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Apricus Bio Announces Pricing of Securities Offering

Date : 09/29/2010 @ 8:30AM
Source : Business Wire
Stock : Apricus Biosciences (APRI)

http://ih.advfn.com/p.php?pid=nmona&article=44576188&symbol=N^APRI

Apricus Biosciences (“Apricus Bio”) (Nasdaq: APRI), backed by a revenue generating CRO business and seeking to leverage its multi-route NexACT® drug delivery technology and internal pipeline through out-licensing partnerships, today announced that it has entered into agreements with selected investors to sell up to 1,728,882 Units at a price per Unit of $5.40, for aggregate gross proceeds of approximately $9.3 million. Each Unit consists of three shares of common stock and one warrant, exercisable at a price of $2.27 per share. The warrants may be exercised at any time after six months from the date of the closing and will expire after five years. The offering is expected to close on or about October 4, 2010, subject to customary closing conditions.

Apricus Bio intends to use the net proceeds from this offering for product development and general corporate purposes. Dawson James Securities acted as the exclusive placement agent for the offering.

About Apricus Biosciences

Backed by NexMed, USA and Bio-Quant, Inc., its revenue generating CRO business, Apricus Bio has leveraged the flexibility of its proven NexACT® drug delivery technology to enable multi-route administration of new and improved compounds across numerous therapeutic classes. Future growth is expected to be driven primarily through out-licensing of this technology for the development and commercialization of such compounds to pharmaceutical and biotechnology companies, worldwide. Concurrently, the Company is seeking to monetize its existing product pipeline, including compounds from pre-clinical through Phase 3, currently focused on dermatology, sexual dysfunction and cancer. For further information on Apricus Bio and its subsidiaries, visit http://www.apricusbio.com. (Apricus Bio was previously named NexMed, Inc. The corporate name was changed in September 2010 in recognition of the evolution and expansion of the Company’s business.)