DGAP-News: Apricus Biosciences Announces Removal of Auditor–s –Going Concern– Opinion From Its 2010 Form 10-K and Increased Cash Reserves

Apricus Biosciences, Inc.

08.03.2011 15:57
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SAN DIEGO, 2011-03-08 15:57 CET (GLOBE NEWSWIRE) –Apricus Biosciences, Inc. (–Apricus Bio–) (Nasdaq:APRI) announced today that
the going concern paragraph has been removed from its audit opinion contained
in its upcoming filing of Form 10-K for the year ended December 31, 2010 and
the Company has increased cash reserves in 2010 compared to the previous year.
Apricus Bio will file its Form 10-K for the year ended December 31, 2010 by the
close of business on Thursday, March 10, 2011.

The going concern assumption in the Generally Accepted Auditing Standards (SAS
59, The Auditor–s Consideration of an Entity–s Ability to Continue as a Going
Concern) requires an auditor to evaluate conditions or events that raise
questions about an entity–s ability to continue as a going concern. Typically,
if an auditor has concerns about a firm–s ability to continue as a going
concern, the audit opinion will contain a paragraph outlining issues with this
assumption. In its to-be-filed 10-K report for the year ended December 31,
2010, the Company–s auditors did not include any such going concern paragraph
in their audit opinion.

–Having the going concern issue removed from our audit opinion for the first
time in nine years is a significant accomplishment for our relatively new
management team, further affirming our continued success in the execution of
the Company–s goals,– noted Dr. Bassam Damaj, President and Chief Executive
Officer of Apricus Bio. –Having the going concern opinion removed not only
validates our business strategy but also instills further trust in our
management team by our shareholders, as well as, with the numerous
pharmaceutical companies, which we are in active partnership discussions with
at this present time.–

Dr. Damaj continued, –At December 31, 2010, the Company had approximately $9.1
million in cash reserves and our current cash reserves of approximately $11
million should provide us with sufficient cash to fund our operations into the
second half of 2012. In addition, we will receive upfront payments and we may
receive milestone payments and royalties in 2011 from existing and future
licensing deals. We would expect such payments to extend our cash runway even
further.–

For the year ended December 31, 2010, the Company reported a net loss per share
of $2.49, which includes a non-cash impairment charge of approximately $10
million for the write down of goodwill and intangible assets and non-cash
interest charges of approximately $8.7 million, as compared to a net loss per
share of $5.43 in 2009 which also included non-cash interest charges of
approximately $28.3 million.

–Having laid a solid financial foundation in 2010 we remain focused on
continuing to execute our long term strategy to continue to move the company
towards eventual profitability,– noted Dr. Damaj.

About Apricus Biosciences, Inc.

Apricus Bio, a San Diego based revenue-generating pharmaceutical company, has
leveraged the flexibility of its clinically-validated NexACT(r) drug delivery
technology to enable multi-route administration of new and improved compounds
across numerous therapeutic classes. Revenues and growth are driven from
out-licensing of this technology for the development andcommercialization of
such compounds to pharmaceutical and biotechnology companies worldwide. In
addition, the Company is seeking to monetize its existing product pipeline,
including its first product, Vitaros(r), approved in Canada for the treatment of
erectile dysfunction, which is currently expected to be available on the
Canadian market in 2011, as well as compounds in development from pre-clinical
through Phase III, currently focused on sexual dysfunction, oncology,
dermatology, autoimmune, pain, anti-infectives, diabetes and cosmeceuticals
among others.

For further information on Apricus Bio, visit http://www.apricusbio.com and for
information on its subsidiaries please visit www.nexmedusa.com or
www.bio-quant.com. You can also find out more about the company by visiting
http://twitter.com/apricusbio http://facebook.com/apricusbio.

Apricus Bio–s Forward-Looking Statement Safe Harbor

Statements under the Private Securities Litigation Reform Act, as amended: with
the exception of the historical information contained in this release, the
matters described herein contain forward-looking statements that involve risks
and uncertainties that may individually or mutually impact the matters herein
described for a variety of reasons that are outside the control of the Company,
including, but not limited to, its ability to enter into license agreements
with potential pharmaceutical partners and obtain upfront and milestone
payments as well as royalties and to achieve other of its financial goals.
Readers are cautioned not to place undue reliance on these forward-looking
statements as actual results could differ materially from the forward-looking
statements contained herein. Readers are urged to read the risk factors set
forth in the Company–s most recent annual report on Form 10-K, subsequent
quarterly reports filed on Form 10-Q and other filings made with the SEC.
Copies of these reports are available from the SEC–s website or without charge
from the Company.

CONTACT: Apricus Biosciences, Inc.
Edward Cox, V.P.
Investor Relations&Corporate Development
Apricus Bio, Inc.
(858) 848-4249
ecox@apricusbio.com

Apricus Bio Investor Relations
Paula Schwartz
Rx Communications Group, LLC
(917) 322-2216
pschwartz@rxir.com
News Source: NASDAQ OMX

08.03.2011 Dissemination of a Corporate News, transmitted by DGAP –
a company of EquityStory AG.
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Language: English
Company: Apricus Biosciences, Inc.

United States
Phone:
Fax:
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Internet:
ISIN: US9901429525
WKN:

End of Announcement DGAP News-Service

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