Company Intends to Request Hearing
SAN DIEGO, Dec. 01, 2016 (GLOBE NEWSWIRE) -- Apricus Biosciences, Inc. (Nasdaq:APRI), a biopharmaceutical company advancing innovative medicines in urology and rheumatology, today announced that on November 30, 2016, the Company received notice from the Nasdaq Listing Qualifications Staff (the "Staff") that due to the Company's non-compliance with the $35 million market value of listed securities ("MVLS") requirement, the Company was subject to delisting unless it timely requests a hearing before the Nasdaq Hearings Panel (the "Panel"). The Company intends to timely request a hearing before the Panel, which request will stay any delisting action by the Staff, pending the Panel's decision. At the hearing, the Company will present its plan to regain compliance with the MVLS requirement within the 180-day discretionary period available to the Panel, ending May 29, 2017.
In accordance with the Nasdaq Listing Rules, the Company was previously granted a 180-calendar day period within which to regain compliance with the MVLS requirement, through November 29, 2016. In order to demonstrate compliance with the MVLS requirement, the Company's MVLS must close at $35 million or more for a minimum of 10 consecutive business days.
The Company is working on its plan to regain compliance with all applicable requirements for continued listing on Nasdaq; however, there can be no assurance that it will be able to timely do so.
About Apricus Biosciences, Inc.
Apricus Biosciences, Inc. (APRI) is a biopharmaceutical company advancing innovative medicines in urology and rheumatology. Apricus' commercial product, Vitaros®, for the treatment of erectile dysfunction, is approved in Canada and certain countries in Europe, Latin America and the Middle East and is being commercialized in several countries in Europe. In September 2015, Apricus in-licensed the U.S. development and commercialization rights for Vitaros from Allergan. Apricus' marketing partners for Vitaros include Recordati Ireland Ltd. (Recordati), Ferring International Center S.A. (Ferring Pharmaceuticals), Laboratoires Majorelle, Bracco S.p.A., Mylan NV and Elis Pharmaceuticals Ltd. Apricus currently has one active product candidate, RayVa(TM), its product candidate for the treatment of the circulatory disorder Raynaud's phenomenon.
For further information on Apricus, visit http://www.apricusbio.com.
*Vitaros® is a registered trademark of NexMed International Limited. Such trademark is registered in certain countries throughout the world and pending registration in the United States.
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act, as amended. Statements in this report that are not purely historical are forward-looking statements. Such forward-looking statements include, among other things: the Company's plans to request a hearing before the Panel and whether the Company can demonstrate compliance with the Nasdaq's continue listing rules, including with respect to MVLS. Actual results could differ from those projected in any forward-looking statements due to a variety of reasons that are outside of the Company's control, including, but not limited to: the Panel's determination of the Company's request for suspension of delisting; the Panel failing to approve the Company's plan to regain compliance with the continued listing requirements; and other risks identified by the Company in its reports filed with the Securities and Exchange Commission ("SEC"). These forward-looking statements are made as of the date of this press release, and the Company assumes no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in the forward-looking statements. Readers are urged to read the risk factors set forth in the Company's most recent annual report on Form 10-K, subsequent quarterly reports filed on Form 10-Q, and other filings made with the SEC. Copies of these reports are available from the SEC's website at www.sec.gov or without charge from the Company.
The Trout Group LLC
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Apricus Biosciences, Inc. via Globenewswire