We just got screwed!
SAN DIEGO, Jan. 13, 2016 (GLOBE NEWSWIRE) -- Apricus Biosciences, Inc. ( APRI), a biopharmaceutical company advancing innovative medicines in urology and rheumatology, today announced that it has entered into definitive agreements with certain institutional investors, including existing investors Sarissa Capital and Aspire Capital, in a registered direct offering of 11,363,640 shares of common stock and warrants to purchase up to 5,681,818 shares of 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 expected gross proceeds of approximately $10 million. 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 offering is expected to take place in separate closings, subject to specified closing conditions. The Company expects the initial closing to occur on or about January 13, 2016 and to include 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 remaining securities will be sold in one or more subsequent closings, provided that the receipt of stockholder approval pursuant to the rules of the Nasdaq Stock Market shall be required prior to the Company’s sale of 7,073,865 shares of common stock and warrants to purchase up to 3,536,932 shares of common stock for expected gross proceeds of approximately $6.2 million. The sale of the remaining securities to Aspire Capital for expected gross proceeds of approximately $1.6 million may occur earlier at Aspire Capital’s election.
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. When filed with the SEC, 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. |
