Apricus Biosciences

What Apricus Biosciences does

Apricus Biosciences, Inc. (Nasdaq: APRI) is a specialty biopharmaceutical company headquartered in San Diego, California that develops topical drug-delivery therapies in urology and rheumatology. The company's core technological platform is a novel chemical excipient, DDAIP-HCl, which enables the local delivery of alprostadil via topical cream formulations. Its commercial and near-commercial assets are Vitaros, a topical alprostadil cream approved in Canada and Europe for erectile dysfunction (launched in the UK in June 2014 by partner Takeda); Femprox, an alprostadil cream in development for Female Sexual Interest/Arousal Disorder; RayVa, a Phase 2a alprostadil cream for Raynaud's Phenomenon secondary to systemic sclerosis; and Fispemifene, a pipeline candidate for urology applications. The company traces its corporate lineage to NexMed (U.S.A.), Inc. (founded 1989), was rebranded Apricus Biosciences in 2012, and operated with 51–100 employees.

Apricus does not commercialize its products directly. Its business model is licensing- and royalty-based: Vitaros is distributed in Europe and the UK by Takeda and in Canada by regional partners, while US rights to Vitaros were sold to Actavis. Revenue is therefore generated through partnership milestones and royalties from a small set of named pharmaceutical licensees, with regional pricing determined by those partners and not publicly disclosed. Customer-facing GTM is effectively channel-partner-only, with the company retaining a horizontal segmentation approach across use cases (ED, FSIAD, Raynaud's).

In October 2018 Apricus announced a merger with Seelos Therapeutics, Inc., and on January 15, 2019 its stockholders approved the deal. The combined entity was valued at approximately $94 million, with Apricus shareholders expected to own roughly 15% of the post-close company, indicating Apricus as the substantially smaller party in a reverse-style combination. At the time of the data captured here, no specific standalone revenue figure was disclosed in available filings.

Name

Apricus Biosciences

Legal name

Apricus Biosciences, Inc.

Website

https://apricusbio.com

Company type

Public

Founded year

1989

Operating status

Acquired

Headcount range

51–100 employees

Short description

Apricus Biosciences is a San Diego-based specialty biopharmaceutical company developing topical alprostadil drug-delivery therapies using its proprietary DDAIP-HCl excipient, commercialized through licensing partners (Takeda in Europe, Actavis in the US) for urology and rheumatology indications including erectile dysfunction, female sexual dysfunction, and Raynaud's Phenomenon.

Ownership category

akta.pro rank

Product category

Specialty Pharmaceuticals

NAICS

Pharmaceutical Preparation Manufacturing (325412), Pharmaceutical and Medicine Manufacturing (32541)

SIC

Pharmaceutical Preparations (2834)

akta.pro primary industry

Endocrinology & Reproductive Health Pharmaceuticals (incl. Women’s Health) (HLAIAAAJ)

Keywords

• Topical drug delivery
• Urology pharmaceuticals
• Alprostadil formulations
• Biopharmaceutical development
• Specialty pharmaceuticals licensing

Headquarters

HQ city

San Diego

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Technology or R&D, Personnel, Operations, Supply Chain, Marketing or Sales, Others

Revenue model

1. Licensing and Royalty Revenue: Revenue generated through licensing agreements with pharmaceutical partners for commercialization of products like Vitaros in Europe and Canada
2. Product Development Partnerships: Strategic partnerships for co-development and commercialization of pipeline products in specific territories

Go-to-market motion1 record

Distribution channels3 records

Marketing channels5 records

Core offering

Apricus Biosciences develops and licenses topical alprostadil-based pharmaceutical products using its proprietary DDAIP-HCl excipient technology. The company focuses on urology and rheumatology indications, with Vitaros® approved in Canada and Europe for erectile dysfunction, and Femprox® and RayVa® advancing in clinical development for female sexual dysfunction and Raynaud's Phenomenon respectively. Apricus commercializes through pharmaceutical licensing partners rather than direct sales.

Product overview

Apricus Biosciences is a biopharmaceutical company developing novel therapies in urology and rheumatology. The company operates a portfolio-based approach with three core products: Vitaros® (topical alprostadil cream for erectile dysfunction, approved in Europe and Canada), Femprox® (topical alprostadil cream for Female Sexual Interest/Arousal Disorder, in development), and RayVa® (alprostadil topical cream for Raynaud's Phenomenon secondary to scleroderma, in Phase 2a development). All products utilize alprostadil as the active pharmaceutical ingredient combined with the company's novel excipient DDAIP-HCl for local delivery. The company commercializes products through partnerships with pharmaceutical companies like Takeda (Europe/Canada Vitaros) and Actavis (US Vitaros rights).

