By GlobeNewswire, March 18, 2013, 11:00:00 AM EDT
Steve Martin to Resume Role as Chief Financial Officer
SAN DIEGO, March 18, 2013 (GLOBE NEWSWIRE) -- Apricus Biosciences, Inc. ("Apricus Bio" or the "Company") (Nasdaq:APRI) (www.apricusbio.com) today announced the appointment of Richard W. Pascoe as Chief Executive Officer of the Company, effective March 18, 2013. Mr. Pascoe brings to Apricus Bio over 20 years of experience in corporate strategy as well as product development, sales and marketing in the biopharmaceutical industry, and has held positions of increasing responsibility at leading, innovative life science companies, including Somaxon Pharmaceuticals, ARIAD Pharmaceuticals and King Pharmaceuticals. In addition to his role as CEO, he has also joined the Company's Board of Directors. With Mr. Pascoe's appointment, Steve Martin, Interim Chief Executive Officer, will resume his responsibilities as Senior Vice President and Chief Financial Officer.
"Richard has a proven record of setting and executing on value-building corporate strategy. His experience covers international strategic partnerships as well as product development, commercialization, sales and marketing," said Rusty Ray, Chairman of the Board. "This background will be key to the successful execution of Apricus Bio's strategy as we enter a transformative period for the Company. We look forward to Richard's insights and direction at this pivotal time, as we advance the development and commercialization of Vitaros® and Femprox® in markets around the world."
Mr. Pascoe commented, "Apricus Bio has set itself apart as an innovator in male and female sexual health, addressing markets with significant commercial potential that are vastly underserved by products currently marketed in those indications. I am eager to join the team and build upon the significant progress made to date in developing and commercializing these novel products in markets around the world."
Mr. Pascoe joins Apricus Bio from Somaxon Pharmaceuticals, Inc., where he was Chief Executive Officer since August 2008. At Somaxon, Mr. Pascoe was responsible for the FDA approval and successful commercialization of the Company's lead drug Silenor® and its recent sale to Pernix Therapeutics. Prior to Somaxon, Mr. Pascoe was with ARIAD Pharmaceuticals, Inc., a specialty pharmaceutical company engaged in the discovery and development of oncology product candidates, where he was most recently Senior Vice President and Chief Operating Officer. In that role, and in his previous role as ARIAD's Chief Commercial Officer, Mr. Pascoe played a key role in developing and managing the implementation of ARIAD's corporate strategies.
Prior to joining ARIAD in 2005, Mr. Pascoe held a series of senior management roles at King Pharmaceuticals, Inc., a specialty pharmaceutical company, including Senior Vice President positions in both marketing and sales, as well as Vice President positions in both international sales and marketing and hospital sales. Prior to King, Mr. Pascoe was in the commercial groups at Medco Research, Inc. (which was acquired by King), COR Therapeutics, Inc., B. Braun Interventional and The BOC Group. Mr. Pascoe served as a Commissioned Officer with the U.S. Army 24th Infantry Division, including as an advisor to the Brigade Commander during Operation Desert Storm. Mr. Pascoe received his B.S. degree in Leadership Studies from the United States Military Academy at West Point.
About Apricus Biosciences, Inc.
Apricus Biosciences, Inc. (Nasdaq:APRI) is a pharmaceutical company that develops and markets innovative treatments that help large patient populations across numerous, large-market therapeutic classes including male and female sexual health. The Company has one approved product, Vitaros®, for the treatment of erectile dysfunction, which will be marketed in Canada by Abbott Laboratories, and Femprox®, a product candidate, for the treatment of female sexual arousal disorder, which successfully completed one 400-patient Phase III study in China.
For further information on Apricus Bio, visit http://www.apricusbio.com. You can also receive information at http://twitter.com/apricusbio.
Apricus Bio's Forward-Looking Statement Safe Harbor
Statements under the Private Securities Litigation Reform Act, as amended: with the exception of the historical information contained in this release, the matters described herein contain forward-looking statements that involve risks and uncertainties that may individually or mutually impact the matters herein described for a variety of reasons that are outside the control of the Company, including, but not limited to: its ability to achieve its development, commercialization and financial goals, its ability to further develop its products and product candidates, the timing for the commercial launch of Vitaros® in Canada, and its ability to have its products including Vitaros® and product candidates including Femprox® approved by relevant regulatory authorities, including in various countries around the world. Readers are cautioned not to place undue reliance on these forward-looking statements as actual results could differ materially from the forward-looking statements contained herein. Readers are urged to read the risk factors set forth in the Company's most recent annual report on Form 10-K, subsequent quarterly reports filed on Form 10-Q and other filings made with the SEC. Copies of these reports are available from the SEC's website or without charge from the Company.
CONTACT: Apricus Bio Investor Relations:
David Pitts or Lourdes CatalaArgot Partners
Source: Apricus Biosciences, Inc.