Eligible to Receive Up to Approx. $50M in Upfront and Milestone Payments, Plus Double-Digit Tiered Royalties
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Apricus Biosciences, Inc. (APRI)
APRI reported that it has signed an exclusive license agreement with Recordati S.p.A. to market Vitaros(R), its topical on-demand product for the treatment of erectile dysfunction, in Spain, Russia, Turkey, Ireland and certain other European and African countries.
APRI is eligible to receive up to approximately $3.8 million from Recordati in upfront and pre-commercialization milestone payments. APRI is also eligible to receive up to approximately $47 million in sales milestone payments, plus double-digit tiered royalties based on Recordati's net sales of the product in that territory.
APRI 's Vitaros(R) is approved for the treatment of erectile dysfunction by a number of European health authorities and by Health Canada. It is a topically-applied cream formulation of alprostadil, a vasodilator, combined with the company's proprietary permeation enhancer DDAIP.HCl, which directly increases blood flow to the penis, causing an erection.
APRI is a pharmaceutical company that develops and markets through its licensing partners innovative treatments that have the potential to help large patient populations across numerous, large-market therapeutic classes including male and female sexual health.
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