Apricus Biosciences, Inc.
09.01.2012 18:29
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SAN DIEGO, 2012-01-09 18:29 CET (GLOBE NEWSWIRE) --
Apricus Biosciences, Inc. ('Apricus Bio') (Nasdaq:APRI)
(http://www.apricusbio.com) announced today that it has entered into an
exclusive licensing agreement granting Abbott Laboratories Limited a global,
diversified healthcare company, the exclusive rights to market Vitaros(r)
(alprostadil), Apricus Bio's treatment for erectile dysfunction ('ED'), in
Canada. 'We are optimistic about the potential of the technology, effectiveness
and market potential of Vitaros(r),' said Dr. Bassam Damaj, Chairman, President
and Chief Executive Officer of Apricus Bio.
Under the terms of agreement, Abbott will commercialize and market Vitaros(r) in
Canada where the drug was approved by Health Canada in late 2010, with launch
anticipated in 2012. Over the lifetime of the deal, Apricus Bio will receive up
to approximately $16 million in up-front, regulatory and sales milestone
payments, plus tiered royalty payments based on Abbott's sales of the product
in Canada.
About Vitaros(r) and the ED Market
According to IMS Health data, the annual ED market in Canada in 2010 was about
$180 million. The current leading medications are sildenafil citrate, tadalafil
and vardenafil HCI which are taken in pill form and work by inhibiting an
enzyme called PDE5.
There is still a need for new, safe and effective treatments, however,
especially for those patients who cannot or do not respond well to oral
medications. Instead of being a pill, Vitaros(r) is applied directly as a cream.
The topical application helps to reduce side effects and offers men who do not
do well with the existing drugs a patient-friendly alternative. When absorbed
through the skin, Vitaros(r) directly boosts blood flow, thereby causing an
erection within minutes -- much faster than the results achieved from the oral
medications.
The key innovation behind Vitaros(r) was combining it with Apricus Bio's
NexACT(r)
delivery technology, which allows the drug to pass through the skin and makes
the treatment much easier to apply.
In clinical studies, Vitaros(r) worked in patients suffering from mild to severe
ED, including men who did not respond to sildenafil citrate. The side effects
reported were localized and transient. 'We believe that Vitaros(r) will be an
attractive alternative to the oral PDE5 inhibitors for many patients with
erectile dysfunction,' noted Damaj.
About Apricus Biosciences, Inc.
Apricus Bio is 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.
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 receive issued patents on its
NexACT(r) technology and products, develop such patented technology into product
candidates, have its Rx Division products and product candidates such as
Vitaros(r) approved by relevant regulatory authorities and its Consumer
Healthcare Division products either approved or cleared by relevant regulatory
authorities or be in compliance with appropriate regulatory requirements, to
successfully manufacture and commercialize such Rx Division products in the
U.S., Canada, Europe and in other countries along with its Consumer Healthcare
Division products and product candidates and to achieve its other 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.
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
Phone:
Fax:
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ISIN: US9901429525
WKN:
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DGAP-News: Apricus Biosciences and Abbott Sign Exclusive Agreement to Market Vitaros(R) (Alprostadil) in Canada
| Source: EQS Group AG