Apricus Biosciences Receives Nasdaq Compliance Notice
December 01 2016 - 7:00AM
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™, 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.
Contact:
Matthew Beck
mbeck@troutgroup.com
The Trout Group LLC
(646) 378-2933
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