Apricus Biosciences Transfers UK Marketing Authorization For Vitaros To Ferring

(RTTNews) - Apricus Biosciences, Inc. (APRI), a biopharmaceutical company advancing innovative medicines in urology and rheumatology, announced Monday that Ferring Pharmaceuticals, the Company's new partner in the United Kingdom, has received the United Kingdom marketing authorization for Vitaros.

Under the terms of the agreement, Apricus has received a total of $4.5 million in upfront payments from Ferring, in addition to a regulatory milestone payment of $1.6 million. Apricus is eligible to receive up to an additional $28 million in regulatory, launch and sales milestones, plus royalties on future net sales.

Earlier this year, the Company expanded its exclusive Vitaros distribution agreement with Ferring International S.A. in Latin America. Now the deals include Germany, Austria, Belgium, Denmark, Finland, Iceland, Luxembourg, Norway, the Netherlands, Sweden, Switzerland and certain countries in Asia, previously Sandoz's territories, the United Kingdom, previously Takeda's territory, and Korea.

Richard Pascoe, Chief Executive Officer of Apricus, said, "We are pleased that the transfer of the U.K. marketing authorization to Ferring has been completed and we look forward to the product's continued growth in this major ED market. This follows the previously announced transfer of the German marketing authorization, marking the second in a series of marketing authorization transfers to Ferring that we anticipate will occur later this quarter."