Apricus Biosciences Inc (NASDAQ:APRI)
Apricus Biosciences Inc (NASDAQ:APRI) reported its financial results for Q1 of 2017 and provided corporate updates for the year. Apricus Biosciences is a biopharmaceutical company involved in the advancement of innovative medicine in rheumatology and urology.
In a statement, Apricus Biosciences Inc (NASDAQ:APRI) Chief Executive Officer, Richard W. Pascoe, said the management has continued to implement company’s strategy in the first quarter by creating a more capital efficient and focused entity with ability to deliver on several commercial and business development milestones for the remaining part of the year. He added that the company has significantly improved its financial outlook through a reduction in expenses, venture debt, retirement, and fundraising. Pascoe says out of this, the company has a balance sheet that will fund its activities up to the third quarter of 2018. He added that the company will be re-submitting the Vitaros NDA in this year’s third quarter with an approval expected in the first half of 2017.
Apricus Biosciences Inc (NASDAQ:APRI) is currently working on implementation of all regulatory approvals to iron out all issues raised by FDA in the prior Vitaros NDA submission. The company is specifically working on all chemical, safety, manufacturing and control issues that came up in initial NDA. Additionally, the FDA has ruled that Vitaros will be approved as a drug-device combination hence the company is working on all the necessary compliance and engineering requirements.
Apricus Biosciences Inc (NASDAQ:APRI) started a partnering process aimed at securing a regional or global partnership with RayVa before commencing a Phase 2b clinical trial. The company is also working on fine-tuning the clinical study material and clinical study protocol required to start a Phase 2b trial.
Apricus Biosciences Inc (NASDAQ:APRI) generated $7.0 million in gross proceeds from an earlier issued public offering of common stock and warrants. It also regained compliance to continue listing on The NASDAQ Capital Market.
On the financial side, Apricus Biosciences Inc (NASDAQ:APRI) reported $8.1 million or $1.04 per share in net income for the first quarter of 2017. This is compared to a net loss of $2.5 million or $0.46 per share reported during the same period the previous financial year. Net income reported in Q1 was mainly as a result of the $11.8 million in profit reported from the sale of the company’s assets and ex-U.S. Vitaros rights to Ferring. The company has presented its financial activity for the ex-U.S. Vitaros business as discontinued operations during the two periods. At the close of Q1 the company had $10.6 million in cash compared to the $2.1 million that the company had at the close of the previous financial year.
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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.