Apricus Biosciences prices securities offering

Sep 29 2010

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 it has entered into agreements with selected investors to sell up to 1,728,882 Units at a price per Unit of $5.40, for aggregate gross proceeds of approximately $9.3 million. Each Unit consists of three shares of common stock and one warrant, exercisable at a price of $2.27 per share. The warrants may be exercised at any time after six months from the date of the closing and will expire after five years. The offering is expected to close on or about October 4, 2010, subject to customary closing conditions.

Apricus Bio intends to use the net proceeds from this offering for product development and general corporate purposes. Dawson James Securities acted as the exclusive placement agent for the offering.