Apricus Biosciences Enters Into Common Stock Purchase Agreement With Aspire Capital
(Thomson Reuters ONE) -
$7.0 Million Equity Facility with Existing Long-Term Shareholder
SAN DIEGO, July 06, 2016 (GLOBE NEWSWIRE) -- Apricus Biosciences, Inc.
(Nasdaq:APRI) (the "Company" or "Apricus"), a biopharmaceutical company focusing
on the development and commercialization of novel therapeutics to treat areas of
unmet medical need, today announced it has entered into a common stock purchase
agreement with Aspire Capital Fund, LLC ("Aspire Capital").
Aspire Capital will complete an initial purchase of 2,531,645 shares of common
stock for proceeds of $1.0 million and has committed to purchase up to $6.0
million in additional shares of common stock over the next 24 months at prices
based on the market price at the time of each sale. No warrants are associated
with this agreement.
"This agreement with Aspire Capital will enable Apricus to sell shares from
time-to-time on market-based terms to a committed, long-time investor," said
Richard Pascoe, CEO of Apricus. "The Aspire Capital team has been supportive of
our strategic re-positioned focus on Vitaros(®) as an existing shareholder. We
intend to use the proceeds from this facility, along with our existing cash and
expected Vitaros revenues, for working capital purposes as we work towards a
potential U.S. Vitaros approval decision in the first half of 2017."
Under the terms of the common stock purchase agreement, Apricus will control the
timing and amount of any sale of shares of common stock to Aspire Capital.
Aspire Capital has no right to require any sales by Apricus but is obligated to
make purchases as Apricus directs, in accordance with the purchase agreement.
There are no limitations on the use of proceeds, financial covenants or
restrictions on future financings and there are no rights of first refusal,
participation rights, penalties or liquidated damages in the purchase agreement.
Apricus may terminate the purchase agreement at any time, at its discretion,
without any additional cost or penalty.
A complete and detailed description of the purchase agreement and related
registration rights agreement is set forth in the Company's Current Report on
Form 8-K, filed today with the SEC.
This press release shall not constitute an offer to sell or the solicitation of
an offer to buy any securities nor will there be any sale of these securities in
any state or other jurisdiction in which such offer, solicitation or sale would
be unlawful prior to registration or qualification under the securities laws of
any such state or other jurisdiction.
About Apricus Biosciences, Inc.
Apricus Biosciences, Inc. (APRI) is a biopharmaceutical company advancing
innovative medicines in urology and rheumatology. Apricus' commercial product,
Vitaros(®), for the treatment of erectile dysfunction, is approved in Europe and
Canada and is being commercialized in several countries in Europe. In September
2015, Apricus in-licensed the U.S. development and commercialization rights for
Vitaros from Allergan. Apricus' marketing partners for Vitaros include
Laboratoires Majorelle, Bracco S.p.A., Hexal AG (Sandoz), Recordati Ireland Ltd.
(Recordati S.p.A.), Ferring International Center S.A. (Ferring Pharmaceuticals),
Mylan NV and Elis Pharmaceuticals Ltd. Apricus currently has one active product
candidate, RayVa((TM)), its product candidate for the treatment of the
circulatory disorder Raynaud's phenomenon.
CONTACT:
Matthew Beck
mbeck(at)troutgroup.com
The Trout Group
(646) 378-2933
This announcement is distributed by GlobeNewswire on behalf of
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originality of the information contained therein.
Source: Apricus Biosciences, Inc. via GlobeNewswire
[HUG#2026208]
Unternehmensinformation / Kurzprofil:
Datum: 06.07.2016 - 14:00 Uhr
Sprache: Deutsch
News-ID 481838
Anzahl Zeichen: 4507
contact information:
Town:
SAN DIEGO
Kategorie:
Business News
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"Apricus Biosciences Enters Into Common Stock Purchase Agreement With Aspire Capital"
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