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Biotech / Medical : Apricus Biosciences -- Ignore unavailable to you. Want to Upgrade?

To: phoenix_rising who wrote (1586)	12/16/2015 1:46:36 AM
From: Mirror Image	Respond to of 2026

Do you see this as commitment made to the manufacturers by Apricus Partially, yes. But I doubt that the bulk of that amount is for Vitaros units. We have to remember that Apricus has been removing themselves as the acting "middle man" between the Manufacturers and the European partners. In my opinion, part of the $8.3 M, is for samples - for upcoming launches. Also part would be for Vitaros orders in which Apricus might still be a "middle man" ( we can go to the 10Q and find out which partners are being transitioned to a direct relationship with the manufacturer ). But the bulk of the amount, in my opinion, would be for CRO costs / trial costs for the ongoing Phase 2B trial for Fispemifene. Read the sentences directly prior to the entry regarding the $8.3 M open purchase order. Between our access to additional capital under our committed equity financing facility with Aspire Capital Fund, LLC (“Aspire Capital”), the $10.0 million borrowed from the Lenders, the $10.9 million received from our February 2015 financing, and cash received from Vitaros® royalties and product sales, we believe we have sufficient cash reserves and access to cash to fund our base operations through the fourth quarter of 2016. This includes the completion of our fispemifene phase 2b clinical trial, support of 20 Table of Contents the commercialization of Vitaros®, and other general operating activities. As of September 30, 2015, net open purchase orders totaled approximately $8.3 million. I sincerely doubt that we have $8.3 M in open purchase orders for Vitaros units. I would be the first person to be happy about looking like a jackass in regards to this.

To: phoenix_rising who wrote (1586)	12/16/2015 2:11:25 AM
From: Mirror Image	Read Replies (1) \| Respond to of 2026

The 3Q 15' 10Q has Apricus selling the product only to two partners directly: Takeda and Sandoz. Takeda sells Vitaros in the U.K. and Sandoz is currently selling Vitaros in 3 countries: Sweden, Luxemburg and Belgium. Both Majorelle and Recordati have direct agreements with the manufacturer. During the third quarter of 2015, Groupe Parima began manufacturing product for Recordati under its own manufacturing and supply agreement. Recordati launched the product as Virirec™ in Spain in May 2015. During the first quarter of 2015, Groupe Parima began manufacturing product for Majorelle under its own manufacturing and supply agreement. It says nothing about having a supply agreement with Bracco. So, given this information, do you think we have $8.3 M in open purchase orders for Vitaros from Takeda and Sandoz? Remember just how many units we were selling when it was only those two specific partners at the market? Not many. Not to mention Vitaros was being sold in Germany back then and is not at this current time.