SAN DIEGO--(BUSINESS WIRE)--Apricus Biosciences (“Apricus Bio”) (Nasdaq: APRI), backed by a revenue generating CRO business and seeking to leverage its multi-route NexACT® drug delivery technology and internal pipeline through out-licensing partnerships, today announced that the Company has closed its previously announced securities offering, raising over $9.3 million in gross proceeds. Apricus Bio intends to use the proceeds from this offering for product and technology development and general corporate purposes. Dawson James Securities acted as the exclusive placement agent for the offering.
Commenting on today’s news, Bassam Damaj, Ph.D., President and Chief Executive Officer of Apricus Bio, stated, “We are very pleased with the successful closing of this offering with a group of new and existing institutional and retail investors, especially in such a difficult market environment. Our ability to secure this capital reflects our investors’ confidence in the value of our technology and products, and the strength of the management team. This cash infusion significantly improves our cash reserves, and puts us in a strong operating position to execute on our growth strategy, including the out-licensing of the NexACT technology and partnering of our pre-clinical and clinical programs.”
About Apricus Biosciences
Backed by NexMed, USA and Bio-Quant, Inc., its revenue generating CRO business, Apricus Bio has leveraged the flexibility of its proven NexACT® drug delivery technology to enable multi-route administration of new and improved compounds across numerous therapeutic classes. Future growth is expected to be driven primarily through out-licensing of this technology for the development and commercialization of such compounds to pharmaceutical and biotechnology companies, worldwide. Concurrently, the Company is seeking to monetize its existing product pipeline, including compounds from pre-clinical through Phase 3, currently focused on dermatology, sexual dysfunction and cancer. For further information on Apricus Bio and its subsidiaries, visit http://www.apricusbio.com. (Apricus Bio was previously named NexMed, Inc. The corporate name was changed in September 2010 in recognition of the evolution and expansion of the Company’s business.)