Shares of Apricus Biosciences (NASDAQ: APRI) soared more than 153% after the company announced that Mexico has granted Apricus’ commercialization partner, Ferring Pharmaceuticals, market approval for Vitaros®, an on-demand topical cream for erectile dysfunction. Per an agreement between the two companies, Apricus has received a total of $4.5 million in upfront payments from Ferring, in addition to a regulatory milestone payment of $1.6 million. Apricus is eligible to receive up to an additional $28 million in regulatory, launch and sales milestones, plus royalties on future net sales. Ferring is anticipated to launch in Mexico and Argentina during the second quarter of 2017. “Moreover, we look forward to Ferring’s launches of Vitaros in Latin America throughout the year, in addition to the portfolio of countries across the EU they have the rights to as well. Again, congratulations to the Ferring team for their continued commitment to building the Vitaros global brand,” Apricus CEO Richard Pascoe stated in the news release.
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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 certain countries in Europe and the Middle East. 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 visit www.apricusbio.com.
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