SAN DIEGO, Nov. 6, 2012 (GLOBE NEWSWIRE) -- Apricus Biosciences, Inc. ("Apricus Bio" or the "Company") (APRI) (http://www.apricusbio.com) announced today that Bassam Damaj, Ph.D., has resigned as a Director, President, and Chief Executive Officer of the Company and that Steve Martin, Senior Vice President and Chief Financial Officer, has been appointed interim Chief Executive Officer. The changes are effective immediately. The Company also announced today that its Board of Directors has retained an executive recruiting firm to assist in identifying a permanent Chief Executive Officer whose experience is expected to include significant background in commercial operations within the pharmaceutical industry.
Rusty Ray, Chairman of the Board, commented, "On behalf of the Apricus Bio Board, I would like to thank Bassam for his leadership and contributions to the Company, particularly during a challenging time in its history. We wish him luck in his future endeavors. Apricus Bio is moving into a new chapter in its development, one that will continue to be defined by global regulatory and commercial milestones and success. It is the Board's goal to appoint a Chief Executive who can help realize the significant value of our assets, including Vitaros(R), Femprox(R) and our NexACT(R) pipeline, during this important time."
Mr. Ray added: "We have confidence that Steve is both highly qualified and experienced to serve as interim Chief Executive Officer, and the Board looks forward to working closely with him and the senior management team during this transition period."
Mr. Martin has served as Senior Vice President and Chief Financial Officer of Apricus Bio since June 2011. He has over 25 years of experience in leadership roles with significant expertise in growing public companies in a variety of industries, including life sciences. Prior to joining Apricus Bio, Mr. Martin was Senior Vice President and Chief Financial Officer of BakBone Software, where he also served as interim CEO for a ten month period. Mr. Martin has also served in senior positions at Stratagene Corporation, Gen-Probe Incorporated and Deloitte & Touche. He was a former President and is a member of the Board of Directors of Financial Executives International, San Diego Chapter.
About Apricus Biosciences, Inc.
Apricus Bio (APRI) is a pharmaceutical company that develops and markets innovative treatments that help large patient populations across numerous, high-demand therapeutic classes. The Company has four approved products and has developed a strong pipeline of multiple late-stage product candidates. With commercial operations in both the U.S. and Europe (France), Apricus Bio generates revenues and growth from sales of its commercial products and by out-licensing, in certain territories, its pipeline products and NexACT(R) technology.
Apricus Bio's growth strategy is to acquire, develop, and commercialize new products through strategic partnerships. The Company currently has commercial partnerships with multiple large pharmaceutical companies including Novartis, Takeda, Abbott Laboratories, Sandoz, Warner Chilcott and Bracco, and co-promotes multiple products in France.
Apricus Bio is headquartered in San Diego, CA and is publicly traded on the NASDAQ Capital Market under the ticker symbol APRI.
For further information on Apricus Bio, visit http://www.apricusbio.com, and for information on its subsidiary please visit http://www.nexmedusa.com. You can also receive information at http://twitter.com/apricusbio.
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