Apricus Biosciences Provides Corporate Update and First Quarter 2018 Financial Results
May 03 2018 - 4:01PM
Apricus Biosciences, Inc. (Nasdaq:APRI), a biopharmaceutical
company seeking to advance innovative medicines in urology and
rheumatology, today reported financial results for the first
quarter of 2018 and provided a corporate update on its near-term
priorities.
“Since our recent end-of-review meeting on the
NDA for Vitaros with the FDA, we have been focused on pursuing U.S.
Vitaros partnership discussions with interested parties. Our
objective is to enable continued development and potential approval
of the Vitaros product and receive financial terms commensurate
with this development stage asset in exchange for a sublicense or
assignment of our U.S. development and/or commercialization
rights. In parallel, the Company is evaluating strategic
alternatives, which may include a sale of the company, a business
combination, a merger or reverse merger or a license, and in order
to maximize shareholder value, the Company has engaged Canaccord
Genuity LLC to assist in that process,” said Richard Pascoe,
Chief Executive Officer.
First Quarter Financial
Results
Net loss during the quarter ended March 31,
2018 was $2.3 million, or loss per share of $0.14, compared to net
income of $8.1 million, or earnings per share of $1.04, during the
first quarter of 2017. Net income during the quarter ended March
31, 2017 was primarily due to the $11.8 million gain recorded upon
the sale of our ex-U.S. Vitaros rights and assets to Ferring.
For all periods presented, financial statement
activity related to our ex-U.S. Vitaros business has been presented
as discontinued operations. As of March 31, 2018, the
Company’s cash totaled $5.7 million, compared to $6.3 million as of
December 31, 2016, which is expected to fund operations through the
end of 2018. The Company’s cash balance as of March 31, 2018 does
not include net proceeds of approximately $2.9 million from the
Company’s public equity offering, which closed on April 2,
2018.
About Apricus Biosciences,
Inc.
Apricus Biosciences, Inc. (APRI) is a
biopharmaceutical company seeking to advance innovative medicines
in urology and rheumatology. Apricus has two product candidates:
Vitaros, 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); and
RayVa, a product which has completed a Phase 2a clinical trial for
the treatment of the circulatory disorder Raynaud’s phenomenon,
secondary to scleroderma, for which Apricus owns worldwide
rights.
For further information on Apricus, visit
http://www.apricusbio.com.
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
International Center S.A. 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
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 things: the
potential to enter into a U.S. partnership regarding Vitaros;
Apricus’ ability to identify and conclude strategic transactions or
other business combinations and to maximize shareholder value in
connection with such transactions; and that Apricus’ current cash
will be sufficient to fund operations through 2018. Actual results
could differ from those projected in any forward-looking statements
due to a variety of reasons that are outside the control of
Apricus, including, but not limited to: Apricus’ financial position
and need for additional capital to fund its operations, which may
be adversely impacted if Apricus is unable to maintain the
continued listing of its common stock on the Nasdaq stock market; a
partnership with respect to U.S. Vitaros and any larger strategic
transaction or other business combination may not be available on
acceptable terms or at all; Apricus’ and any future partner’s
ability to address any conditions for approvability of Vitaros
raised by the FDA in the CRL; the failure to remain in compliance
with Nasdaq continued listing requirements which could result in
Apricus’ common stock being delisted from the exchange; Apricus’
ability to retain and attract key personnel; Apricus’ ability to
raise additional funding that it may need to continue to pursue its
commercial and business development plans; Apricus’ ability to
secure a strategic partner for RayVa; Apricus may expend cash
resources more quickly than it anticipates; 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.
(Financial Information to Follow)
CONTACT: Matthew Beck
mbeck@troutgroup.com
Solebury Trout
(646)
378-2933
Selected Financial
InformationCondensed Consolidated Statements of
Operations(In thousands, except per share amounts)
(Unaudited) |
|
|
|
Three Months Ended March
31, |
|
2018 |
|
2017 |
Operating expense |
|
|
|
Research
and development |
$ |
(217 |
) |
|
$ |
(412 |
) |
General
and administrative |
(2,135 |
) |
|
(1,441 |
) |
Total
other income (expense) |
81 |
|
|
(1,551 |
) |
Loss from
continuing operations |
(2,271 |
) |
|
(3,404 |
) |
Income
from discontinued operations |
— |
|
|
11,477 |
|
Net income (loss) |
$ |
(2,271 |
) |
|
$ |
8,073 |
|
|
|
|
|
Basic and diluted
earnings (loss) per share |
|
|
|
Continuing operations |
$ |
(0.14 |
) |
|
$ |
(0.44 |
) |
Discontinued operations |
$ |
— |
|
|
$ |
1.48 |
|
Total
earnings (loss) per share |
$ |
(0.14 |
) |
|
$ |
1.04 |
|
|
|
|
|
Weighted
average common shares outstanding for basic and diluted earnings
(loss) per share |
15,971 |
|
|
7,737 |
|
Condensed Consolidated Balance
Sheets(In thousands) |
|
|
March 31, 2018 |
|
December 31, 2017 |
Assets |
(Unaudited) |
|
|
Cash |
$ |
5,678 |
|
|
$ |
6,331 |
|
Other current
assets |
240 |
|
|
261 |
|
Property and equipment,
net |
66 |
|
|
79 |
|
Other long term
assets |
36 |
|
|
35 |
|
Assets of discontinued
operations |
— |
|
|
— |
|
Total assets |
$ |
6,020 |
|
|
$ |
6,706 |
|
|
|
|
|
Liabilities and
stockholders’ equity |
|
|
|
Current
liabilities |
$ |
1,690 |
|
|
$ |
1,583 |
|
Current liabilities of
discontinued operations |
— |
|
|
— |
|
Notes payable, net |
— |
|
|
— |
|
Warrant
liabilities |
— |
|
|
694 |
|
Other long term
liabilities |
42 |
|
|
58 |
|
Stockholders’
equity |
4,288 |
|
|
4,371 |
|
Total liabilities and stockholders’ equity |
$ |
6,020 |
|
|
$ |
6,706 |
|
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