Apricus Biosciences, Inc.
) 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
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
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.
Biogen Idec Inc.
) with a Zacks Rank #1 (Strong Buy).
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