SAN DIEGO, June 17, 2011 (GLOBE NEWSWIRE) -- Dr. Bassam Damaj, the Chairman, President and Chief Executive Officer of Apricus Biosciences, Inc. ("Apricus Bio") (Nasdaq:APRI) () noted today his belief that the specialty biopharmaceutical company could see higher revenues should Pfizer, Inc. ("Pfizer") be successful in its patent litigation battle against the introduction of generic versions of its Viagra® product for the treatment of erectile dysfunction ("ED").
"If the recent global litigation effort by Pfizer is successful in extending the life of its Viagra® patents in certain markets, then Apricus Bio and its partners could expect to see the projected per unit price of its Vitaros® product for ED increase an average of $1.00 to $2.00 over the next several years in those geographic areas," said Dr. Damaj. "This could result in higher projected revenues for our product in the future in those markets where Pfizer is successful."
To the Company's knowledge, Pfizer introduced patent litigation in 2010 and recently in May and June 2011, filed additional suits against generic manufacturers of its Viagra® product for ED such as Teva Pharmaceuticals, Inc. ("Teva") and Watson Pharmaceuticals, Inc. ("Watson"). The Pfizer patent litigation mainly seeks to extend the patent life of its Viagra® product in the United States, Canada and in certain other countries and to keep generic versions of Viagra® made by companies, such as Teva and Watson, from being introduced.
Apricus Bio, a specialty biopharmaceutical company that develops and commercializes products using its proprietary NexACT® drug delivery technology, previously announced that its first product, Vitaros®, was approved by Health Canada in November 2010 for the treatment of patients with ED in that country. The Company has commercialization relationships with partners in the U.S. (Warner Chilcott Company, Inc.), Italy (Bracco SpA), the Gulf Region, and parts of the Middle East (Elis Pharmaceuticals, Inc.) and Israel (Neopharm Scientific, Ltd) for the future introduction of its product in those countries and regions, and is attempting to develop additional partnerships internationally.
About Apricus Biosciences, Inc.
Apricus Bio, a San Diego based revenue-generating specialty biopharmaceutical 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, have such products and product candidates approved by relevant regulatory authorities, to price its Vitaros® product for ED competitively as compared to the market leaders such as Viagra® among others, to successfully commercialize such products and product candidates and to achieve its other development, commercialization and financial goals such as its revenue projections from the sale of its products. 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. Corporate Development & Investor Relations Apricus Biosciences, Inc. (858) 848-4249 firstname.lastname@example.org Apricus Bio Investor Relations Paula Schwartz Rx Communications Group, LLC (917) 322-2216 email@example.com