Apricus Biosciences (APRI) saw its loss narrow to $1.29 million, or $0.19 a share for the quarter ended Sep. 30, 2016. In the previous year period, the company reported a loss of $5.03 million, or $1 a share.
Revenue during the quarter surged 239.12 percent to $4.32 million from $1.27 million in the previous year period. Gross margin for the quarter contracted 6971 basis points over the previous year period to 19.13 percent.
Operating loss for the quarter was $1.40 million, compared with an operating loss of $5.89 million in the previous year period.
"In the third quarter, we focused our efforts on advancing the regulatory and commercial success of Vitaros through our partners. Since July, our partners have launched Vitaros in five additional countries in Europe, and received an additional five marketing authorizations for Vitaros in Europe, Latin America and the Middle East. Further, the transfer of commercial rights to Ferring in certain countries in Europe and Asia was completed," stated Richard W. Pascoe, chief executive officer. "Looking forward, our focus continues to be increasing Vitaros ex-U.S. revenue and obtaining the regulatory approval of Vitaros in the United States. Our Type B meeting with the FDA, which is scheduled for November 17, 2016, remains on schedule. The purpose of this meeting is to confirm our strategy for addressing the deficiencies contained in the original 2008 Complete Response letter. We will incorporate any FDA feedback into the final resubmission, which we expect to occur in the fourth quarter. "
2016 Financial Outlook In 2016
Apricus expects to continue to generate cash from milestone or licensing payments and royalty revenues from its partners’ sales of Vitaros. Apricus will also continue to pursue out-licensing opportunities for Vitaros in Asia. Apricus’ expenditures will include minimal costs for the preparatory Phase 2b clinical development of RayVa, as well as costs for activities associated with supporting the regulatory approval of Vitaros in the U.S. and the commercialization of Vitaros in Europe.
Debt comes down significantlyApricus Biosciences has recorded a decline in total debt over the last one year. It stood at $7.37 million as on Sep. 30, 2016, down 25.35 percent or $2.50 million from $9.88 million on Sep. 30, 2015. Total debt was 87.66 percent of total assets as on Sep. 30, 2016, compared with 102.88 percent on Sep. 30, 2015. Disclaimer: Please note that this is an auto-generated article. IRIS does not guarantee the accuracy, adequacy or completeness of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information. IRIS especially states that it has no financial liability whatsoever to any user on account of the use of information provided on its website. For queries contact: editor@irisindia.net
