The issue comes with a warrant exercisable at US$0.45 per share with the money earmarked for general working capital.
San Diego-based, Apricus’s key product is erectile disfunction cream Vitaros, which is being steadily rolled out in Europe.
Earlier this month, Slovakia and the Czech Republic became the two latest European countries where the product went on sale.
The group intends to re-file its application for the US later this year after the Food and Drug Administration raised safety and manufacturing in the original Vitaros submission.
Shares eased 14% to 0.342.