Seelos Therapeutics Inc (SEEL)

[Bryce Harper]

Apricus had an S-1 become effective on 9/28/10 and -- although I may have missed something -- I don't see that it was ever used.

Btw, that same S-1 file number became effective again on 5/30/11. That is a head scratcher.

The current S-1 filing may simply be something that Nasdaq has required to demonstrate an ability to raise money before the shelf becomes reactivated.

And I do believe that a private placement is much less costly than an S-1 money raise. R&R is the king of the private placement universe.

The only analyst at the last conference call was from R&R. She seemed very interested in the situation, and her questions appeared very well rehearsed with Apricus.

That being said, I see a potential pathway where Apricus can rely entirely on the shelf until the FDA acts on the upcoming NDA. R&R was involved in the September 2016 shelf offering.

They could use up the $1.8 million left on the shelf in the second quarter. Even if that is not enough to show a $2.5 million SE at the end of the second quarter, they could cure that with a shelf money raise that closes on Friday, September 29, giving them sufficient SE at the end of the third quarter. They have said that they must wait 12 months after the September 2016 money raise which closed on September 28.