SAN DIEGO, May 23, 2013 (GLOBE NEWSWIRE) -- Apricus Biosciences, Inc. ("Apricus Bio" or the "Company") (Nasdaq:APRI) today announced that it has priced an underwritten public offering of an aggregate of 6,000,000 shares of common stock at a price to the public of $2.85 per share, and warrants to purchase up to an aggregate of 3,000,000 shares of common stock for gross offering proceeds of $17,100,000. The shares of common stock and warrants are immediately separable and will be issued separately. The warrants are exercisable immediately upon issuance, have a five-year term and an exercise price of $3.40 per share. The warrants will be certificated, and will be delivered to the investors by physical delivery following the closing. There is no established public trading market for the warrants and we do not expect a market to develop. Certain officers and directors of the Company have also participated in the offering and will be purchasing the offered securities from the underwriters.
In addition, Apricus Bio has granted the underwriters a 30-day option to purchase up to an additional 900,000 shares of common stock and warrants to purchase up to an additional 450,000 shares of common stock to cover over-allotments, if any. The net offering proceeds to Apricus Bio from this offering are expected to be approximately $15.8 million, after deducting underwriting discounts and commissions and other estimated offering expenses, but excluding the exercise of any warrants and any exercise of the underwriters' over-allotment option. The offering is expected to close on or about May 29, 2013, subject to customary closing conditions.
Lazard Capital Markets LLC is acting as sole book-running manager for the offering and Roth Capital Partners, LLC and Cantor Fitzgerald & Co. are acting as co-managers for the offering.Apricus Bio intends to use the net proceeds of this offering for general corporate purposes, including working capital, capital expenditures, research and development expenditures, clinical trial expenditures and additional approval efforts related to Vitaros® and Femprox®.