Apricus Biosciences, Inc.(Nasdaq:APRI) announced that its wholly-owned subsidiary NexMed(USA), Inc. has signed with Sandoz, a division of Novartis, an exclusive collaboration for Germany to market Apricus Bio’s Vitaros® drug for the treatment of erectile dysfunction.
Pursuant to the collaboration, Sandoz will pay Apricus Bio up to €21 million – divided into a fixed upfront payment and specific regulatory and commercial milestones – as well as, double digit royalties on net sales. Total upfront and milestone payments represent approximately $28 million based on today’s exchange rate.
Bassam Damaj, Chairman, President and Chief Executive Officer of Apricus Bio commented, “We are very excited about this major European collaboration with such an important international pharmaceutical company as Sandoz. We are happy to work again with Novartis through their division Sandoz and we look forward to expanding the reach of our Vitaros® product for erectile dysfunction in Germany. This is yet another important milestone in our strategy to make Vitaros® available worldwide and the successful continuation of the execution of our commercialization strategy of Vitaros®.”
About Apricus Biosciences, Inc.
Apricus Bio is a San Diego-based, revenue-generating, specialty pharmaceutical company, with commercial products and a broad pipeline across numerous therapeutic classes.
Revenues and growth are driven from the sales of the Company’s commercial products through its Apricus Pharmaceuticals USA, Inc. and NexMed (USA), Inc. subsidiaries and through out-licensing in certain territories of its product pipeline and NexACT® technology. Apricus Bio currently markets Totect®(dexrazoxane HCl), the only drug approved in the US for the treatment of anthracycline extravasation. Apricus Bio’s current pipeline includes Vitaros®, approved in Canada for the treatment of erectile dysfunction, as well as compounds in development from pre-clinical through pre-registration currently focused on Sexual Dysfunction, Oncology, Dermatology, Autoimmune, Pain, Anti-Infectives, Diabetes and Consumer Healthcare.
The Company also expects to develop and/or acquire and then bring to market additional pharmaceutical products in areas of care that will benefit patient needs worldwide.
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Post Written By: Ed Liston
Ed Liston is a senior contributing editor at TheStockMarketWatch.com. An active market watcher and investor, Ed guides an independent team of experienced analysts and writes for multiple stock trader publications. He is widely quoted in various financial publications on the Internet. When Ed is not writing about stocks, investing in stocks, talking about stocks, or otherwise doing something stock related, he likes to go sailing and fishing in his yacht. |