SAN DIEGO, Feb. 9, 2012 (GLOBE NEWSWIRE) -- Apricus Biosciences, Inc. (“Apricus Bio” or the “Company”) (Nasdaq:APRI) today announced that it has priced an underwritten public offering of 4,938,272 units at a price to the public of $4.05 per unit, for gross offering proceeds of $20.0 million. Each unit consists of (i) one share of common stock and (ii) one warrant to purchase 0.50 of a share of common stock. The shares of common stock and warrants are immediately separable and will be issued separately, and no units will be issued or certificated. The warrants are exercisable immediately upon issuance, having a five-year term and an exercise price of $5.25 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. In addition, Apricus Bio has granted the underwriters a 30 day option to purchase up to an additional 740,740 Units to cover over-allotments, if any. The net offering proceeds to Apricus Bio from this offering are expected to be approximately $18.4 million, after deducting underwriting discounts and commissions and other estimated offering expenses. The offering is expected to close on or about February 14, 2012, subject to customary closing conditions.
