Apricus Biosciences Launches Vitaros In Lebanon; Receives Milestone Payment

(RTTNews) - Apricus Biosciences, Inc. (APRI) announced the launch of Vitaros, topical cream for the treatment of erectile dysfunction, in Lebanon by Elis Pharmaceuticals Ltd. Apricus has received an upfront payment of $100 thousand and a regulatory milestone payment of $100 thousand as the result of the Lebanon approval. Apricus is also eligible to receive up to an additional $1.9 million in milestone payments on future sales, plus tiered double-digit royalties in the low to high teens based on Elis' net sales of the product.

Richard Pascoe, CEO of Apricus, said, "With this most recent launch, Vitaros is now commercially available in Lebanon, plus the existing nine EU countries. Moreover, we expect another ten or more product launches across Europe, Latin America and the Middle East during the first half of next year by our various commercialization partners. Looking forward, our key strategic goals continue to be achieving profitability through Vitaros revenue growth and obtaining Vitaros FDA approval in the United States in 2018."

Vitaros is a topical ED cream that delivers rapid onset (generally five to thirty minutes) and treatment duration of approximately one to two hours.