Apricus Biosciences Announces Sale of Non-Core Assets
Company Executes Core Strategy to Focus on Its Vitaros(R) and Femprox(R)
Sexual Health Products
SAN DIEGO, April 1, 2013 (GLOBE NEWSWIRE) -- Apricus Biosciences, Inc.
("Apricus Bio" or the "Company") (Nasdaq:APRI) (www.apricusbio.com) today
announced the sale of (1) Totect^® (dexrazoxane HCl), a marketed, injectable
treatment for anthracycline extravasation, and (2) NitroMist^® (nitroglycerin
sublingual aerosol), an FDA-approved nitrate vasodilator indicated for acute
relief of an attack or acute prophylaxis of angina pectoris due to coronary
artery disease. In line with its previously stated corporate strategy, the
Company is focusing its resources on commercializing its lead product
Vitaros^® (alprostadil 0.3% topical cream), for the treatment of erectile
dysfunction ("ED"), and on the development of Femprox^® (alprostadil 0.4%
topical cream), for the treatment of female sexual arousal disorder ("FSAD").
Totect^® was acquired by Biocodex USA ("Biocodex"), a subsidiary of a
privately-held, French pharmaceutical company, Biocodex Laboratories. Under
terms of the Biocodex agreement, 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.
NitroMist^® was acquired by Mist Pharmaceuticals, LLC ("Mist"), a privately
held specialty pharmaceutical company. Mist will receive rights to
commercialize and market NitroMist^® in all countries outside the U.S., Canada
Richard Pascoe, Chief Executive Officer of Apricus Bio, stated: "These
transactions are consistent with our planned divestiture of non-core assets
and we are pleased that we were able to sell these products in line with their
initial up-front purchase prices. With the sale of Totect^® and NitroMist^®,
Apricus' resources are now further focused on the development and
commercialization, through strategic partnerships, of the Company's primary
pipeline assets, particularly Vitaros^® and Femprox^® for male and female
Totect^® (dexrazoxane HCl) is an injectable treatment for anthracycline
extravasation. Anthracyclines are among the most used chemotherapy drugs to
treat cancer, and extravasation is the leaking of the chemotherapy from the
patient's veins into the surrounding tissues and other areas of the body.
Totect^® is the only FDA approved treatment for these complications. For more
information, please visit www.Totect.com.
NitroMist^® (nitroglycerin sublingual spray) is 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). NitroMist^® was developed using
a proprietary technology designed to deliver validated drugs through the
highly absorptive lining of the mouth into the systemic blood circulation.
About Apricus Biosciences, Inc.
Apricus Biosciences, Inc. (Nasdaq:APRI) is a pharmaceutical company that
develops and markets innovative treatments that help large patient populations
across numerous, large-market therapeutic classes including male and female
sexual health. The Company has one approved product, Vitaros^®, for the
treatment of erectile dysfunction, which will be marketed in Canada by Abbott
Laboratories, and Femprox^®, a product candidate, for the treatment of female
sexual arousal disorder, which successfully completed one approximately
400-patient Phase III study in China.
For further information on Apricus Bio, visit http://www.apricusbio.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 achieve its
development, commercialization and financial goals, its ability to further
develop its products and product candidates, the timing for the commercial
launch of Vitaros^® in Canada, and its ability to have its products and
product candidates approved by relevant regulatory authorities, including
Europe and Switzerland and its ability to receive appropriate regulatory
guidance on Femprox^® from various regulatory authorities, to successfully
conduct further clinical trials with this product and its ability to
eventually commercialize Femprox^®. 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 or Lourdes Catala
Press spacebar to pause and continue. Press esc to stop.