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2016-04-06

Apricus Biosciences Updates Strategic Corporate Objectives

pdates Strategic Corporate Objectives

Company to Focus on Vitaros® Revenue Growth, U.S. NDA Re-Submission and
Additional Commercial Launches in Europe, Latin America and the Middle East

Company Announces a 30% Reduction in Staff and Cash-Based Operating Expenses

SAN DIEGO, April 06, 2016 (GLOBE NEWSWIRE) -- Apricus Biosciences, Inc.
(Nasdaq:APRI), a biopharmaceutical company advancing innovative medicines in
urology and rheumatology, updated its strategic objectives today to include its
plans to prioritize the Vitaros® commercial and regulatory activities and to
deprioritize all other pipeline programs. This strategic re-positioning focuses
on achieving profitability through Vitaros ex-U.S. revenue growth, obtaining
approval for Vitaros in the U.S. and substantially reducing operating expenses.

Strategic Corporate Objectives:

-- Focus on Vitaros Growth
-- Re-submit U.S. NDA with the FDA in Q3 2016, with potential approval in
1H 2017;
-- Continue to support existing commercial partners’ efforts to increase
revenue in 2016 and beyond; and
-- Expand Vitaros availability in Europe, Latin America and the Middle
East, targeting approximately ten new country launches in 2016 and 1H
2017 through our commercialization partners.
-- Rationalize the Development Pipeline
-- Immediately discontinue all ongoing fispemifene clinical activities on
secondary hypogonadism and deprioritize work for other indications;
-- Continue Vitaros delivery device improvements; and
-- Finalize the RayVa™ Phase 2b delivery device and study protocol, explore
U.S. and EU Orphan Designation, and partner ex-U.S. prior to initiating
any future clinical studies.
-- Significantly Reduce Operating Expenses
-- Reduce staff, including the executive team, by approximately 30%;
-- Reduce Board of Directors expenses by decreasing the size of the Board
and reducing the Board’s cash compensation; and
-- Reduce operating expenses (excluding non-cash stock-based compensation
expense and depreciation expense) by approximately 30% in 2016 and 60%
in 2017 as compared to 2015 operating expenses (excluding non-cash
stock-based compensation expense and depreciation expense).

“After reviewing the potential for our current assets with our Board of
Directors and our larger shareholders following the disappointing fispemifene
Phase 2b study results, we have decided to focus only on the priorities that we
believe are most likely to generate strategic value, while reducing our capital
needs,” said Richard Pascoe, Chief Executive Officer of Apricus. “Apricus’
development priority is now focused on Vitaros, both to accelerate
commercialization outside of the U.S. and to attempt to bring this novel
erectile dysfunction therapy to patients in the U.S. next year, with the goal
of achieving profitability in 2017. I would like to express my sincere
gratitude to the talented employees affected by the reduction in force and to
our valued employees who remain committed to our long-term success.”

Apricus expects to provide further details regarding its strategic priorities
during its upcoming May conference call to discuss its Q1 2016 financial
results. Apricus’ SEC filings can be found on the Company’s website at
www.apricusbio.com and on the SEC’s website at www.sec.gov.

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 Europe and
Canada 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., Hexal AG (Sandoz), Takeda
Pharmaceuticals International GmbH, Recordati Ireland Ltd. (Recordati S.p.A.),
Ferring International Center S.A. (Ferring Pharmaceuticals), Mylan NV and Elis
Pharmaceuticals Ltd. Apricus currently has one active product candidate,
RayVa™, 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: Apricus’ plans to
grow revenues for Vitaros® outside the United States, the timing of regulatory
submission and approval of Vitaros in the United States, if any; Apricus’ plans
for life-cycle development programs for Vitaros; Apricus’ development and
partnering plans for RayVa™; and Apricus’ plans to streamline the Company,
reduce operating expenses and achieve profitability. Actual results could
differ from those projected in any forward-looking statements due to a variety
of reasons that are outside the control of Apricus, including, but not limited
to: the risk that the cost and other negative effects related to the reduction
of Apricus’ workforce may be greater than anticipated; the risk that Apricus
may not realize the benefits expected from the new strategic focus, workforce
reduction and other cost control measures; Apricus’ dependence on its
commercial partners to carry out the commercial launch or grow sales of Vitaros
in various territories and the potential for delays in the timing of commercial
launches in additional countries; competition in the erectile dysfunction
market and other markets in which Apricus and its partners operate; Apricus’
ability to obtain FDA and other requisite governmental approval for Vitaros;
Apricus’ ability to further develop Vitaros, such as delivery device
improvements; Apricus' ability to carry out further clinical studies for
Vitaros, if required, as well as the timing and success of the results of such
studies; Apricus’ ability to achieve U.S. and EU Orphan Designation for RayVa;
Apricus’ ability to retain and attract key personnel; Apricus’ ability to raise
additional funding that it may need to continue to pursue its commercial and
business development plans; Apricus’ ability to remain in compliance with the
terms and restrictions under the credit facility; Apricus’ ability to secure an
ex-U.S. strategic partner for RayVa; 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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