Apricus Biosciences Inc (NASDAQ:APRI) investors should be smiling from ear to ear today after the biopharmaceutical company announced that Mexico has granted Apricus` commercialization partner, Ferring Pharmaceuticals, market approval for Vitaros®, an on-demand topical cream indicated for the treatment of patients with erectile dysfunction.
Apricus shares reacted to the news, jumping nearly 25% in pre-market trading.
“We are very pleased that Ferring has received its second approval for Vitaros in Latin America,” said Richard Pascoe, Chief Executive Officer of Apricus. “Moreover, we look forward to Ferring`s launches of Vitaros in Latin America throughout the year, in addition to the portfolio of countries across the EU they have the rights to as well. Again, congratulations to the Ferring team for their continued commitment to building the Vitaros global brand.”
This is the twenty-sixth country in which the product has been approved, including Argentina, Austria, Belgium, Canada, Czech Republic, Denmark, Finland, France, Germany, Greece, Iceland, Ireland, Italy, Lebanon, Luxembourg, the Netherlands, Norway, Poland, Portugal, Romania, Slovakia, Spain, Sweden, Switzerland and the United Kingdom.
Last year, the Company expanded its exclusive Vitaros distribution agreement with Ferring in Latin America to include Germany, Austria, Belgium, Denmark, Finland, Iceland, Luxembourg, Norway, the Netherlands, Sweden, Switzerland and certain countries in Asia (previously Sandoz`s territories), the United Kingdom (previously Takeda`s territory) and Korea. Under the terms of the agreement, Apricus has received a total of $4.5 million in upfront payments from Ferring, in addition to a regulatory milestone payment of $1.6 million. Apricus is eligible to receive up to an additional $28 million in regulatory, launch and sales milestones, plus royalties on future net sales.
Apricus Biosciences, Inc. is a pharmaceutical company focus on the development and commercialization of products and product candidates in the areas of specialty urology and rheumatology. The company products include Vitaros and Femprox. It operates through Pharmaceutical segment which designs and develops pharmaceutical products including those with its NexACT platform. Apricus Biosciences was founded in 1987 and is headquartered in San Diego, CA.