-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, H/PluMi9/bJcijwRsF867Ax0FZI/r8U+FgD6lGoGaLfW8dFrPETg5x0KDHnfK7RE iYQ0maZmHzQ+9Re70BKxEg== 0001144204-11-001232.txt : 20110107 0001144204-11-001232.hdr.sgml : 20110107 20110107131828 ACCESSION NUMBER: 0001144204-11-001232 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20110103 ITEM INFORMATION: Entry into a Material Definitive Agreement FILED AS OF DATE: 20110107 DATE AS OF CHANGE: 20110107 FILER: COMPANY DATA: COMPANY CONFORMED NAME: APRICUS BIOSCIENCES, INC. CENTRAL INDEX KEY: 0001017491 STANDARD INDUSTRIAL CLASSIFICATION: PHARMACEUTICAL PREPARATIONS [2834] IRS NUMBER: 870449967 STATE OF INCORPORATION: NV FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-22245 FILM NUMBER: 11516727 BUSINESS ADDRESS: STREET 1: 6330 NANCY RIDGE DRIVE, STREET 2: SUITE 103 CITY: SAN DIEGO, STATE: CA ZIP: 92121 BUSINESS PHONE: (858) 222-8041 MAIL ADDRESS: STREET 1: 6330 NANCY RIDGE DRIVE, STREET 2: SUITE 103 CITY: SAN DIEGO, STATE: CA ZIP: 92121 FORMER COMPANY: FORMER CONFORMED NAME: NEXMED INC DATE OF NAME CHANGE: 19970311 8-K 1 v207560_8k.htm
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 OR 15(d) of the Securities Exchange Act of 1934
 
Date of Report (Date of earliest event reported): January 3, 2011
 
Apricus Biosciences, Inc.
(Exact name of registrant as specified in its charter)
     
Nevada
0-22245
87-0449967
(State or other jurisdiction of incorporation)
(Commission File Number)
(I.R.S. Employer Identification No.)
     
6330 Nancy Ridge Drive, Suite 103, San Diego, California
92121
(Address of principal executive offices)
(Zip Code)
   
Registrant’s telephone number, including area code  (858) 222-8041
 
 
(Former name or former address, if changed since last report.)
 
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
¨ 
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
¨ 
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
¨ 
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
¨ 
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13a-4(c))
 
 
 
 
 
 
Item 1.01                      Entry into Material Definitive Agreement

On January 3, 2011, NexMed (U.S.A.), Inc. and NexMed Holdings, Inc. (together, “NexMed”), wholly owned subsidiaries of Apricus Biosciences, Inc. (“Apricus” and, together with NexMed, the “Company”), entered into a license agreement (the “License Agreement”) with Elis Pharmaceuticals Ltd. (“Elis”), granting Elis the exclusive rights to commercialize Vitaros®, the Company’s erectile dysfunction treatment, in the United Arab Emirates, Oman, Bahrain, Qatar, Saudi Arabia, Kuwait, Lebanon, Syria, Jordan, Iraq and Yemen (the “Territory”).

Vitaros is approved for commercialization in Canada, and the application for approval to market Vitaros in the Territory is expected to be filed in the first half of 2011.  Under the License Agreement, Elis will have responsibility for filing for regulatory approval of Vitaros in the Territory.  Upon obtaining regulatory approval in a given country within the Territory, Elis will be required to commercially launch Vitaros in that country within three months, and thereafter to undertake certain efforts to successfully commercialize the product.

Under the License Agreement, the Company is entitled to receive upfront license fees and milestone payments of up to $2.1 million over the term of the License Agreement.  The future milestones are tied to regulatory approval and the achievement of certain levels of aggregate net sales of Vitaros.  Additionally, the Company is entitled to receive escalating tiered double-digit royalties on Elis’s sales of Vitaros in the Territory.

 
 
 
 
 

 
 
 
 
 
SIGNATURES
 
 
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
 
 
 
 
 
Apricus Biosciences, Inc.
  
       
 
By:
/s/ Mark Westgate
  
   
Name: Mark Westgate
  
   
Title: Vice President and Chief Financial Officer
 
 
Date: January 7, 2011
 
 

 
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