Apricus Biosciences Prices Offering Of Shares And Warrants

Apricus Biosciences shares were down more than 2% in pre-market trading after the company priced an underwritten public offering of more than 5 million units at $1.40 each.

Each unit consists of one share of Apricus common stock and one warrant to purchase 0.75 of a share of common stock. The warrants will expire five years from the date they are first exercisable, and have an exercise price of $1.55 per share.

Apricus’ gross proceeds from this offering are expected to be approximately $7 million and will be used to fund a resubmission of its new drug application for Vitaros and for general corporate purposes and working capital.

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