SAN DIEGO (TheStreet) -- Apricus Biosciences's (APRI) CEO Bassam Damaj, speaking to investors last Nov. 15, promised a marketing partner and commercial launch of the erectile dysfunction gel Vitaros before the end of 2011:
"I would like to start by confirming that we are still on our guidance for announcing our commercial partner for Vitaros in Canada and possibly Europe before the end of 2011," said Damaj. "I think this is an important statement that the company has given and important guidance that we stand behind and we are still moving forward towards achieving this goal."
On Friday, the last trading day of 2011, Apricus announced a Canadian licensing agreement, except it wasn't for Vitaros. Instead, Apricus inked a small partnership for an experimental toenail fungus therapy. Separately, Apricus announced its intention to sell another $20 million in common stock, further diluting shareholders.
Bait and switch.In an email, Apricus spokesman Ed Cox said the company "will be publicly allowed to disclose on our new partner for Vitaros in Canada in the coming few days." It's not like Apricus hasn't had sufficient time to get a deal done. Canadian regulators approved Vitaros in November 2010, at which time Apricus promised to take on entrenched ED pill marketers like Pfizer (PFE) and Eli Lilly (LLY). Thirteen months and multiple promises later, Apricus still hasn't sold a single vial of the ED treatment. One quarter of men who used Vitaros in clinical trials complained of "penile burning" caused by applying the gel to the tip of their penis before sex, according to the Vitaros label approved by Health Canada. Vitaros also causes "vaginal burning" when the gel rubs off during sex. Nothing says "sexy time" like penile burning. -- Written by Adam Feuerstein in Boston.
>To contact the writer of this article, click here: Adam Feuerstein. >To follow the writer on Twitter, go to http://twitter.com/adamfeuerstein. >To submit a news tip, send an email to: email@example.com. Follow TheStreet on Twitter and become a fan on Facebook.
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass + 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV