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Market Data: Yahoo Finance, Bloomberg, SEC Filings

Report Link: Final Update Released (Dated 03/23/2017)

Symbol: APRI
Analyst: Juan Noble
Taglich Rating: Suspended
Price Target: NA
Time Horizon: NA
Rating Established: March 23, 2017
Price When Established: $2.26
Most Recent Report: March 23, 2017
Price When Issued: $2.26

What's New

Company Description

Apricus Biosciences, Inc., headquartered in San Diego, California, manufactures a treatment for erectile dysfunction and is developing pharmaceuticals to treat urological and rheumatoid disorders, and women’s sexual disorders. The company’s lead product, Vitaros, is a topical treatment for erectile dysfunction (ED), delivery of which is based on a proprietary permeation enhancer technology (NexACT®) which facilitates the delivery of the drug into the blood stream.

Vitaros is aimed at patients who have not responded satisfactorily to oral ED medications and prefer a treatment that is less invasive or easier to use than other alternatives. Vitaros is cleared for marketing in a number of European countries and in Canada.

Vitaros was launched in the UK, Germany, Sweden, and Belgium in 2014. Revenue to date consists largely of upfront license fees. All product marketing is done by partners currently under exclusive licenses to sell Vitaros in Canada, Europe, most of Southeast Asia, the Mideast, Australia and New Zealand, and certain countries in Africa.

Revenue potential for Vitaros alone is substantial. Erectile dysfunction is a largely age-related ailment due in large measure to the incidence of such conditions as diabetes, hypertension, high cholesterol and heart disease in older patient populations. While the majority of cases are successfully treated with oral phosphodiesterase-5 (PDE5) inhibitors such as sildenafil, vardenafil, and tadalafil, commonly known, respectively, as Viagra, Cialis and Levitra, many ED patients are unresponsive to PDE5 inhibitors.

APRI has three more products in its pipeline. RayVa™, a rheumatology product, is now in a Phase 2a trial for the treatment of Raynaud’s Phenomenon, a symptom of rheumatic disease that causes numbness in the digits in response to cold temperatures or stress. RayVa also uses Apricus’ proprietary permeation enhancer. Apricus plans a 2015 Phase 2b clinical study of fispemifene, an in-licensed tissue-specific selective estrogen receptor modulator designed to treat secondary testosterone deficiency (hypogonadism), chronic prostatitis and lower urinary tract symptoms in men. Apricus is seeking one or more licensees to further develop and commercialize Femprox®, a potential treatment for female sexual interest/arousal disorder (FSIAD) that has been evaluated in earlier human studies.

Company Reports

Final Update Released (Dated 03/23/2017)

Updated Research Report (Dated 11/28/2016)

Updated Research Report (Dated 08/17/2016)

Updated Research Report (Dated 05/23/2016)

Updated Research Report (Dated 03/15/2016)

Updated Research Report (Dated 11/12/2015)

Updated Research Report (Dated 08/13/2015)

Updated Research Report (Dated 05/13/2015)

Updated Research Report (Dated 03/26/2015)

Initial Research Report (Dated 02/18/2015)


The information and statistical data contained herein have been obtained from sources which we believe to be reliable but in no way are warranted by us as to accuracy of completeness. We do not undertake to advise you as to changes in figures or our views. This is not a solicitation of any order to buy or sell. Taglich Brothers, Inc. is fully disclosed with its clearing firm, Pershing, LLC, is not a market maker and does not sell to or buy from customers on a principal basis. The above statements are the opinion of Taglich Brothers, Inc. and are not a guarantee that the target price for the stock will be met or that predicted business results for the company will occur. There may be instances when fundamental, technical and quantitative opinions contained in the reports are not in concert. We, our affiliates, any officer, director or stockholder or any member of their families may from time to time purchase or sell any of the above-mentioned or related securities. Analysts and members of the Research Department may sell such securities after obtaining express written permission from Compliance. All research issued by Taglich Brothers, Inc. is based on public information. Taglich Brothers, Inc. does not currently have in Investment Banking relationship with the company mentioned and was not a manager or co-manager of any offering for the company within the last three years. In December 2014 the company paid an initial monetary engagement fee of US$4,500 to Taglich Brothers, Inc. representing payment for the first three months of the creation and dissemination of reports, after which the company will pay Taglich Brothers, Inc. a monetary fee of US$1,500 for a minimum of six months for such services.