Apricus Biosciences Inc (NASDAQ:APRI) shares fell 4.37% to $0.343 and were flat in after-hours trading. Share prices have been trading in a 52-week range of $0.28 to $1.68. The company has a market cap of $26.03 million at 75.04 million shares outstanding.
Apricus Biosciences Inc is a pharmaceutical company that develops pharmaceutical products. It primarily focuses on the development and commercialization of products and product candidates in the areas of urology and rheumatology. Its drug delivery technology is a permeation enhancer called NexACT.
Apart from that, the company has over two product candidates in Phase II development, fispemifene for the treatment of symptomatic male secondary hypogonadism and RayVa for the treatment of Raynaud’s phenomenon, secondary to scleroderma. It also has a commercial product, Vitaros for the treatment of erectile dysfunction, which is in development in the United States, approved in Canada and marketed throughout Europe.
In a press release yesterday, Apricus Biosciences Inc announced that it has closed a registered direct offering of shares of common stock with institutional investors for gross proceeds of approximately $3.7 million. It was reported that the company and investors mutually agreed to revise the size of the offering such that fewer shares of common stock were issued than previously announced, but the purchase price agreed upon was maintained.
Rodman & Renshaw, a unit of H.C. Wainwright & Co., LLC, was the exclusive placement agent in this offering. In a private placement, for each share of common stock purchased by an investor, such investor received from Apricus Biosciences Inc an unregistered warrant to purchase 0.75 shares of common stock at an exercise price of $0.45 per share. These will be exercisable in six months from the closing date and will expire in 5 years from the initial exercise date.
Apricus Biosciences Inc intends to use the proceeds of this offering for working capital and general corporate purposes.
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