Apricus Biosciences Announces Pricing of $7.0 Million Public Offering
April 21 2017 - 6:00AM
Apricus Biosciences, Inc. (Nasdaq:APRI), a biopharmaceutical
company advancing innovative medicines in urology and rheumatology,
today announced the pricing of an underwritten public offering of
an aggregate of 5,030,000 units, with each unit consisting of one
share of Apricus common stock and one warrant to purchase 0.75 of a
share of common stock, at a public offering price of $1.40 per
unit. The shares of common stock and warrants are immediately
separable and will be issued separately in this offering. Apricus’
gross proceeds from this offering are expected to be approximately
$7.0 million, before deducting underwriting discounts and
commissions and other estimated offering expenses, and excluding
any proceeds Apricus may receive upon exercise of the warrants to
be issued in this offering. The offering is expected to close
on or about April 26, 2017, subject to the satisfaction of
customary closing conditions.
Rodman & Renshaw, a unit of H.C. Wainwright
& Co. is acting as sole book-running manager for the
offering.
The warrants will become exercisable only
following Apricus’ announcement that it has received shareholder
approval of an amendment to its Amended and Restated Articles of
Incorporation to increase the number of authorized shares of common
stock to a total of 30,000,000 shares and such amendment has become
effective. The warrants will expire five years from the date they
are first exercisable, and have an exercise price of $1.55 per
share.
Apricus intends to use the net proceeds of this
offering to fund activities in connection with its planned
re-submission of its NDA for Vitaros to the FDA and for general
corporate purposes and working capital.
The securities described above are being issued
and sold pursuant to an effective registration statement on Form
S-1, which was previously filed with the Securities and Exchange
Committee (the "SEC") and declared effective on April 20, 2017
(File No. 333-217036). The offering of these securities
will be made only by means of a prospectus. Copies of the final
prospectus, when available, may be obtained at the SEC’s website
located at http://www.sec.gov and may also be obtained by calling
H.C. Wainwright & Co., LLC at (646) 975-6996 or requesting a
copy by email at placements@hcwco.com.
This press release shall not constitute an offer
to sell or the solicitation of an offer to buy these securities,
nor shall there be any sale of these securities in any state or
other jurisdiction in which such offer, solicitation or sale would
be unlawful prior to the registration or qualification under the
securities laws of any such state or other jurisdiction.
About Apricus Biosciences,
Inc.
Apricus Biosciences, Inc. (APRI) is a
biopharmaceutical company advancing innovative medicines in urology
and rheumatology. Apricus has two product candidates currently in
development. Vitaros is a product candidate in the United
States for the treatment of erectile dysfunction, which is
in-licensed from Warner Chilcott Company, Inc., now a subsidiary of
Allergan plc (Allergan). RayVa is our product candidate in Phase 2
development for the treatment of the circulatory disorder Raynaud’s
phenomenon, secondary to scleroderma, for which Apricus owns
worldwide rights.
Vitaros™ is Apricus’ trademark in the United
States, which is pending registration and subject to the agreement
with Allergan. Vitaros® is a registered trademark of Ferring
B.V. in certain countries outside of the United States.
RayVa™ is Apricus’ trademark, which is registered in certain
countries throughout the world and pending registration in the
United States.
Forward Looking Statements
Certain statements contained in this news
release, other than statements of fact that are independently
verifiable at the date hereof, may constitute forward-looking
information and forward-looking statements (collectively
"forward-looking statements" within the meaning of applicable
securities laws). Such statements, based as they are on the current
expectations of management of Apricus and upon what management
believes to be reasonable assumptions based on information
currently available to it, inherently involve numerous risks and
uncertainties, known and unknown, many of which are beyond Apricus’
control. Such statements can usually be identified by the use of
words such as "may," "would," "believe," "intend," "plan,"
"anticipate," or "estimate" and other similar terminology, or state
that certain actions, events or results "may" or "would" be taken,
occur or be achieved. Forward-looking statements in this release
include, but are not limited to, statements related to the expected
completion, timing and size of the public offering of units and
Apricus’ expected used of the proceeds from the offering. Whether
actual results and developments will conform with our expectations
and predictions is subject to a number of risks, assumptions and
uncertainties, many of which are beyond our control, and the
effects of which can be difficult to predict. These risks include
those associated with market risks and uncertainties and the
satisfaction of customary closing conditions for an offering of
securities, and other risks described in Apricus’ filings with the
SEC. In evaluating any forward-looking statements in this release,
Apricus cautions readers not to place undue reliance on any
forward-looking statements. Unless otherwise required by applicable
securities laws, Apricus does not intend, nor does it undertake any
obligation, to update or revise any forward-looking statements
contained in this news release to reflect subsequent information,
events, results or circumstances or otherwise.
CONTACT:
Matthew Beck
mbeck@troutgroup.com
The Trout Group
(646) 378-2933
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