SAN DIEGO, April 1, 2013 (GLOBE NEWSWIRE) -- Apricus Biosciences, Inc. ("Apricus Bio" or the "Company") (Nasdaq:APRI) (www.apricusbio.com) today announced the sale of (1) Totect® (dexrazoxane HCl), a marketed, injectable treatment for anthracycline extravasation, and (2) NitroMist® (nitroglycerin sublingual aerosol), an FDA-approved nitrate vasodilator indicated for acute relief of an attack or acute prophylaxis of angina pectoris due to coronary artery disease. In line with its previously stated corporate strategy, the Company is focusing its resources on commercializing its lead product Vitaros® (alprostadil 0.3% topical cream), for the treatment of erectile dysfunction ("ED"), and on the development of Femprox® (alprostadil 0.4% topical cream), for the treatment of female sexual arousal disorder ("FSAD").
Totect® was acquired by Biocodex USA ("Biocodex"), a subsidiary of a privately-held, French pharmaceutical company, Biocodex Laboratories. Under terms of the Biocodex agreement, Apricus Bio received an upfront payment at closing and is eligible to receive royalties on net sales of Totect® by Biocodex through 2016, in exchange for Apricus Bio's sale of its commercialization rights to Totect® in North America and South America. NitroMist® was acquired by Mist Pharmaceuticals, LLC ("Mist"), a privately held specialty pharmaceutical company. Mist will receive rights to commercialize and market NitroMist® in all countries outside the U.S., Canada and Mexico.
Richard Pascoe, Chief Executive Officer of Apricus Bio, stated: "These transactions are consistent with our planned divestiture of non-core assets and we are pleased that we were able to sell these products in line with their initial up-front purchase prices. With the sale of Totect® and NitroMist®, Apricus' resources are now further focused on the development and commercialization, through strategic partnerships, of the Company's primary pipeline assets, particularly Vitaros® and Femprox® for male and female sexual health."
About Totect®
Totect® (dexrazoxane HCl) is an injectable treatment for anthracycline extravasation. Anthracyclines are among the most used chemotherapy drugs to treat cancer, and extravasation is the leaking of the chemotherapy from the patient's veins into the surrounding tissues and other areas of the body. Totect® is the only FDA approved treatment for these complications. For more information, please visit www.Totect.com.
About NitroMist®
NitroMist® (nitroglycerin sublingual spray) is an FDA-approved nitrate vasodilator indicated for acute relief of an attack or acute prophylaxis of angina pectoris (chest pain) due to coronary artery disease (narrowing of the blood vessels that supply blood to the heart). NitroMist® was developed using a proprietary technology designed to deliver validated drugs through the highly absorptive lining of the mouth into the systemic blood circulation.
About Apricus Biosciences, Inc.
Apricus Biosciences, Inc. (Nasdaq:APRI) 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. The Company has one approved product, Vitaros®, for the treatment of erectile dysfunction, which will be marketed in Canada by Abbott Laboratories, and Femprox®, a product candidate, for the treatment of female sexual arousal disorder, which successfully completed one approximately 400-patient Phase III study in China.
For further information on Apricus Bio, visit http://www.apricusbio.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: its ability to achieve its development, commercialization and financial goals, its ability to further develop its products and product candidates, the timing for the commercial launch of Vitaros® in Canada, and its ability to have its products and product candidates approved by relevant regulatory authorities, including Europe and Switzerland and its ability to receive appropriate regulatory guidance on Femprox® from various regulatory authorities, to successfully conduct further clinical trials with this product and its ability to eventually commercialize Femprox®. 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.