Differentiator

Problem solved

Functional benefit

Brands

• Vitaros®: Topical cream for treatment of erectile dysfunction containing alprostadil plus novel excipient. Approved in Canada and Europe.
• Femprox®
• RayVa®

Products and services

• Vitaros® Topical cream for the treatment of erectile dysfunction containing alprostadil plus a novel DDAIP-HCl excipient. Locally applied with rapid onset and favorable safety profile. Approved and marketed in Canada and Europe.
• Femprox® Topical cream in development for the treatment of Female Sexual Interest/Arousal Disorder (FSIAD). Contains alprostadil and the novel DDAIP-HCl excipient designed for local application to treat women unable to become sexually excited or aroused.
• RayVa® Alprostadil topical cream being developed to treat symptoms associated with Raynaud's Phenomenon secondary to systemic sclerosis. Uses DDAIP-HCl as excipient for local vasodilator delivery to extremities.
• Fispemifene Product candidate mentioned in the Apricus pipeline for urology applications.

Quantifiable outcome

• Demonstrated positive, clinically meaningful responses in measures of erectile function in over 3,000 patients
• +2 more outcomes

Segments3 records

Ideal customer profiles4 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature2 records

Partnerships

Three partnerships are on record, tiered core and flagship.

• Takeda PharmaceuticalscoreChannel Partner/ Reseller/ Distributor · 16 June 2014Takeda launched Vitaros in the United Kingdom in June 2014 and was expected to lead launches in other European markets. Takeda represents a key commercialization partner for Apricus products in Europe.
• ActaviscoreChannel Partner/ Reseller/ DistributorActavis acquired US rights to Vitaros from Apricus for commercialization in the United States market.
• Seelos Therapeutics, Inc.flagshipStrategic or Co-development PartnerApricus merger with Seelos Therapeutics expected to close in Q4 2018. Combined company estimated at $94 million valuation with Apricus shareholders expected to own approximately 15% of the combined entity. Apricus stockholders approved the proposed merger on January 15, 2019.

Scale indicators6 records

Recent moves6 records

Expansion highlights5 records

Broad incumbents

• Endo International: Diversified specialty pharma with a urology franchise including Xiaflex and historically Testim. Comparable to Apricus as a larger incumbent with branded urology/sexual-health assets.
• Allergan / AbbVie: Global pharma with extensive urology, aesthetics and women's health franchises (including the historic AGN women's health business). Comparable as a broad incumbent whose portfolio overlaps with Apricus's therapeutic areas.
• Pfizer (Viagra franchise): Originator of Viagra/sildenafil and owner of the ED market's most recognized brand. Comparable as the incumbent Apricus is implicitly competing against in the PDE5-failure niche.
• Eli Lilly (Cialis franchise): Markets Cialis/tadalafil, the leading oral ED therapy. Comparable as the dominant branded incumbent in Apricus's primary therapeutic area, defining the competitive context for Vitaros.

Direct peers

• Vivus: Specialty pharmaceutical company selling Stendra/avanafil, an oral ED therapy. Directly comparable to Apricus as a small-cap, branded urology-focused pharma targeting sexual health.
• Seelos Therapeutics: Counterparty in Apricus's 2019 merger and small-cap clinical-stage biopharma. Directly comparable given the merger combined two similar small-cap specialty pharma pipelines under one entity.
• Sprout Pharmaceuticals: Acquired the FDA-approved female sexual dysfunction drug Addyi (flibanserin). Highly comparable to Apricus given Femprox targets the same FSIAD indication with no approved competition until Addyi.
• Auxilium Pharmaceuticals (acquired by Endo): Men's health specialty pharma with Testim (testosterone) and Xiaflex (Peyronie's) — directly comparable to Apricus's Vitaros given overlapping urology/sexual-health focus prior to Endo acquisition.

Emerging players

• Ironwood Pharmaceuticals: Small-cap specialty biopharma commercializing Linzess via a partnership model similar to Apricus's Takeda/Actavis licensing structure. Comparable as a peer small-cap using partnerships to scale specialty pharma assets.
• Clarus Therapeutics: Specialty pharma with Jatenzo, an oral testosterone product for hypogonadism. Comparable as a small, men's-health-focused branded pharma navigating similar regulatory and competitive dynamics to Apricus.

Market position

Strengths4 records

Weaknesses5 records

Competitive moat3 records

Key risks6 records

Key highlights6 records

Customer concentration

• Xx.com/ApricusBio
• LinkedInlinkedin.com/company/apricus-biosciences

Revenue estimate

Valuation estimate

Number of profiles

Profiles15 records

Funding overview

Funding rounds2 records

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A1 record

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Apricus Biosciences