Apricus Biosciences Announces $3.7 Million Private Placement Priced At-The-Market
September 11 2017 - 7:00AM
YASTEST
SAN DIEGO, Sept. 11, 2017 (GLOBE
NEWSWIRE) -- Apricus Biosciences, Inc. (Nasdaq:APRI), a
biopharmaceutical company advancing innovative medicines in urology
and rheumatology, today announced that it has entered into
definitive agreements to sell securities to certain accredited
investors in a private placement priced at-the-market, for
aggregate gross proceeds of approximately $3.7 million. The closing
of the private placement is expected to occur on or about September
13, 2017, subject to satisfaction of customary closing
conditions.
H.C. Wainwright & Co. is
acting as the exclusive placement agent for the offering.
Under the terms of the offering,
Apricus will sell an aggregate of 2,136,614 shares of its common
stock, at a price of $1.7275 per share. The purchasers will also
receive warrants to purchase up to an aggregate of 1,068,307 shares
of common stock at an exercise price of $1.67 per share which will
expire 2.5 years from the date of issuance.
Apricus intends to use the net
proceeds from this offering for general corporate purposes and
working capital.
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. The securities offered and sold in the private
placement have not been registered under the Securities Act of
1933, as amended (the "Securities Act"), or any state securities
laws, and may not be offered or sold in the United States absent
registration, or an applicable exemption from registration under
the Securities Act and applicable state securities laws. Apricus
has agreed to file one or more registration statements with the SEC
registering the resale by the purchasers of the Shares and the
shares issuable upon exercise of the Warrants.
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 we own worldwide
rights.
For further information on
Apricus, visit http://www.apricusbio.com.
Vitaros(TM) 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 International Center S.A. in
certain countries outside of the United States.
RayVa(TM) is
Apricus' trademark, which 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
thing, statements regarding the private placement, the expected
gross proceeds, the expected use of proceeds and the expected
closing of the offering. Actual results could differ from
those projected in any forward-looking statements due to a variety
of reasons that are outside of Apricus' control, including, but not
limited to: the satisfaction of the closing conditions prior to the
closing; Nasdaq may not approve the issuance of the shares;
additional costs as a result of the FDA review of the Vitaros new
drug application, including the fact that the FDA could require
additional clinical and pre-clinical data; Apricus' ability to have
addressed any conditions for approvability raised by the FDA in the
2008 action letter or the FDA identifying other deficiencies in the
resubmission; risks related to the possibility of an advisory
committee meeting related to Vitaros; the risks of any additional
adverse safety or other data arising from the sales and use of
Vitaros in certain countries in Europe and elsewhere; Apricus'
financial position and need for additional capital to fund its
operations through the FDA's review of the NDA, which may be
adversely impacted if Apricus is unable to maintain the continued
listing of its common stock on the Nasdaq stock market; competition
in the ED market; and other risks identified by Apricus 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 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.
CONTACT:
Matthew Beck
mbeck@troutgroup.com
The Trout Group
(646) 378-2933
This
announcement is distributed by Nasdaq Corporate Solutions on behalf
of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely
responsible for the content, accuracy and originality of the
information contained therein.
Source: Apricus Biosciences, Inc. via Globenewswire
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