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2016-10-20

Apricus Biosciences, Inc.: Apricus Biosciences Announces 1-for-10 Reverse Stock Split

SAN DIEGO, Oct. 20, 2016 (GLOBE NEWSWIRE) -- Apricus Biosciences, Inc.
(Nasdaq:APRI), a biopharmaceutical company advancing innovative medicines in
urology and rheumatology, today announced a reverse stock split of its shares
of common stock at a ratio of 1-for-10. The reverse stock split will be
effective at 5:00 p.m. Pacific Time on October 21, 2016. As of the open of
the market on October 24, 2016, the Company's common stock will begin trading
on a split-adjusted basis.

As a result of the reverse stock split, the Company's issued and outstanding
shares of common stock will decrease to approximately 7.7 million post-split
shares (prior to effecting the rounding of fractional shares into whole
shares as described below) from approximately 77.3 million pre-split shares.
As a result of the reverse stock split, the total number of shares of common
stock held by each stockholder will be converted automatically into the
number of whole shares of common stock equal to (i) the number of shares of
common stock held by such stockholder immediately prior to the reverse stock
split, divided by (ii) ten.

No fractional shares will be issued, and no cash or other consideration will
be paid. Instead, the Company will issue one whole share of the post-split
common stock to any stockholder of record who otherwise would have received a
fractional share as a result of the reverse stock split.

Stockholders who are holding their shares in electronic form at their
brokerage firms do not have to take any action to effect the exchange of
their shares. Such stockholders will receive instructions from their
brokers. Stockholders holding paper certificates will receive written
instructions by mail from the Company's transfer agent.

All options, warrants and convertible securities of the Company outstanding
immediately prior to the reverse stock split will be appropriately adjusted.

In connection with the reverse stock split, the Company's CUSIP number will
change to 03832V307 as of October 24, 2016.

The reverse stock split was previously approved by the Board of Directors of
the Company in accordance with Nevada law, under which no stockholder
approval is required. The Company is effecting the reverse split in an
effort to regain compliance with NASDAQ Listing Rule 5555(a)(2), which
requires the Company to maintain a minimum closing bid price of $1.00 per
share (the "Minimum Bid Price Requirement"). To regain compliance with the
Minimum Bid Price Requirement, the bid price of the Company's Common Stock
has to close at or above $1.00 per share for a minimum of ten consecutive
business days prior to the Company's compliance deadline of November 7, 2016.

About Apricus Biosciences, Inc.
Apricus Biosciences, Inc. (APRI) is a biopharmaceutical company advancing
innovative medicines in urology and rheumatology. Apricus' commercial
product, Vitaros®, for the treatment of erectile dysfunction, is approved in
Canada and certain countries in Europe, Latin America and the Middle East and
is being commercialized in several countries in Europe. In September 2015,
Apricus in-licensed the U.S. development and commercialization rights for
Vitaros from Allergan. Apricus' marketing partners for Vitaros include
Laboratoires Majorelle, Bracco S.p.A., Recordati Ireland Ltd. (Recordati),
Ferring International Center S.A. (Ferring Pharmaceuticals), Mylan NV and
Elis Pharmaceuticals Ltd. Apricus currently has one active product
candidate, RayVa(TM), its product candidate for the treatment of the
circulatory disorder Raynaud's phenomenon.

For further information on Apricus, visit http://www.apricusbio.com.

*Vitaros® is a registered trademark of NexMed International Limited. Such
trademark 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
press release that are not purely historical are forward-looking statements.
Such forward-looking statements include, among other things: references to
the potential for the Company to regain NASDAQ compliance. 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: the Company's ability to regain NASDAQ compliance generally; and
market conditions. These forward-looking statements are made as of the date
of this press release, and Apricus 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 Apricus' 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 Apricus.
Contact:

Matthew Beck
mbeck@troutgroup.com
The Trout Group LLC
(646) 378-2933

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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

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