Apricus Biosciences (APRI) Reports Completion of Transfer of Vitaros German Marketing Authorization

August 10, 2016 8:12 AM EDT

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Apricus Biosciences, Inc. (Nasdaq: APRI), a biopharmaceutical company advancing innovative medicines in urology and rheumatology, today announced that Ferring Pharmaceuticals, the Company’s new partner in Germany, has received the German marketing authorization for Vitaros®.

“We are pleased that the transfer of the German marketing authorization to Ferring, a critical step in Ferring’s plan to re-launch Vitaros in this important market, has been completed,” said Richard Pascoe, Chief Executive Officer of Apricus. “Moreover, this marks the first in a series of marketing authorization transfers we anticipate will occur later this quarter as Ferring looks to further expand the availability of Vitaros in Europe.”

Earlier this year, the Company expanded its exclusive Vitaros distribution agreement with Ferring International S.A. in Latin America to now include Germany, Austria, Belgium, Denmark, Finland, Iceland, Luxembourg, Norway, the Netherlands, Sweden, Switzerland and certain countries in Asia (previously Sandoz’s territories), the United Kingdom (previously Takeda’s territory) and Korea. Under the terms of the agreement, Apricus has received a total of $4.5 million in upfront payments from Ferring, in addition to a regulatory milestone payment of $1.6 million received as the result of this transfer. Apricus is eligible to receive up to an additional $28 million in regulatory, launch and sales milestones, plus royalties on future net sales.

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