Apricus Biosciences Provides Corporate Update and First Quarter 2018 Financial Results:
Company Pursuing U.S. Vitaros Partnership and Strategic Alternatives
"Since our recent end-of-review meeting on the NDA for Vitaros with the FDA, we have been focused on pursuing U.S. Vitaros partnership discussions with interested parties. Our objective is to enable continued development and potential approval of the Vitaros product and receive financial terms commensurate with this development stage asset in exchange for a sublicense or assignment of our U.S. development and/or commercialization rights. In parallel, the Company is evaluating strategic alternatives, which may include a sale of the company, a business combination, a merger or reverse merger or a license, and in order to maximize shareholder value, the Company has engaged Canaccord Genuity LLC to assist in that process," said Richard Pascoe, Chief Executive Officer.
First Quarter Financial Results
Net loss during the quarter ended March 31, 2018 was $2.3 million, or loss per share of $0.14, compared to net income of $8.1 million, or earnings per share of $1.04, during the first quarter of 2017. Net income during the quarter ended March 31, 2017 was primarily due to the $11.8 million gain recorded upon the sale of our ex-U.S. Vitaros rights and assets to Ferring.
For all periods presented, financial statement activity related to our ex-U.S. Vitaros business has been presented as discontinued operations. As of March 31, 2018, the Company's cash totaled $5.7 million, compared to $6.3 million as of December 31, 2016, which is expected to fund operations through the end of 2018. The Company's cash balance as of March 31, 2018 does not include net proceeds of approximately $2.9 million from the Company's public equity offering, which closed on April 2, 2018.
About Apricus Biosciences, Inc.
Apricus Biosciences, Inc. (APRI) is a biopharmaceutical company seeking to advance innovative medicines in urology and rheumatology. Apricus has two product candidates: Vitaros, a product candidate in the United States for the treatment of erectile dysfunction, which is in-licensed from Warner Chilcott Company, Inc., now a subsidiary of Allergan plc (Allergan); and RayVa, a product which has completed a Phase 2a clinical trial for the treatment of the circulatory disorder Raynaud's phenomenon, secondary to scleroderma, for which Apricus owns worldwide rights.
For further information on Apricus, visit http://www.apricusbio.com.
Vitaros(TM) is Apricus' trademark in the United States, which is pending registration and subject to the agreement with Allergan. Vitaros® is a registered trademark of Ferring International Center S.A. in certain countries outside of the United States. RayVa(TM) is Apricus' trademark, which is registered in certain countries throughout the world and pending registration in the United States.
Forward Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act, as amended. Statements in this press release that are not purely historical are forward-looking statements. Such forward-looking statements include, among other things: the potential to enter into a U.S. partnership regarding Vitaros; Apricus' ability to identify and conclude strategic transactions or other business combinations and to maximize shareholder value in connection with such transactions; and that Apricus' current cash will be sufficient to fund operations through 2018. Actual results could differ from those projected in any forward-looking statements due to a variety of reasons that are outside the control of Apricus, including, but not limited to: Apricus' financial position and need for additional capital to fund its operations, which may be adversely impacted if Apricus is unable to maintain the continued listing of its common stock on the Nasdaq stock market; a partnership with respect to U.S. Vitaros and any larger strategic transaction or other business combination may not be available on acceptable terms or at all; Apricus' and any future partner's ability to address any conditions for approvability of Vitaros raised by the FDA in the CRL; the failure to remain in compliance with Nasdaq continued listing requirements which could result in Apricus' common stock being delisted from the exchange; Apricus' ability to retain and attract key personnel; Apricus' ability to raise additional funding that it may need to continue to pursue its commercial and business development plans; Apricus' ability to secure a strategic partner for RayVa; Apricus may expend cash resources more quickly than it anticipates; and other risks identified by Apricus in its reports filed with the Securities and Exchange Commission (SEC). These forward-looking statements are made as of the date of this press release, and Apricus assumes no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in the forward-looking statements. Readers are urged to read the risk factors set forth in Apricus' most recent annual report on Form 10-K, subsequent quarterly reports filed on Form 10-Q, and other filings made with the SEC. Copies of these reports are available from the SEC's website at www.sec.gov or without charge from Apricus.
