Apricus Biosciences Inc. (NASDAQ:APRI) shares opened 18.5% higher on Thursday at $3.29 after confirming overnight it had completed the sale to Ferring International Center SA, a privately listed firm, of Apricus’ ex-US assets and rights related to Vitaros.
Vitaros is Apricus’ on-demand topical cream indicated for the treatment of patients with erectile dysfunction.
Ferring is Apricus’ commercial partner for Vitaros in Latin America and certain parts of Europe and Asia.
Apricus will retain its Vitaros rights in the US and it remains on track to re-submit the Vitaros New Drug Application to the Food and Drug Administration in the third quarter of 2017.
However, the opening share price was diluted from pre-market activity which saw the stock up as much as 26%.