impact the matters herein described for a variety of reasons that are outside the control of the Company, including, but not limited to, its ability to successfully integrate Finesco and Scomedica into the Company and further develop its products and product candidates, to have its products and product candidates such as Vitaros®, Femprox® and MycoVa" receive patent protection and be approved by relevant regulatory authorities, to successfully commercialize such products as Totect®, Granisol®, Aquoral" and NitroMist" and NexACT® product candidates and drug delivery technology and to achieve its development, commercialization and financial goals. Readers are cautioned not to place undue reliance on these forward-looking statements as actual results could differ materially from the forward-looking statements contained herein. Readers are urged to read the risk factors set forth in the Company's most recent annual report on Form 10-K, subsequent quarterly reports filed on Form 10-Q and other filings made with the SEC. Copies of these reports are available from the SEC's website or without charge from the Company.
CONTACT: Apricus Bio Investor Relations: David Pitts Argot Partners 212-600-1902 email@example.com
Source: Apricus Biosciences, Inc. 2012 GlobeNewswire, Inc.