(Financial Information to Follow)
CONTACT: Matthew Beck
Selected Financial Information
Condensed Consolidated Statements of Operations
(In thousands, except per share amounts) (Unaudited)
Three Months Ended
|Research and development||$||(217||)||$||(412||)|
|General and administrative||(2,135||)||(1,441||)|
|Total other income (expense)||81||(1,551||)|
|Loss from continuing operations||(2,271||)||(3,404||)|
|Income from discontinued operations||-||11,477|
|Net income (loss)||$||(2,271||)||$||8,073|
|Basic and diluted earnings (loss) per share|
|Total earnings (loss) per share||$||(0.14||)||$||1.04|
|Weighted average common shares outstanding for basic and diluted earnings (loss) per share||15,971||7,737|
Condensed Consolidated Balance Sheets
|Other current assets||240||261|
|Property and equipment, net||66||79|
|Other long term assets||36||35|
|Assets of discontinued operations||-||-|
|Liabilities and stockholders' equity|
|Current liabilities of discontinued operations||-||-|
|Notes payable, net||-||-|
|Other long term liabilities||42||58|
|Total liabilities and stockholders' equity||$||6,020||$||6,706|
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Apricus Biosciences, Inc. via Globenewswire
Om Nasdaq GlobeNewswire
One Liberty Plaza - 165 Broadway
NY 10006 New York
+1 212 401 8700http://www.nasdaqomx.com
NASDAQ (NASDAQ: NDAQ) is a leading provider of trading, exchange technology, information and public company services across six continents.
Følg saker fra Nasdaq GlobeNewswire
Registrer deg med din epostadresse under for å få de nyeste sakene fra Nasdaq GlobeNewswire på epost fortløpende. Du kan melde deg av når som helst.
Siste saker fra Nasdaq GlobeNewswire
Algeco Announces First Quarter 2018 Financial Results Conference Call22.5.2018 17:52 | Pressemelding
BALTIMORE, May 22, 2018 (GLOBE NEWSWIRE) -- Algeco Investments B.V. (together with its subsidiaries, "Algeco"), the leading global business services provider of modular space, secure portable storage solutions and remote workforce accommodations, today announced that it will hold its first quarter 2018 financial results conference call on Tuesday, June 5, 2018 at 10:00 a.m., Eastern Time. To access the call, please dial (847) 585-4422 or (888) 424-8151 (US toll free) and enter participant PIN code 9192211# approximately ten minutes prior to the start of the call. You will be placed on hold until the event begins. The conference call will also be broadcast over the internet with an accompanying slide presentation. To join the web conference, go to http://web.meetme.net/r.aspx?p=2&a=UTzMrdwdRriEIu. Please enter your name, email address and company to join the call. The customer service team can be reached at any time by pressing *0 on your telephone keypad. On Wednesday, May 30, 2018 at
Hitachi Named a Visionary in Inaugural Gartner Magic Quadrant for Industrial IoT Platforms22.5.2018 15:00 | Pressemelding
Hitachi Positioned in Visionaries Quadrant for Completeness of Vision and Ability To Execute TOKYO and SANTA CLARA, Calif., May 22, 2018 (GLOBE NEWSWIRE) -- Hitachi, Ltd. (TSE:6501) and Hitachi Vantara, today announced that Hitachi has been positioned in the Visionaries quadrant of the inaugural Gartner Magic Quadrant for Industrial IoT Platforms1based on Gartner, Inc.'s evaluation of the company, which included Hitachi's Lumada IoT platform. Gartner describes the market for IIoT platforms as "a set of integrated software capabilities. These capabilities span efforts to improve asset management decision-making, as well as operational visibility and control for plants, depots, infrastructure and equipment within asset-intensive industries." In the report, Gartner predicts: "By 2020, on-premises Internet of Things (IoT) platforms coupled with edge computing will account for up to 60% of industrial IoT (IIoT) analytics, up from less than 10% today." The report also notes: "Gartner believe
Oxford Immunotec Announces Launch of the Accutix(TM) Brand22.5.2018 14:30 | Pressemelding
