Apricus Bio raises over $9.3 million in securities offering

Oct 5 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 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."