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Apricus Biosciences Receives $2.5 Million Payment From Abbott Laboratories For Vitaros(R) In Canada

Stocks in this article: APRI

SAN DIEGO, Oct. 18, 2012 (GLOBE NEWSWIRE) -- Apricus Biosciences, Inc. ("Apricus Bio" or the "Company") (Nasdaq:APRI) ( ) announced today that it received a $2.5 million payment from Abbott Laboratories Limited ("Abbott") under its commercial partnership for Apricus Bio's Vitaros® drug for erectile dysfunction ("ED") in Canada. Also, Apricus Bio successfully produced six consecutive commercial size validation batches of Vitaros ®, the Company's treatment for ED in 220 mcg and 330 mcg forms.

"The successful manufacturing of Vitaros® has been a great accomplishment for Apricus Bio as this was the first time that this drug has been manufactured on a commercial scale," said Dr. Bassam Damaj, the Company's President and Chief Executive Officer. "This is an important step in placing Vitaros ® into the hands of urologists in Canada and represents another completed milestone in our strategic collaboration with Abbott and in our global commercial strategy for Vitaros ®. Now that we have completed our commercial size validation batches for Canada, our manufacturing team is focusing on producing additional Vitaros® commercial batches for Abbott in Canada and for our U.S. partner, Warner Chilcott, as disclosed by us recently."

Dr. Damaj continued, "We believe that Vitaros ® will be an attractive alternative for many patients with erectile dysfunction, both for its safety profile and rapid onset. We look forward to giving erectile dysfunction patients in Canada and in other countries the choice of a new non PDE5 based drug. These attributes have contributed to its licensing in a variety of territories by world-class pharmaceutical companies including Abbott, Takeda, Novartis-Sandoz, Warner Chilcott, Bracco, Elis and Neopharm."

About Vitaros ® and the Canadian ED Market

According to IMS Health data, the annual ED market in Canada in 2010 was approximately $180 million (CAD). The current leading medications are sildenafil citrate, tadalafil and vardenafil HCI which are taken in pill form and work by inhibiting an enzyme called PDE5.

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