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Apricus Biosciences, Inc. Message Board

  • court.fool2000 court.fool2000 Mar 18, 2013 12:33 PM Flag


    n December 2009, the Company acquired Bio-Quant, Inc. (“Bio-Quant”) for $13.7 million, which included the issuance of promissory notes for $12.1 million and 0.3 million shares of common stock valued at $1.6 million. During 2010, the Company repaid all of outstanding principal of the promissory notes through the issuance of 4.6 million shares of common stock to the note holders valued at $18.8 million. The results of Bio-Quant’s operations have been included in the Five Year Selected Financial Data from the date of acquisition through June 2011, the date that Bio-Quant was sold to a third party. Costs associated with the merger of $0.6 million were expensed during 2009. In connection with the valuation of the future expected cash flows and the goodwill related to Bio-Quant at December 31, 2010, an impairment charge of $9.1 million was taken in 2010 to write off the entire value of goodwill from this acquisition. During 2011 a loss on the sale of $2.8 million was recognized and during 2012 a recovery of $0.3 million of the loss was recognized for an earn-out payment received that was considered to have a fair value of zero at the time of sale.

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