Apricus Biosciences Q4 Loss Widens - Quick Facts

(RTTNews) - Apricus Biosciences, Inc. (APRI) reported a fourth-quarter net loss of $17.3 million, or $0.40 per share, compared to a net loss of $1.3 million, or $0.04 per share, prior year. The company noted that the increase in the net loss was primarily due to the in-licensing of fispemifene in the fourth quarter. The company recorded a one-time charge of approximately $13.6 million, or $0.31 per share, related to the in-licensing.

Analysts polled by Thomson Reuters expected the company to report a loss per share of $0.12 for the quarter. Analysts' estimates typically exclude special items. Revenue was $1.91 million, compared to $0.4 million in the fourth quarter of 2013. Analysts expected revenue of $670 thousand for the quarter.

In 2015, Apricus expects to generate cash from milestone payments and royalty revenues from partner sales of Vitaros. Apricus will also continue to pursue out-license opportunities for Vitaros in Asia Pacific and Latin America. Apricus believes its current cash will support its operating plan through 2015.

Apricus' key strategic objectives for 2015 include: continue to leverage Vitaros as a cash-generating asset; advance the pipeline with clinical trial progress of RayVa and fispemifene; and maintain a solid financial footing.

Apricus expects to complete the enrollment of the RayVa Phase 2a clinical trial in Raynaud's phenomenon in the second quarter of 2015 with the goal of establishing proof-of-concept and the optimal dose required to advance the RayVa clinical program into to late-stage clinical trials. In addition, with FDA guidance given to the company in late February, Apricus plans to begin a Phase 2b clinical trial for fispemifene in the second quarter of 2015, with results expected in the first quarter of 2016.