Apricus Biosciences Inc (NASDAQ:APRI)
Apricus Biosciences Inc (NASDAQ:APRI) a biopharmaceutical entity advancing innovative medicines in rheumatology and urology released financial report for the fourth quarter 2016 and announced a corporate update on its key priorities for 2017.
Apricus Biosciences Inc (NASDAQ:APRI) reported that total revenues for Q4 2016 came at $0.4 million as against revenue of $2.6 million in the same period, a year ago. The decline in the fourth quarter revenue was mainly due to license fee revenue recognized in Q4 2015 associated with the firm’s former associate, Ferring.
Richard W. Pascoe, the Chief Executive Officer, reported that earlier they reported the divestiture of their ex-U.S. Vitaros stake to Ferring Pharmaceuticals. The completion of this transaction will enable them to focus their attention on the United States. Vitaros NDA resubmission in Q3 2017, and moving the RayVa clinical development plan.
They continue to believe in the remarkable value that their pipeline potentially provides to healthcare providers, shareholders and patients as they look ahead and they are dedicated to working with Ferring to confirm a smooth transition of the Vitaros offering outside of the U.S. Importantly, this deal creates a more efficient, capital efficient firm with the prospect to offer on numerous clinical, business development and regulatory milestones in the following twelve months.
Apricus Biosciences Inc (NASDAQ:APRI) continues to focus on accomplishing the below mentioned prime strategic objectives. The first prime focus is on Vitaros™. There is continue execution of the U.S. regulatory acceptance strategy to resolve the safety concerns raised by the FDA in the previous Vitaros NDA file. The company expects a meeting with the Office of Product Quality in Q2 2017 to confirm the required device engineering and compliance needs, following which the firm plans to refile the Vitaros NDA. An FDA nod decision is anticipated after a 6-month assessment period.
It intends to back the Ferring knowledge transfer, to provide a smooth transition of definite ex-U.S. rights and assets linked to Vitaros in an attempt to ensure that Vitaros persists to grow as an international brand.
Next Apricus intends to look for Orphan Drug Designation for RayVa™(alprostadil) in the United States and EU. It will finalize clinical study protocol and clinical study material formulation work required to initiate a Phase 2b trial. The company will also explore regional or global associations prior to commencing the Phase 2b trial.
In the last trading session, the stock price of Apricus Biosciences Inc (NASDAQ:APRI) gained more than 7% to close the session at $2.83.
|Last Price a/o 3:21 PM EST||$2.83|
|Market Cap (mlns)||58.72M|
|Shares Outstanding (mlns)||8.22M|
|Share Float (mlns)||6.82M|
|Short Interest Ratio||0.57|
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About the author: Monica Gray has an undergraduate degree in Accounting and an MBA – earned with Honors. She has six years of experience in the financial markets and has been a securities analyst for the past two years.