Apricus Biosciences Announces $4.6 Million Registered Direct Offering
September 23 2016 - 8:00AM
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™, 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 StatementsThis
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.
Investor Relations Contact:
Matthew Beck
mbeck@troutgroup.com
The Trout Group
(646) 378-2933
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