NEW YORK, NY / ACCESSWIRE / March 4, 2015 / SeeThruEquity, a leading independent equity research and corporate access firm focused on small-cap and micro-cap public companies, today announced it has initiated coverage on Apricus Biosciences, Inc. (NASDAQ: APRI) with a 12 Month Price Target of $4.22 per share.
The report is available here: APRI Initiation Report. SeeThruEquity is an approved equity research contributor on Thomson First Call, Capital IQ, FactSet, and Zack’s. The report will also be available on these platforms. We also contribute our estimates to Thomson Estimates, the leading estimates platform on Wall Street.
Apricus Biosciences, Inc. (“APRI”) is a biopharmaceutical company focused on the development and commercialization of novel therapeutics in urology and rheumatology. Its lead product, Vitaros(R), for the treatment of erectile dysfunction, is approved in Europe and Canada and commercialized in Europe. The company’s product candidates include fispemifene for the treatment of low testosterone (secondary hypogonadism), chronic prostatitis and lower urinary tract symptoms in men; RayV(TM) a topical treatment for the circulatory disorder Raynaud's phenomenon, and Femprox, a topical cream for the treatment of Female Sexual Interest / Arousal Disorder. Founded in 1987, the company underwent major structural changes over the past two years under the leadership of a new CEO, including the divestment of its U.S.-based oncology supportive care business (Dec 2012), the sale of a contract sales segment (April 2013) and the sale of its diagnostic sales segment (July 2013).
“With approval and extensive partnerships in Europe and Canada, we believe Vitaros has the potential to address a meaningful market opportunity in ED due to its patient-friendly form of administration and its safety profile relative to oral ED products currently on the market. The global market for Erectile Dysfunction treatments totaled $5.5 billion in 2013, including total sales within Europe of $1.3 billion. Apricus believes that as much as 49% of the treatable ED patient population is not currently using any form of medication, providing significant potential to grow the total size of the ED medication market for Vitaros with its very attractive safety profile, rapid onset of 5-15 minutes and 1-2 hour duration of effect,” stated Ajay Tandon, CEO of SeeThruEquity. “We are initiating coverage with a 12 month price target of $4.22 per share.”
Additional investment highlights from the report are as follows:
Vitaros(R) rapid onset topical cream treatment for ED
Vitaros(R) is the first and only topically applied formulation of alprostadil for erectile dysfunction (ED). Although Alprostadil has been available for use in treating ED previously, the use has been limited by application through an injection or penile suppository. Apricus has combined Alprostadil with its proprietary drug delivery platform, NexACT, in order to deliver the drug in a patient-friendly, localized manner. The company's commercial partners are pursuing an aggressive launch strategy for Vitaros in Europe and have so far launched the product in the UK, Sweden, Germany, and Belgium. The company expects continued launches of Vitaros in Europe during 2015. Revenues from Vitaros are derived via product sales, product royalties and milestone revenues. The global market for Erectile Dysfunction treatments totaled $5.5 billion in 2013, including total sales within Europe of $1.3 billion. Apricus believes that as much as 49% of the treatable ED patient population is not currently using any form of medication. This dynamic suggests the potential to nearly double the total size of the ED medication market by providing a treatment with Vitaros’ topical administration and very attractive safety profile, rapid onset of 5-15 minutes and 1-2 hour duration of effect.
Second generation Vitaros in development
To eliminate the refrigeration requirement of Vitaros’ current formulation, APRI has developed a new formulation in which the two principal components of the drug are stored at room temperature in separate chambers of the same device prior to use. The new formulation and the development of the specialized container/mixing/dispensing device have been completed, and Apricus has started manufacturing the devices needed to generate 12-month stability data required to secure European marketing approval. Based on the current plan, APRI expects the approval of the Vitaros room temperature formulation/device in Europe in 2016. We believe the successful launch of the Vitaros room temperature formulation/device extends its long-term market potential and facilitates penetration of new international markets, particularly emerging and tropical-climate markets where refrigeration requirements may currently limit the drug’s potential.
Expands development pipeline by acquiring fispemifene
In October 2014, APRI in-licensed the U.S. development and commercialization rights for a novel selective estrogen receptor modulator ("SERM"), fispemifene, an investigational treatment for urological conditions in men, from Forendo Pharma of Finland. The license agreement combines Apricus' expertise in men's health with Forendo's established leadership in SERM drug discovery, to advance the development of fispemifene as a treatment for Low Testosterone in men (called secondary hypogonadism). We believe the agreement is a major milestone for APRI as it diversifies their technology base and expands their product pipeline into a very large new market with a complementary drug candidate targeting multiple indications in urology.
About Apricus Biosciences, Inc.
Apricus Biosciences, Inc. (APRI) is a biopharmaceutical company advancing innovative medicines in urology and rheumatology. Apricus' lead product, Vitaros(R), for the treatment of erectile dysfunction, is approved in Europe and Canada and is being commercialized in several countries in Europe. Apricus' marketing partners for Vitaros include Abbott Laboratories Limited, Takeda Pharmaceuticals International GmbH, Hexal AG (Sandoz), Recordati Ireland Ltd. (Recordati S.p.A.), Bracco S.p.A. and Laboratoires Majorelle. Apricus' second-generation Vitaros Room Temperature Device is under development and is expected to enhance the product's commercial value. Apricus recently commenced a Phase 2a trial for RayVa(TM), its product candidate for the treatment of the circulatory disorder Raynaud's phenomenon. Additionally, Apricus plans to initiate a Phase 2 trial for fispemifene, a selective estrogen receptor modulator for the treatment of male secondary hypogonadism, chronic prostatitis and lower urinary tract symptoms. Apricus is currently seeking a strategic partner to fund development of Femprox(R), a product candidate for the treatment of female sexual interest/arousal disorder that completed an approximately 400-subject proof-of-concept study.
For more information, please visit www.apricusbio.com.
About SeeThruEquity
SeeThruEquity is an equity research and corporate access firm focused on companies with less than $1 billion in market capitalization. The research is not paid for and is unbiased. We do not conduct any investment banking or commission based business. We are approved to contribute our research to Thomson One Analytics (First Call), Capital IQ, FactSet, Zacks, and distribute our research to our database of opt-in investors. We also contribute our estimates to Thomson Estimates, the leading estimates platform on Wall Street.
For more information visit www.seethruequity.com.
Contact:
Ajay Tandon
SeeThruEquity
info@seethruequity.com
SOURCE: SeeThruEquity
