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Apricus Biosciences (APRI) Prices $17.1 Million Public Offering of Common Stock and Warrants


5/23/2013 9:35:23 AM

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SAN DIEGO, May 23, 2013 (GLOBE NEWSWIRE) -- Apricus Biosciences, Inc. ("Apricus Bio" or the "Company") (Nasdaq:APRI) today announced that it has priced an underwritten public offering of an aggregate of 6,000,000 shares of common stock at a price to the public of $2.85 per share, and warrants to purchase up to an aggregate of 3,000,000 shares of common stock for gross offering proceeds of $17,100,000. The shares of common stock and warrants are immediately separable and will be issued separately. The warrants are exercisable immediately upon issuance, have a five-year term and an exercise price of $3.40 per share. The warrants will be certificated, and will be delivered to the investors by physical delivery following the closing. There is no established public trading market for the warrants and we do not expect a market to develop. Certain officers and directors of the Company have also participated in the offering and will be purchasing the offered securities from the underwriters.

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