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Apricus' Loss Narrows Y/Y

Zacks Equity Research

Apricus Biosciences, Inc. (APRI) reported second-quarter 2013 loss of 15 cents per share, narrower than the year-ago loss of 16 cents. Second-quarter loss was wider than the Zacks Consensus Estimate of a loss of 13 cents.

Revenues increased to $1.2 million from $0.3 million in the year-ago quarter. The increase was due to a $0.6 million increase in license fee revenue, which comprised a $0.3 million milestone payment from Bracco SpA and deferred revenues of $0.3 million. The increase in revenue was also due to a $0.6 million increase in contract service revenue.

Research and development (R&D) expenses increased 49% to $1.5 million. Expenses were driven by increased consulting services in support of Biodel’s regulatory filings in Europe and higher expenses associated with the manufacture and regulatory filings for Vitaros. General and administrative expenses increased 12% to $3.7 million in the reported quarter.

Vitaros (erectile dysfunction) is the only approved product of Apricus. In Jun 2013, Apricus received approval for Vitaros under the European Decentralized Procedure (:DCP). Apricus’ marketing approval application for Vitaros designated Netherlands as the Reference Member State (:RMS) on behalf of nine other European Concerned Member States (France, Germany, Italy, UK, Ireland, Spain, Sweden, Belgium and Luxembourg) that participated in the procedure.

Recently, Apricus got national phase approvals for Vitaros in Ireland, The Netherlands, the UK and Sweden.

The company’s main area of focus for 2013 is the launch of Vitaros and clinical development of Femprox (female sexual dysfunction treatment). Vitaros and Femprox are both based on Apricus’ proprietary drug delivery technology, NexACT.

Currently Apricus carries a Zacks Rank #3 (Hold). Companies which look attractive include Gilead Sciences Inc. (GILD), Biogen Idec Inc. (BIIB) and Actelion Ltd. (ALIOF) with a Zacks Rank #1 (Strong Buy).

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