SAN DIEGO, May 31, 2011 (GLOBE NEWSWIRE) -- Apricus Biosciences, Inc. ("Apricus Bio") (Nasdaq:APRI) ( http://www.apricusbio.com ) announced today that the Israeli Patent Office has allowed and granted the Company a patent entitled, "Topical Compositions for Prostaglandin E1 Delivery." The patent, for the use of Prostaglandin E1 (otherwise known as "PGE1" or "alprostadil") in combination with the Company's proprietary NexACT® technology for Raynaud's Phenomenon covering its drug candidate RayVa™, among other potential product candidates, will provide coverage to May 13, 2019 and expands the protection for Apricus Bio's alprostadil-based products in Israel to eight granted patents.
The patent covers the combination of alprostadil and the Company's proprietary NexACT® technology, which consists of a small permeation enhancer called Dodecyl 2-(N,N dimethylamino)-propionate ("DDAIP") and enables the rapid absorption of high concentrations of an active pharmaceutical ingredient at the target site that is designed to enhance the delivery of an active drug to the patient. Obtaining the patent represents an important achievement for the Company in the protection of its late stage drug candidate, RayVa™, for the treatment of Raynaud's Phenomenon. Apricus Bio expects to submit to the FDA an adaptive Phase 3 protocol for Special Protocol Assessment for review before the end of 2011 and the Company is currently evaluating in its pre-clinical programs a number of other indications included in the patent, such as wound healing, inflammatory skin lesions and other skin conditions.
The addition of this patent adds to the Company's worldwide portfolio of issued patents for topical compositions targeted to theses types of skin diseases and disorders in over 25 countries, including the United Stated, Canada and various European nations, among others.
Commenting on today's news, Dr. Bassam B. Damaj, Ph.D., the Company's Chairman, President and Chief Executive Officer stated, "We are pleased with the further expansion of our patent portfolio to cover the use of alprostadil and our NexACT® technology for our late stage product RayVa™ for Raynaud's Phenomenon and other indications. We look forward to the development of RayVa™ and other topically-based products to help patients who suffer from such ailments."
About Apricus Biosciences, Inc.
Apricus Bio, a San Diego based revenue-generating pharmaceutical company, has leveraged the flexibility of its clinically-validated NexACT® drug delivery technology to enable multi-route administration of new and improved compounds across numerous therapeutic classes.
Revenues and growth are driven from out-licensing of this technology for the development and commercialization of such compounds to pharmaceutical and biotechnology companies worldwide. In addition, the Company is seeking to monetize its existing product pipeline, including its first product, Vitaros®, approved in Canada for the treatment of erectile dysfunction, which is currently expected to be available on the Canadian market in 2011, as well as compounds in development from pre-clinical through Phase III, currently focused on Sexual Dysfunction, Oncology, Dermatology, Autoimmune, Pain, Anti-Infectives, Diabetes and Cosmeceuticals among others.
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Apricus Bio's Forward-Looking Statement Safe Harbor
Statements under the Private Securities Litigation Reform Act, as amended: with the exception of the historical information contained in this release, the matters described herein contain forward-looking statements that involve risks and uncertainties that may individually or mutually impact the matters herein described for a variety of reasons that are outside the control of the Company, including, but not limited to, its ability to further development products and product candidates such as RayVa™, and other products that use alprostadil and the Company's NexACT® technology, to successfully commercialize such products and product candidates and to achieve its other development, commercialization and financial goals. Readers are cautioned not to place undue reliance on these forward-looking statements as actual results could differ materially from the forward-looking statements contained herein. 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 or without charge from the Company.
CONTACT: Apricus Biosciences, Inc. Edward Cox, V.P. Investor Relations & Corporate Development, Apricus Bio, Inc. (858) 848-4249 firstname.lastname@example.org Apricus Bio Investor Relations Paula Schwartz Rx Communications Group, LLC (917) 322-2216 email@example.com