Apricus Biosciences Announces 30% Cut In Staff, Operating Expenses

(RTTNews) - Apricus Biosciences, Inc. (APRI) Wednesday said plans to prioritize the Vitaros commercial and regulatory activities and to deprioritize all other pipeline programs. The company expects 30 percent reduction in staff and cash-based operating expenses. It will also cut short the size of the director board and cash compensation.

The company said its strategic re-positioning focuses on achieving profitability through Vitaros ex-U.S. revenue growth, obtaining approval for Vitaros in the U.S. and substantially reducing operating expenses. It plans to re-submit NDA with the FDA in the third quarter of 2016, with potential approval in first half of 2017.

Apricus said will immediately discontinue all ongoing fispemifene clinical activities on secondary hypogonadism and deprioritize work for other indications. The company had recorded disappointing fispemifene Phase 2b study results. It will finalize the RayVa Phase 2b delivery device and study protocol, explore U.S. and EU Orphan Designation, and partner ex-U.S. prior to initiating any future clinical studies.

The company targets reduction of operating expensesby approximately 30 percent in 2016 and 60 percent in 2017 in comparison with expenses of 2015.

Richard Pascoe, CEO said, "Apricus' development priority is now focused on Vitaros, both to accelerate commercialization outside of the U.S. and to attempt to bring this novel erectile dysfunction therapy to patients in the U.S. next year, with the goal of achieving profitability in 2017."