Apricus Biosciences Prices $17.1 Million Public Offering of Common Stock and Warrants

Apricus Biosciences Prices $17.1 Million Public Offering of Common Stock and
Warrants

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®.

The securities described above are being offered pursuant to an effective
registration statement on Form S-3, together with a prospectus supplement and
accompanying base prospectus, previously filed with, and declared effective
by, the Securities and Exchange Commission (the "SEC"). The securities may be
offered only by means of a prospectus, including a prospectus supplement,
forming a part of the effective registration statement. A preliminary
prospectus supplement relating to the terms of the offering has been filed
with the SEC and is available on the SEC's web site at http://www.sec.gov.
Copies of the final prospectus supplement relating to the offering, when
available, may be obtained from Lazard Capital Markets LLC, 30 Rockefeller
Plaza, 60th Floor, New York, NY, 10020 or via telephone at (800) 542-0970, or
from the above-mentioned SEC website.This press release shall not constitute
an offer to sell or the solicitation of an offer to buy these securities, nor
shall there be any sale of these securities in any jurisdiction in which such
offer, solicitation or sale would be unlawful prior to the registration or
qualification under the securities laws of any such jurisdiction.

About Apricus Biosciences, Inc.

Apricus Biosciences, Inc. (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.

Forward-Looking Statements

This press release contains forward-looking statements, including statements
related to Apricus Biosciences, Inc.'s public offering of common stock and
warrants, the anticipated use of proceeds and the timing for completion of the
offering that involve risks and uncertainties. Words such as "believes,"
"anticipates," "plans," "expects," "intend," "will," "goal," "potential" and
similar expressions are intended to identify forward-looking statements. These
forward-looking statements are based upon Apricus Biosciences, Inc.'s current
expectations. Actual results and the timing of events could differ materially
from those anticipated in such forward-looking statements as a result of these
risks and uncertainties, which include, without limitation, risks and
uncertainties associated with market conditions and the satisfaction of
customary closing conditions related to the proposed offering and other risks
detailed in Apricus Biosciences, Inc.'s filings with the Securities and
Exchange Commission. You are cautioned not to place undue reliance on these
forward-looking statements, which speak only as of the date of this press
release. All forward-looking statements are qualified in their entirety by
this cautionary statement, and Apricus Biosciences, Inc. undertakes no
obligation to revise or update any forward-looking statements to reflect
events or circumstances after the date of this press release.

CONTACT: Apricus Bio Investor Relations:
         David Pitts
         Argot Partners
         212-600-1902
         david@argotpartners.com

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