Apricus Biosciences (APRI) Announces Launch of Vitaros in Czech Republic
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Apricus Biosciences, Inc. (Nasdaq: APRI) announced the launch of Vitaros, Apricus’ novel on-demand topical cream for the treatment of erectile dysfunction (ED), in the Czech Republic and Slovakia by Recordati.
Richard Pascoe, Chief Executive Officer of Apricus, commented, “We are pleased to announce the launch of Vitaros in these important ED markets by our partner Recordati. With these launches, Vitaros is now commercially available in nine European countries. Moreover, we expect additional approvals and product launches later this year and early next year by our commercialization partners. Looking forward, our key strategic goals continue to be achieving profitability through Vitaros revenue growth and obtaining Vitaros FDA approval in the United States in 2017.”
In February 2014, Apricus signed an exclusive license agreement with Recordati to market Vitaros in Spain, Russia, Turkey, Ireland and certain other European and African countries and received an upfront payment of $2.4 million. Under the terms of the agreement, Apricus is eligible to receive up to approximately $39.7 million from Recordati in additional milestones, plus double-digit tiered royalties in the ten to twenty percent range based on Recordati’s net sales of the product in the territory.
Vitaros is a new entrant into these ED treatment markets, offering a product profile making it appealing to certain patients. Vitaros is a topical ED cream that delivers rapid onset (generally five to thirty minutes) and treatment duration of approximately one to two hours. Vitaros’ local delivery provides an alternative for patients, but particularly those with complications that preclude them from using the orally delivered systemic treatments or who prefer to avoid the injectable forms of alprostadil.
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