SAN DIEGO, Sept. 23, 2016 (GLOBE
NEWSWIRE) -- Apricus Biosciences, Inc. (Nasdaq:APRI), a
biopharmaceutical company advancing innovative medicines in urology
and rheumatology, today announced that it has entered into a
definitive agreement with institutional investors for an offering
of shares of common stock with gross proceeds of approximately $4.6
million in a registered direct offering. The closing of the
offering is expected to take place on or about September 27, 2016,
subject to the satisfaction of customary closing conditions.
In connection with the offering,
the Company will issue approximately 13.1 million registered shares
of common stock at a purchase price of $0.35 per share.
Concurrently in a private placement, for each share of common stock
purchased by an investor, such investor will receive from the
Company an unregistered warrant to purchase 0.75 shares of common
stock. The warrants have an exercise price of $0.45 per
share, will be exercisable six (6) months following the closing
date and will expire 5 years from the initial exercise date.
Rodman & Renshaw, a unit of
H.C. Wainwright & Co., LLC, acted as the exclusive placement
agent in connection with this offering.
The Company intends to use the net
proceeds from the offering for working capital and general
corporate purposes.
The shares of common stock
described above (but not the warrants or the shares of common stock
underlying the warrants) are being offered pursuant to a shelf
registration statement (File No. 333-198066). Such shares of
common stock may be offered only by means of a prospectus,
including a prospectus supplement, forming a part of the effective
registration statement.
The warrants and the shares of
common stock underlying the warrants issued in the offering have
not been registered under the Securities Act of 1933, as amended or
applicable state securities laws. Accordingly, the warrants and
underlying shares of common stock may not be offered or sold in the
United States except pursuant to an effective registration
statement or an applicable exemption from the registration
requirements of the Securities Act and such applicable state
securities laws.
This press release shall not
constitute an offer to sell or the solicitation of an offer to buy
any of the securities described herein. There shall not be any
offer, solicitation of an offer to buy, or sale of securities in
any state or jurisdiction in which such an offering, solicitation,
or sale would be unlawful prior to registration or qualification
under the securities laws of any such state or jurisdiction. The
Company will file a prospectus supplement with the SEC relating to
such shares of common stock, and following such filing, copies of
the prospectus supplement and the accompanying base prospectus
relating to this offering may be obtained at the SEC's website at
http://www.sec.gov, or from H.C. Wainwright & Co. by
e-mailing placements@hcwco.com.
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 Recordati Ireland Ltd. (Recordati), Ferring
International Center S.A. (Ferring Pharmaceuticals), Laboratoires
Majorelle, Bracco S.p.A., 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: Apricus' expectations on
the completion, timing and size of the offering and the expected
gross proceeds from the offering and the anticipated use of
proceeds therefrom. 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: risks and uncertainties associated with market
conditions and the satisfaction of customary closing conditions
related to the offering; and other risks and uncertainties
inherent in Apricus' business, including those described in the
Company's periodic filings with the SEC and the prospectus
supplement and related prospectus for this offering filed with the
SEC. 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.