Apricus Biosciences Announces Pricing of $3.55 Million Public Offering

Apricus Biosciences, Inc. (Nasdaq:APRI), a biopharmaceutical company advancing innovative medicines in urology and rheumatology, today announced that it has priced a public offering of an aggregate of approximately 7.1 million shares of common stock at a price to the public of $0.50 per share. Investors will also receive warrants to purchase up to an aggregate of approximately 3.55 million shares of common stock with an exercise price of $0.50 per share. The warrants have a term of exercise of five years and are exercisable upon Apricus’ receipt of shareholder approval to increase its number of authorized shares from 30 million shares to 60 million shares. The offering is expected to close on or about April 2, 2018, subject to the satisfaction of customary closing conditions.

H.C. Wainwright & Co. is acting as exclusive placement agent for the offering.

The aggregate gross proceeds of the offering are anticipated to be approximately $3.55 million. After deducting the placement agent’s fees and other estimated offering expenses payable by Apricus, the net proceeds of the offering are anticipated to be approximately $2.9 million. Apricus intends to use the net proceeds from the offering for working capital and general corporate purposes.

The shares and warrants are being offered pursuant to an effective shelf registration statement on Form S-3, as amended (File No. 333-221285), that was previously filed with the Securities and Exchange Commission (“SEC”) and declared effective on December 7, 2017. A preliminary prospectus supplement describing the terms of the offering was filed with the SEC on March 27, 2018 and March 28, 2018, and is available on the SEC’s website located at http://www.sec.gov.

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