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APRI > SEC Filings for APRI > Form 8-K on 16-Feb-2012All Recent SEC Filings

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Form 8-K for APRICUS BIOSCIENCES, INC.

16-Feb-2012

Entry into a Material Definitive Agreement


Item 1.01 Entry into a Material Definitive Agreement.

On February 15, 2012, Apricus Biosciences, Inc.'s wholly-owned subsidiary, NexMed (USA), Inc. (the "Company"), entered into an exclusive license and collaboration agreement with Sandoz, a division of Novartis ("Sandoz"), to market Company's Vitaros® drug for the treatment of erectile dysfunction in Germany.

Pursuant to the collaboration, Sandoz will pay the Company up to €21 million - divided into a fixed upfront payment and specific regulatory and potential commercial milestones - as well as, double digit royalties on net sales. Total upfront and milestone payments represent approximately $28 million based on the current exchange rate.

Vitaros® is approved for marketing in Canada and an application for marketing approval in Europe has been filed.

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