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APRI > SEC Filings for APRI > Form 8-K on 30-Apr-2013All Recent SEC Filings

Show all filings for APRICUS BIOSCIENCES, INC. | Request a Trial to NEW EDGAR Online Pro



Completion of Acquisition or Disposition of Assets, Financial Statement

Item 2.01 Completion of Acquisition or Disposition of Assets

On April 25, 2013, the Apricus Biosciences, Inc. ("Apricus Bio" or the "Company") subsidiaries: Finesco SAS, its French holding company and Scomedica SAS, its French sales company entered into a judicial liquidation procedure as a result of a decrease in the unit's operating performance resulting from recently enacted pricing policies affecting drug reimbursement in France, the subsequent related loss or interruption of certain contract sales agreements and in this context, the Company's strategic decision to cease financing its French subsidiaries. NexMed Pharma SAS, Apricus Bio's other French subsidiary and marketing company, remains in bankruptcy reorganization and has not entered into judicial liquidation.

As a result of the conversion of the bankruptcy reorganization into a liquidation process for Finesco SAS and Scomedica SAS, and the NexMed Pharma SAS bankruptcy reorganization, the Company has determined that the three French subsidiaries will be deconsolidated from the Company's financial statements. Although NexMed Pharma SAS has not entered the bankruptcy liquidation procedure, it is being deconsolidated in connection with the bankruptcy liquidation process underway for Finesco SAS and Scomedica SAS because NexMed Pharma SAS does not have the ability to operate independent of the entities in liquidation and its operations are not material. In connection with the deconsolidation, the Company is filing herewith certain pro forma financial information, which is attached hereto as Exhibit 99.1.

Item 9.01 Financial Statements and Exhibits.

(a) Pro Forma Financial Information

Attached hereto as Exhibit 99.1 is the pro forma financial information required pursuant to Article 11 of Regulation S-X as a result of the Company's disposition of its French subsidiaries.

(d) Exhibits

Exhibit No.       Description

99.1              Unaudited Pro Forma Financial Information as of and for the year
                  ended December 31, 2012.

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