Apricus Biosciences Inc (NASDAQ:APRI) undertook a series of strategic corporate initiatives earlier this month with the intention to attain profitability.
Firstly, the company notified its shareholders that from now onwards it will focus mainly on commercial and regulatory activities related to Vitaros. In this direction, the company is looking forward to re-submit New Drug Application (NDA) with the Food and Drug Administration (FDA) in the third quarter of 2016. If the company is able to meet the submission deadline, then it can gain approval by as early as the first half of 2017.
Meanwhile, Apricus Biosciences will extend full support to its existing commercial partners’ to help boost its revenues in 2016 and beyond. Alongside this, the company is working towards the goal of expanding Vitaros to regions such as Europe, Middle East, and Latin America. Also, the company plans to launch Vitaros in ten new countries by the first half of 2017.
Trimming operating expenses
Given increased priority for Vitaros, the company has announced its intention to discontinue all of the ongoing clinical activities in other drug pipelines. The company tends to focus on improving the delivery device for Vitaros and finalise the pathway for RayVa Phase 2b.
While presenting the new strategic route, the company also announced a steep reduction in its operating expenses. The company is set to reduce its workforce by 30%. Moreover, the company has trimmed the size of its Board to reduce Board of Directors related compensation and has also cut the cash compensation to Board members.
The company will notify any additional details related to its strategic initiatives during its conference call in May. The company will also publish the first quarter financial results for 2016 during the call.
Following the announcement, the company announced exit of Barbara Troupin, M.D., M.B.A., who served the company as Senior Vice President and Chief Medical Officer.