Apricus Biosciences, Inc.
16.12.2011 14:00
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First Acquisition by Apricus Bio of an FDA Approved and Marketed US Drug
SAN DIEGO, 2011-12-16 14:00 CET (GLOBE NEWSWIRE) --
Apricus Biosciences, Inc. ('Apricus Bio' or the 'Company') (Nasdaq:APRI)
announced today a definitive agreement to acquire Topotarget USA, Inc.
('Topotarget USA'), a subsidiary of Topotarget A/S, a public Danish company
('Topotarget A/S'). Topotarget USA owns Totect (Dexrazoxane HCl), the only drug
approved by the FDA to treat a potentially serious complication of cancer
therapy--the leakage of chemotherapy drugs from veins into surrounding tissues.
This complication is known as anthracycline extravasation, and can lead to
infections and tissue death.
With this acquisition, Apricus Bio will move into the commercialization and
sales of oncology and oncology supportive care pharmaceuticals. Topotarget USA
has a pre-existing sales infrastructure, sales team, and a revenue-generating
product with strong future growth potential. 'This is an important step for the
Company's drug commercialization process. Since I came on board as the new CEO
of Apricus Bio in 2010, the goal has been to advance the Company into a fully
commercial pharmaceutical company,' said Dr. Bassam Damaj, Chairman, President
and CEO of Apricus Bio. 'In addition to commercializing products that
incorporate our NexACT(r) technology such as Vitaros(r) Femprox(r), MycoVa(r)
among
others, we have also been looking for specific acquisitions that fit into our
core focus of adding to our product portfolio, approved, revenue generating
drugs. We are pleased to complete the first in what we believe will be a series
of acquisitions taking us further into product commercialization and revenue
generation, not only in the U.S. but also abroad.'
To acquire Topotarget USA and its drug, Totect, Apricus Bio has agreed to
purchase 100% of the outstanding common stock of that company in exchange for
Apricus Bio common stock worth approximately $2 million in upfront payments and
up to approximately $2 million more in Apricus common stock if certain
milestones are achieved. Following the closing of the transaction contemplated
by the Agreement, Apricus Bio, through Topotarget USA, will own all rights to
Totect in the U.S. in North America and South America and the respective
territories and possessions of the countries in North America and South
America.
The sale is subject to customary closing conditions and is expected to close by
December 31, 2011.
About Totect(r) and the Anthracycline Extravasation Market
Totect or Dexrazoxane HCl is used to treat anthracycline extravasation, which
is the leaking of chemotherapy from the veins of cancer patients into tissues
and other areas of the body. Anthracyclines are among the most used
chemotherapy drugs to treat cancer. There are over 500,000 anthracycline
infusions in the U.S. every year and if an extravasation that occurs following
an anthracycline infusion is left untreated, patients with this condition may
risk serious infection, tissue necrosis, or in some cases death. It is
estimated that in the U.S., there are approximately 3,500 cancer centers that
provide chemotherapy treatments where anthracyclines are administered. Totect,
has been on the market in the U.S. since 2007, with 2011 sales estimated to be
approximately $2 million. More information on Totect(r) can be found on
www.totect.com.
About Apricus Biosciences, Inc.
Apricus Bio, a San Diego-based, revenue-generating, specialty pharmaceutical
company, with commercial products and a broad pipeline across numerous
therapeutic classes.
Revenues and growth are driven from the sales of the Company's commercial
products and out-licensing in certain territories of its product pipeline and
NexACT(r) technology. The company's pipeline includes Vitaros(r), approved in
Canada for the treatment of erectile dysfunction, Totect the only drug approved
in the US for the treatment of anthracycline extravasation, as well as
compounds in development from pre-clinical through pre-registration, currently
focused on Sexual Dysfunction, Oncology, Dermatology, Autoimmune, Pain,
Anti-Infectives, Diabetes and Consumer Healthcare.
The Company also expects to develop and/or acquire and then bring to market
additional pharmaceutical products in areas of care that will benefit patient
needs worldwide.
For further information on Apricus Bio, visit http://www.apricusbio.com, and
for information on its subsidiary please visit http://www.nexmedusa.com. You
can also receive information at http://twitter.com/apricusbio and
http://facebook.com/apricusbio.
About Topotarget A/S
Topotarget (NASDAQ OMX: TOPO.CO) is an international biopharmaceutical company
headquartered in Copenhagen, Denmark, dedicated to clinical development and
registration of oncology products. Topotarget A/S focuses, in collaboration
with Spectrum Pharmaceuticals, Inc., on the development in pivotal studies of
its lead drug candidate, belinostat, which has shown positive results as a
monotherapy treating hematological malignancies and positive results in solid
tumors. Belinostat may be used in combination with full doses of chemotherapy,
and is in a pivotal trial within PTCL (peripheral T-cell lymphoma).
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 further develop its and their
products such as Vitaros(r) for erectile dysfunction, Totect for anthracycline
extravasation and other products and product candidates, to have its products
and product candidates approved by relevant regulatory authorities, to
successfully commercialize such products and product candidates, to integrate
successfully its acquired companies such as Topotarget USA and other companies,
products and technologies and to achieve its development, commercialization and
financial goals. 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.
Topotarget Safe Harbor Statement
This announcement may contain forward-looking statements, including statements
about our expectations of the progression of our preclinical and clinical
pipeline including the timing for commencement and completion of clinical
trials and with respect to cash burn guidance. Such statements are based on
management's current expectations and are subject to a number of risks and
uncertainties that could cause actual results to differ materially from those
described in the forward-looking statements. Topotarget cautions investors that
there can be no assurance that actual results or business conditions will not
differ materially from those projected or suggested in such forward-looking
statements as a result of various factors, including, but not limited to, the
following: The risk that any one or more of the drug development programs of
Topotarget will not proceed as planned for technical, scientific or commercial
reasons or due to patient enrollment issues or based on new information from
non-clinical or clinical studies or from other sources; the success of
competing products and technologies; technological uncertainty and product
development risks; uncertainty of additional funding; Topotarget's history of
incurring losses and the uncertainty of achieving profitability; Topotarget's
stage of development as a biopharmaceutical company; government regulation;
patent infringement claims against Topotarget's products, processes and
technologies; the ability to protect Topotarget's patents and proprietary
rights; uncertainties relating to commercialization rights; and product
liability exposure; We disclaim any intention or obligation to update or revise
any forward-looking statements, whether as a result of new information, future
events, or otherwise, unless required by law.
CONTACT: Apricus Biosciences, Inc.
Edward Cox, V.P.
Corporate Development & Investor Relations
Apricus Bio, Inc.
(858) 848-4249
ecox@apricusbio.com
Apricus Bio Investor Relations
Paula Schwartz
Rx Communications Group, LLC
(917) 322-2216
pschwartz@rxir.com
News Source: NASDAQ OMX
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Language: English
Company: Apricus Biosciences, Inc.
United States
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ISIN: US9901429525
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DGAP-News: Apricus Biosciences Launches Commercialization Arm With Definitive Agreement to Acquire Topotarget USA
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