Apricus Biosciences, Inc. : Apricus Biosciences Further Expands Existing Vitaros® Partnership with Ferring Pharmaceuticals in Europe and Asia
(Thomson Reuters ONE) -
Apricus Eligible to Receive an Additional $3.6 Million in Upfront and Pre-
Commercialization Milestone Payments for the Expanded Territory
Apricus and Sandoz Agree to Mutually Terminate License Agreement
SAN DIEGO, July 25, 2016 (GLOBE NEWSWIRE) -- Apricus Biosciences, Inc.
(Nasdaq:APRI), a biopharmaceutical company advancing innovative medicines in
urology and rheumatology, today announced that it has further expanded its
exclusive distribution agreement with Ferring Pharmaceuticals ("Ferring"), for
the commercialization of Vitaros®, Apricus' novel topical on-demand treatment
for erectile dysfunction ("ED"). This amendment is in addition to the in-place
collaboration established with Ferring in Latin America in 2015, and the
recently announced expansion for the United Kingdom. This expanded agreement
includes Germany, Austria, Belgium, Denmark, Finland, Iceland, Luxembourg,
Norway, the Netherlands, Sweden, Switzerland, Malaysia, Indonesia, the
Philippines, Thailand, Taiwan, Vietnam, Hong Kong, Singapore and Korea.
Additionally, along with announcing the mutual termination of the Sandoz
license, all three parties have entered into a services agreement whereby the
existing marketing authorizations will be transferred to Ferring and Ferring
will thereafter be responsible for marketing the brand and seeking additional
country approvals.
Apricus will be eligible to receive an additional $3.6 million in upfront and
pre-commercialization milestone payments, and up to an additional $1.5 million
in launch milestone payments, for the expanded territory compared to Apricus'
prior contract with Ferring. In combination with the terms of the previously
signed distribution agreement and amendment with Ferring, Apricus is eligible to
receive up to $34 million in combined upfront, regulatory, launch and sales
milestone payments, plus high single-digit to low double-digit royalties based
on Ferring's net sales in the territory.
"With the consolidation of these territories, coupled with the previously
announced Latin America and UK transactions, we believe Ferring is well
positioned to grow the Vitaros brand in key global markets as the first and only
topical treatment for erectile dysfunction," said Richard Pascoe, Chief
Executive Officer of Apricus. "Ferring now has the ability to launch in the
near term in up to eleven countries, and importantly, re-launch in Germany."
Mr. Pascoe continued, "We would like to thank Sandoz for its support of Vitaros
and very much look forward to our expanded relationship with Ferring."
Vitaros is a new entrant into the ED treatment market, offering a product
profile making it appealing to certain patients. Vitaros is a topical ED cream
that delivers rapid onset (generally 5-30 minutes) and treatment duration of
approximately one to two hours. Vitaros' local delivery provides an
alternative for patients, but particularly those with complications that
preclude them from using the orally delivered systemic treatments or who prefer
to avoid the injectable forms of alprostadil.
About Ferring Pharmaceuticals
Headquartered in Saint-Prex, Switzerland, Ferring Pharmaceuticals is a research-
driven, specialty biopharmaceutical group active in global markets. The company
identifies, develops and markets innovative products in the areas of
reproductive health, urology, gastroenterology, endocrinology and orthopedics.
Ferring has its own operating subsidiaries in nearly 60 countries and markets
its products in 110 countries.
For more information on Ferring or its products, visit www.ferring.com.
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., 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.
For further information on Apricus, visit http://www.apricusbio.com.
*Vitaros® is a registered trademark of NexMed International Limited. Such
trademark is registered in certain countries throughout the world and pending
registration in the United States.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the
Private Securities Litigation Reform Act, as amended. Statements in this press
release that are not purely historical are forward-looking statements. Such
forward-looking statements include, among other things: timing of the transfer
of marketing authorizations to Ferring from Sandoz; references to the potential
for Vitaros to achieve commercial success generally or in the territory; the
timing of the re-launch of Vitaros in Germany; and the potential for Apricus to
receive future milestone and royalty revenue. Actual results could differ from
those projected in any forward-looking statements due to a variety of reasons
that are outside of Apricus' control, including, but not limited to: Apricus'
dependence on Ferring and its other commercial partners to obtain regulatory
approvals, carry out the commercial launch or grow sales of Vitaros in various
territories; competition in the ED market and other markets in which Apricus and
its partners operate; Apricus' ability to obtain and maintain intellectual
property protection for the product; its ability to further develop its product
Vitaros for the treatment of ED, such as the room temperature version of
Vitaros; Apricus' ability to raise additional funding that it may need to
continue to pursue its commercial and business development plans; the
fluctuation of currency exchange rates; the potential for adverse reactions to
the product; and market conditions. These forward-looking statements are made as
of the date of this press release, and Apricus assumes no obligation to update
the forward-looking statements, or to update the reasons why actual results
could differ from those projected in the forward- looking statements. Readers
are urged to read the risk factors set forth in Apricus' 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 at www.sec.gov or without charge from Apricus.
Contact:
Matthew Beck
mbeck(at)troutgroup.com
The Trout Group LLC
(646) 378-2933
This announcement is distributed by GlobeNewswire on behalf of
GlobeNewswire clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: Apricus Biosciences, Inc. via GlobeNewswire
[HUG#2030295]
Unternehmensinformation / Kurzprofil:
Datum: 25.07.2016 - 13:00 Uhr
Sprache: Deutsch
News-ID 485096
Anzahl Zeichen: 8142
contact information:
Town:
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Kategorie:
Business News
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