Apricus mulls options; to sell U.S. rights to Vitaros [Reuters (UK)]
APRICUS BIOSCIENCES (APRI)
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Source: Reuters
Apricus mulls options; to sell U.S. rights to Vitaros | Reuters Reuters Staff 2 Min Read (Reuters) - Apricus Biosciences Inc said on Monday it was considering options for the company and looking to sell the U.S. rights to its erectile dysfunction cream Vitaros, after the Food and Drug Administration asked it to make a new formula for the product. Shares of the company fell 24 percent to 32 cents in premarket trading, valuing the company at $7.5 million. Up to Friday’s close, Apricus has lost about $65 million in market value since the FDA declined to approve Vitaros in February. Apricus said it did not have the money to develop a new version and fund two new late-stage studies to meet FDA requirements. The FDA has rejected Vitaros twice in 10 years. “We have initiated discussions with interested parties for the U.S. Vitaros rights to enable its continued development and potential approval,” Chief Executive Officer Richard Pascoe said in statement. “The cost and timeline associated wit
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