SAN DIEGO, Dec. 01, 2016 (GLOBE
NEWSWIRE) -- Apricus Biosciences, Inc. (Nasdaq:APRI), a
biopharmaceutical company advancing innovative medicines in urology
and rheumatology, today announced that on November 30, 2016, the
Company received notice from the Nasdaq Listing Qualifications
Staff (the "Staff") that due to the Company's non-compliance with
the $35 million market value of listed securities ("MVLS")
requirement, the Company was subject to delisting unless it timely
requests a hearing before the Nasdaq Hearings Panel (the "Panel").
The Company intends to timely request a hearing before the Panel,
which request will stay any delisting action by the Staff, pending
the Panel's decision. At the hearing, the Company will present its
plan to regain compliance with the MVLS requirement within the
180-day discretionary period available to the Panel, ending May 29,
2017.
In accordance with the Nasdaq
Listing Rules, the Company was previously granted a 180-calendar
day period within which to regain compliance with the MVLS
requirement, through November 29, 2016. In order to demonstrate
compliance with the MVLS requirement, the Company's MVLS must close
at $35 million or more for a minimum of 10 consecutive business
days.
The Company is working on its plan
to regain compliance with all applicable requirements for continued
listing on Nasdaq; however, there can be no assurance that it will
be able to timely do so.
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
report that are not purely historical are forward-looking
statements. Such forward-looking statements include, among other
things: the Company's plans to request a hearing before the Panel
and whether the Company can demonstrate compliance with the
Nasdaq's continue listing rules, including with respect to
MVLS. Actual results could differ from those projected in any
forward-looking statements due to a variety of reasons that are
outside of the Company's control, including, but not limited to:
the Panel's determination of the Company's request for suspension
of delisting; the Panel failing to approve the Company's plan to
regain compliance with the continued listing requirements; and
other risks identified by the Company in its reports filed with the
Securities and Exchange Commission ("SEC"). These
forward-looking statements are made as of the date of this press
release, and the Company 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
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 at www.sec.gov or without charge from the Company.