Apricus Biosciences, Inc.
("Apricus Bio" or the "Company") APRI (www.apricusbio.com) today
announced that it intends to cease financing its French subsidiaries, Finesco
SAS, its French holding company, Scomedica SAS, its French sales company and
NexMed Pharma SAS its marketing company. In line with its previously stated
corporate strategy, the Company will continue to focus its resources on
commercializing its lead product Vitaros^® (alprostadil 0.3% topical cream),
for the treatment of erectile dysfunction ("ED"), and on further developing
through clinical trials it lead product candidate, Femprox^® (alprostadil 0.4%
topical cream), for the treatment of female sexual arousal disorder ("FSAD").
The strategic decision to cease financing its French subsidiaries follows a
decrease in the unit's operating performance resulting from recently enacted
pricing policies affecting drug reimbursement in France and the subsequent,
related loss or interruption of certain contract sales agreements. Given these
events, the Company re-assessed the fair value of the reporting unit of the
French subsidiaries and as a result of that assessment, the Company recorded
one-time, non-cash, impairment charges totaling approximately $8.8 million in
the fourth quarter of 2012.
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