Apricus Biosciences has completed the sale of its ex-US assets and rights related to Vitaros, a topical erectile dysfunction cream, to Ferring International Center.
The sale is pursuant to a definite agreement with Ferring, which is the existing commercialisation partner of Apricus for Vitaros in Latin America and certain parts of Europe and Asia.
As part of the agreement, Ferring will make an upfront payment of $11.5m to Apricus and up to an additional $700,000 with respect to certain product inventory.
Apricus Biosciences CEO Richard Pascoe said: “This transaction reflects the continued execution of our corporate strategy of developing, obtaining regulatory approval for, and partnering novel topical prescription treatments in areas of significant unmet need.
“Moreover, this transaction will allow us to focus our financial resources on obtaining US regulatory approval for Vitaros, accelerate the advancement of our clinical pipeline, strengthen our balance sheet with non-dilutive capital, extinguish our existing debt facility, eliminate certain future ex-US Vitaros liabilities and lower our quarterly operating expenses by approximately 30%.”
Following the sale, Apricus will retain its Vitaros rights in the country and plans to re-submit the Vitaros NDA to the US Food and Drug Administration (FDA) in the third quarter of this year.
The company will manage all Vitaros-related activities and also work with existing Vitaros commercialisation partners outside the US.
Vitaros is Apricus’ trademark in the US, which is pending registration and subject to the agreement with Allergan.
It is planned to be assigned to Ferring worldwide, excluding the US.
Image: Ferring Headquarters in St-Prex, Switzerland. Photo: courtesy of Ferring.