Apricus Biosciences Closes $10 Million Registered Direct Offering

SAN DIEGO, March 04, 2016 (GLOBE NEWSWIRE) -- Apricus Biosciences, Inc. (Nasdaq:APRI), a biopharmaceutical company advancing innovative medicines in urology and rheumatology, today announced that it completed the subsequent closing of its previously announced registered direct offering of shares of common stock and warrants to purchase common stock. The shares and warrants are being sold in combination, consisting of one share of common stock and a warrant to purchase .50 of a share of common stock, at an offering price of $0.88 for aggregate gross proceeds across all closings of approximately $10 million.

The offering was completed in separate closings. The initial closing occurred on January 13, 2016 and included gross proceeds of approximately $2.2 million from the sale of 2,528,411 shares of common stock and warrants to purchase up to 1,264,204 shares of common stock.The subsequent closing occurred on March 3, 2016 and included gross proceeds of approximately $7.8 million from the sale of 8,835,229 shares of common stock and warrants to purchase up to 4,417,614 shares of common stock.

The warrants will become exercisable commencing six months and one day from the date of issuance, expire seven years after the date of issuance and have an exercise price of $0.88 per share. The offering price and exercise price represent the closing price of the Company's common stock as of January 12, 2016, the date prior to entering into definitive agreements with the investors.

This subsequent closing follows a Special Meeting of Stockholders held on March 2, 2016, whereby over a majority of the Company’s outstanding shares of common stock were represented by a valid proxy with over eighty percent of the voted shares in favor of the issuance.Apricus plans to use the net proceeds of the offering to fund working capital and general corporate purposes, including to advance its clinical development pipeline. 

The securities described above are being offered pursuant to a shelf registration statement (File No. 333-198066), which was declared effective by the United States Securities and Exchange Commission (“SEC”) on August 25, 2014. This press release shall not constitute an offer to sell or the solicitation of an offer to buy any of the securities described herein, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. Copies of the prospectus supplement and the accompanying base prospectus relating to this offering may be obtained at the SEC’s website at www.sec.gov.

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