Apricus Biosciences Announces Sale of Ex-U.S. Vitaros Assets and Rights to Ferring Pharmaceuticals
(Thomson Reuters ONE) -
Apricus Expects to Receive Approximately $12.7 Million from Ferring
Apricus to Focus on Vitaros U.S. NDA Re-Submission and Pipeline Assets Post-
Closing
SAN DIEGO, March 08, 2017 (GLOBE NEWSWIRE) -- Apricus Biosciences, Inc.
(Nasdaq:APRI), a biopharmaceutical company advancing innovative medicines in
urology and rheumatology, today announced that it completed the sale to Ferring
International Center S.A. ("Ferring") of Apricus' ex-U.S. assets and rights
related to Vitaros(®), Apricus' on-demand topical cream indicated for the
treatment of patients with erectile dysfunction pursuant to a definitive
agreement with Ferring. Ferring is Apricus' existing commercialization partner
for Vitaros in Latin America and certain parts of Europe and Asia. Apricus will
retain its Vitaros rights in the U.S. and it remains on track to re-submit the
Vitaros NDA to the FDA in the third quarter of 2017.
"This transaction reflects the continued execution of our corporate strategy of
developing, obtaining regulatory approval for, and partnering novel topical
prescription treatments in areas of significant unmet need," said Richard
Pascoe, Chief Executive Officer of Apricus. "Moreover, this transaction will
allow us to focus our financial resources on obtaining U.S regulatory approval
for Vitaros, accelerate the advancement of our clinical pipeline, strengthen our
balance sheet with non-dilutive capital, extinguish our existing debt facility,
eliminate certain future ex-U.S. Vitaros liabilities and lower our quarterly
operating expenses by approximately 30%. I want to thank all of our commercial
partners, including Ferring, for their commitment to making Vitaros a successful
global brand. We look forward to their continued success as we work towards a
U.S. Vitaros NDA re-submission in the third quarter of this year."
Associated with the acquisition of the ex-U.S. assets and rights related to
Vitaros, Ferring has agreed to pay Apricus an upfront payment of $11.5 million,
due upon closing, and up to an additional $700,000 with respect to certain
product inventory. Furthermore, the parties have entered into a transition
services agreement, whereby Ferring has agreed to pay Apricus an amount equal to
$500,000, payable over two calendar quarters, in exchange for Apricus'
assistance in facilitating the transfer of such assets and know-how to Ferring,
subject to certain limitations. Ferring will be responsible for managing all
Vitaros-related activities outside the U.S. at its cost and working with
existing Vitaros commercialization partners outside the United States.
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 further 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 has two product
candidates currently in development. Vitaros is a product candidate in the
United States for the treatment of erectile dysfunction, which is in-licensed
from Warner Chilcott Company, Inc., now a subsidiary of Allergan plc (Allergan).
RayVa is our product candidate in Phase 2 development for the treatment of the
circulatory disorder Raynaud's phenomenon, secondary to scleroderma, for which
we own worldwide rights.
For further information on Apricus, visit http://www.apricusbio.com.
Vitaros((TM)) is Apricus' trademark in the United States, which is pending
registration and subject to the agreement with Allergan. Vitaros(®) is a
registered trademark of NexMed International Limited, and will be assigned to
Ferring B.V. worldwide, excluding the United States. RayVa((TM) )is Apricus'
trademark, which 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 report
that are not purely historical are forward-looking statements. Such forward-
looking statements include, among other things: statements regarding the cash
proceeds from the sale of the purchased assets and under the transition services
agreement, the extinguishment of outstanding debt and Apricus' plans to
resubmit the Vitaros NDA. 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: disruption of Apricus' business
and diversion of its management's time and attention in order to provide
transition services under the transition services agreement; Apricus not
realizing the full economic benefit from the transaction, including as a result
of indemnification claims under the asset purchase agreement and the retention
by Apricus' of certain liabilities associated with the product business; long-
term financial risks associated with selling Apricus' commercialized and
registered products; risks related to Apricus' planned resubmission of the
Vitaros NDA; and other risks detailed in Apricus' public periodic filings with
the SEC. These forward-looking statements are made as of the date of this press
release, and the Company 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 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 at www.sec.gov
or without charge from the Company.
CONTACT:
Matthew Beck
mbeck(at)troutgroup.com
The Trout Group
(646) 378-2933
This announcement is distributed by Nasdaq Corporate Solutions on behalf of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Apricus Biosciences, Inc. via GlobeNewswire
Unternehmensinformation / Kurzprofil:
Datum: 08.03.2017 - 22:01 Uhr
Sprache: Deutsch
News-ID 529128
Anzahl Zeichen: 7579
contact information:
Town:
SAN DIEGO
Kategorie:
Business News
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"Apricus Biosciences Announces Sale of Ex-U.S. Vitaros Assets and Rights to Ferring Pharmaceuticals"
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