This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

Apricus Biosciences Provides First Quarter 2013 Corporate Update

SAN DIEGO, May 10, 2013 (GLOBE NEWSWIRE) -- Apricus Biosciences, Inc. ("Apricus Bio" or the "Company") (Nasdaq:APRI) ( http://www.apricusbio.com ), today provided an update regarding ongoing corporate activities and announced that it expects to file its Quarterly Report on Form 10-Q for the quarter ended March 31, 2013 with the Securities and Exchange Commission on Friday, May 10, 2013. As previously announced, the Company will host its first quarter 2013 financial results conference call today, May 10, 2013 at 9:00 a.m. ET.

"Apricus Bio began 2013 with a newly focused corporate strategy aimed at the commercialization, through partnerships, of its lead product Vitaros® for erectile dysfunction ("ED") and the development of its lead product candidate Femprox® for female sexual arousal disorder ("FSAD")," said Richard Pascoe, Chief Executive Officer of Apricus Bio. "Since the beginning of the year, we have made important progress in support of that goal, including the successful divestiture of multiple non-core assets, streamlining of our operations to better align them with our objectives, and advancement of our regulatory and commercial strategy for Vitaros® and Femprox®. We continue to believe that the greatest opportunity for shareholder value creation remains in the global development and commercialization, through strategic partnerships, of these lead assets."

Recent Corporate Developments

  • European approval decision for Vitaros® in Europe via the Decentralized Procedure ("DCP"). We are currently awaiting a decision regarding the approval of Vitaros ® in Europe via the DCP with The Netherlands serving as the Reference Member State ("RMS"). In April of 2013, Apricus Bio, in consultation with our European commercialization partners, submitted to the RMS our response to the Day 120 List of Questions ("LOQ"). This week, which marked Day 180 of the regulatory approval process, the RMS confirmed that the major nonclinical, clinical and clinical safety issues outlined in the Day 120 LOQ have been resolved.  While the regulatory review process is ongoing, and we remain in active dialogue with the RMS on certain remaining matters included in the Day 180 response, we believe that the marketing approval process for Vitaros® in Europe remains on track for an approval decision on Day 210 of the process assuming there are no other interruptions in the review process.  If Vitaros® is approved by the RMS, our commercialization partners will commence with the National Phase approvals in their respective territories. Once those approvals are secured on a country-by-country basis, marketing of Vitaros® can then be initiated in each country by our commercialization partners.  In Europe, existing ED products generated over $1 billion in sales in 2012 and Apricus Bio believes that a significant portion of the market remains untreated or undertreated, which represents a significant commercial opportunity for Vitaros®.
  • Commercial Launch of Vitaros® in Canada. Vitaros® is approved in Canada, and Apricus Bio licensed Vitaros® to Abbott Canada for commercialization of the product in that territory.  Abbott remains fully committed to a successful launch of the cold-chain version of Vitaros® in Canada in the shortest timeframe possible. Abbott  is working with their contract manufacturer to optimize the product's shelf-life period, which is driven by specifications that are applicable only to the product that will be sold in Canada , prior to launching the product in that market.  As a result of these ongoing developments, Abbott has confirmed that a Vitaros® launch in Canada in the first half of 2013 will not occur.
  • Femprox® Development Program: Femprox® is our lead product candidate for the treatment of female sexual arousal disorder, or FSAD. To date, we have completed seven clinical studies with Femprox® including a 100 patient Phase 2 study in the U.S. and a 400 patient Phase 3 study in China. The data generated from these studies strongly suggests that Femprox® has the potential to effectively treat FSAD in a female patient population where there are currently no available FDA approved treatment options. Moreover, we believe that Femprox® could be the first and only on-demand treatment approved for FSAD, where estimates of the market size are on par with that found in the erectile dysfunction market. The Company continues to advance the Femprox® development program in close consultation with our clinical and regulatory advisors. Our near-term goal is to seek confirmatory regulatory guidance from the U.S. FDA in the form of an End-of-Phase 2 meeting.
  • Divestiture of Non-Core Assets: The Company sold its product, Totect ® (dexrazoxane HCl), a marketed, injectable treatment for anthracycline extravasation, to Biocodex USA ("Biocodex") in March 2013, in line with its recently updated corporate strategy.  Under terms of the arrangement, Apricus Bio received an upfront payment at closing and is eligible to receive royalties on net sales of Totect ® by Biocodex through 2016, in exchange for Apricus Bio's sale of its commercialization rights to Totect ® in North America and South America.

Conference Call Information

The call can be accessed in the U.S. by dialing 877-407-9210 and outside of the U.S. by dialing 201-689-8049 and asking the conference operator for the Apricus Bio Conference Call. The conference call will also be webcast live at http://www.investorcalendar.com/IC/CEPage.asp?ID=17095 . The teleconference replay will be available for one week by dialing in the U.S. 877-660-6853 and outside of the U.S. by dialing 201-612-7415. Replay Passcode 413843 is required for playback. The webcast replay will be available for three months.

About Vitaros®

Vitaros®, Apricus Bio's lead product candidate for the treatment of ED, is a topically-applied cream formulation of alprostadil, a vasodilator, which directly increases blood flow to the penis, causing an erection. Alprostadil is a widely accepted alternative to the PDE5 inhibitors for difficult to treat patients, and Vitaros® is relatively safe and effective, and offers greater market opportunity due to its patient-friendly form versus both other alprostadil dosage forms and also relative to oral ED products. With a market affecting nearly 150 million men worldwide and representing approximately $2.6 billion in revenue – excluding the U.S. – Vitaros® represents a major market opportunity, particularly as a distinct product that addresses a significant underserved population.

1 of 2

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

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.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

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.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 17,055.87 -116.81 -0.68%
S&P 500 1,982.77 -11.52 -0.58%
NASDAQ 4,508.6880 -19.0010 -0.42%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs