REDWOOD CITY, Calif.--(BUSINESS WIRE)--Jan. 18, 2006--A.P. Pharma, Inc. (NASDAQ:APPA) today announced that it has sold rights to future royalties on sales of Retin-A Micro(R) and Carac(R) to an affiliate of the Paul Royalty Fund (“Paul Royalty”) for up to $30 million. Proceeds of $25 million were received upon the closing of this transaction and will be used primarily to fund pivotal clinical development of APF530, A.P. Pharma’s drug candidate for the prevention of acute and delayed chemotherapy-induced nausea and vomiting (CINV). The remaining $5 million will be paid based on the satisfaction of certain predetermined milestones over the next four years.
