Apricus Biosciences and Elis Pharma Sign License Agreement for MycoVa in the Middle East and the Gulf
Apricus Biosciences, Inc. (Nasdaq: APRI) and Elis Pharmaceuticals, announced today that the two companies have entered into a licensing agreement granting Elis the exclusive rights to market MycoVa™, Apricus Bio's drug for onychomycosis (nail fungal infection), in the Middle East and the Gulf Countries, excluding Israel. The license agreement with Elis follows the recent announcement by the Company of a similar license agreement granting Stellar Pharmaceuticals, Inc. the exclusive right to market MycoVa™ in Canada Under the terms of the agreement, Elis has exclusive rights in part of the Middle East, including Saudi Arabia, Kuwait, Lebanon, Syria, Jordan, Iraq and Yemen, and in the Gulf Countries (United Arab Emirates, Oman, Bahrain, Qatar), excluding Israel, to commercialize and market MycoVa ™. Apricus Bio is entitled to receive up to $2.1 million in payments for signing, regulatory and sales milestones. Further, Apricus Bio will receive tiered double digit royalties based on Elis' sales of the product.
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