7/6/2011 10:15:58 AM
SAN DIEGO, July 6, 2011 (GLOBE NEWSWIRE) -- Apricus Biosciences, Inc. ("Apricus Bio") (Nasdaq:APRI) announced today that it has sold its wholly-owned subsidiary, Bio-Quant, Inc. ("Bio-Quant"), a specialty biotechnology Contract Research Organization ("CRO"), to BioTox Sciences ("BioTox"), a San Diego-based CRO. Under terms of the agreement, Apricus Bio will receive a minimum of $5 million in up-front and future earn-out payments, with the potential for as much as $20 million over the next ten years, based on BioTox's currently projected revenues. Additionally, Apricus Bio has retained all NexMed-related research conducted by Bio-Quant as well as the profitable Bio-Quant diagnostic kit business.
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