Apricus Biosciences, Inc.
14.03.2013 13:54
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Company to Focus Resources on Vitaros(R) and Femprox(R)
SAN DIEGO, 2013-03-14 13:53 CET (GLOBE NEWSWIRE) --
Apricus Biosciences, Inc. ('Apricus Bio' or the 'Company') (Nasdaq:APRI)
(www.apricusbio.com) today announced that it intends to cease financing its
French subsidiaries, Finesco SAS, its French holding company, Scomedica SAS,
its French sales company and NexMed Pharma SAS its marketing company. In line
with its previously stated corporate strategy, the Company will continue to
focus its resources on commercializing its lead product Vitaros(r) (alprostadil
0.3% topical cream), for the treatment of erectile dysfunction ('ED'), and on
further developing through clinical trials it lead product candidate, Femprox(r)
(alprostadil 0.4% topical cream), for the treatment of female sexual arousal
disorder ('FSAD').
The strategic decision to cease financing its French subsidiaries follows a
decrease in the unit's operating performance resulting from recently enacted
pricing policies affecting drug reimbursement in France and the subsequent,
related loss or interruption of certain contract sales agreements. Given these
events, the Company re-assessed the fair value of the reporting unit of the
French subsidiaries and as a result of that assessment, the Company recorded
one-time, non-cash, impairment charges totaling approximately $8.8 million in
the fourth quarter of 2012.
'After performing an in depth cost-benefit analysis and evaluating strategic
options, the Board of Directors has determined that it is in the best interest
of the Company and its shareholders to cease financing the Company's French
subsidiaries,' said Rusty Ray, Chairman of the Board of Apricus Bio. 'While
they were acquired in mid-2012, changes since that time in the French drug
reimbursement environment strongly favoring generic pharmaceuticals have led to
an unforeseen loss of contract revenue and a substantial reduction in the
unit's value potential. The Board continues to believe that the greatest
opportunity for shareholder value creation remains in the development and
commercialization, through strategic partnerships, of the Company's primary
pipeline assets, particularly Vitaros(r) and Femprox(r) for male and female
sexual
health. We continue to look forward to what we hope to be a successful launch
of Vitaros(r) in Canada by Abbott in the first half of this year, as well as, an
approval decision by the Referenced Member State for Vitaros(r) in Europe in
this
same time period.'
About Apricus Biosciences, Inc.
Apricus Biosciences, Inc. is a pharmaceutical company that develops and markets
innovative treatments that help large patient populations across numerous,
large-market therapeutic classes including male and female sexual health.
Apricus Bio is headquartered in San Diego, California and is publicly traded on
the NASDAQ Capital Market under the ticker symbol APRI.
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.
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: the ability for the Company's French
subsidiaries to reorganize, liquidate or find strategic alternatives, Apricus
Bio's ability to achieve its development, commercialization and financial
goals, its ability to further develop its products and product candidates, the
timing for approval decisions regarding Vitaros(r) in Europe and other markets,
as well as the ultimate outcome of these decisions, the timing and success of
the commercial launch of Vitaros(r) in Canada, and its ability to successfully
develop Femprox(r). 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 Bio Investor Relations:
David Pitts or Lourdes Catala
Argot Partners
212-600-1902
david@argotpartners.com
lourdes@argotpartners.com
News Source: NASDAQ OMX
14.03.2013 Dissemination of a Corporate News, transmitted by DGAP -
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Language: English
Company: Apricus Biosciences, Inc.
United States
Phone:
Fax:
E-mail:
Internet:
ISIN: US9901429525
WKN:
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DGAP-News: Apricus Biosciences Announces Ceasing of Financing of French Subsidiaries
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