SAN DIEGO, April 21, 2017 (GLOBE
NEWSWIRE) -- 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(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 B.V. 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
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