OXFORD, United Kingdom and MARLBOROUGH, Mass., May 22, 2018 (GLOBE NEWSWIRE) -- Oxford Immunotec Global PLC (Nasdaq:OXFD), a global, high-growth diagnostics company, today announced the launch of the Accutix brand for its tick-borne disease offering. "Incorporating the feedback of our customers was a key consideration in our selection of a new brand name," said Dr. Peter Wrighton-Smith, Chief Executive Officer of Oxford Immunotec. "Tick-borne disease specialists value the accuracy of our tests and the history and credibility of our lab in helping them diagnose Lyme and other tick-borne diseases. The Accutix name embodies these qualities and will assist us in building a market leadership position in the tick-borne disease diagnostics market." The Accutix brand aligns Oxford Immunotec's tick-borne disease offering, which includes over 20 testing options targeting eight tick-borne diseases, under a unified name. The Company will continue to develop new assays for both existing and emergin
Cemtrex SmartDesk Now Available for Preorder22.5.2018 14:30 | Pressemelding
Cemtrex Launches SmartDesk to Reinvent the Personal Workspace and Revolutionize Desktop Workstation Productivity FARMINGDALE, N.Y., May 22, 2018 (GLOBE NEWSWIRE) -- Cemtrex Inc. (Nasdaq:CETX) (Nasdaq:CETXP) (Nasdaq:CETXW), a world leading technology and manufacturing company, today announced the launch of the Cemtrex SmartDesk, the most advanced workstation on the market. The SmartDesk is a blend of futuristic hardware and groundbreaking productivity software, delivering the next generation desktop experience in a luxurious package, and Cemtrex is now taking preorders. "The world is ready for a SmartDesk. It is 2018 but our workspaces have not evolved like most things we interact with on a daily basis like our smartphones, smart cars and smart homes," said Cemtrex's CEO and Chairman, Saagar Govil. "With the SmartDesk we intend to transform and disrupt the $500 billion annual PC market globally, as it will streamline workflows, improve productivity with its many features, and provide su
Apps Lead the Charge as Mobile Advertising Continues to Grow Worldwide22.5.2018 14:00 | Pressemelding
PubMatic's Q1 2018 QMI report highlights 84% YOY increase in mobile app monetized impression volumes globally REDWOOD CITY, Calif., May 22, 2018 (GLOBE NEWSWIRE) -- PubMatic, the publisher-focused sell-side platform (SSP) for an open digital media future, today released its first Quarterly Mobile Index (QMI) of 2018, which delved into key trends in mobile advertising for Q1. The report includes highlights around mobile app advertising growth, the continued expansion of header bidding adoption across mobile inventory, and the expansion of cross-channel monetization. There has been a significant shift in monetization opportunities for mobile app developers as in-app header bidding is introduced to the market. Already mainstream for mobile web inventory, as indicated in previous QMI reports, the introduction of header bidding technology for app inventory unlocked significant growth potential. Global app impression volumes monetized by PubMatic rose 84 percent year-over-year in Q1 2018, ou
XBiotech Announces First Patient in Phase 2 Study Evaluating MABp1 in Patients with Atopic Dermatitis22.5.2018 14:00 | Pressemelding
First Patient Begins Therapy with MABp1 for Treatment of Atopic Dermatitis AUSTIN, Texas, May 22, 2018 (GLOBE NEWSWIRE) -- XBiotech Inc. (NASDAQ:XBIT) announced today that the first patient has been enrolled in its Phase 2 open label, dose escalation clinical study evaluating MABp1 in patients with moderate to severe Atopic Dermatitis (AD). The patient began treatment at Florida Academic Dermatology Center under the care of the Study's Chair, Dr. Francisco Kerdel. Dr. Kerdel commented, "Atopic dermatitis is a chronic inflammatory disease characterized by dry and scaly skin and severe, unrelenting itching. An inflammatory substance released by keratinocytes known as IL-1alpha, is believed to be a key trigger of inflammation in the disease. By neutralizing the activity of IL-1alpha, the new agent we are testing may arrest the disease process and offer relief from the debilitating symptoms. Today we treated a patient and I can report that within one hour of treatment, there was an unequiv
I vårt presserom finner du alle våre siste saker, kontaktpersoner, bilder, dokumenter og annen relevant informasjon om oss.Besøk vårt presserom