Under the term sheet for the co-promotion and sale agreement, Apricus will receive rights to co-promote Granisol and AQUORAL in the US, with exclusive promotion rights in certain states.
Granisol is a proprietary formulation of granisetron indicated for the prevention of nausea and vomiting associated with initial and repeat courses of emetogenic cancer therapy.
AQUORAL is currently being co-promoted by PediatRx on behalf of Bi-Coastal Pharmaceutical. Xerostomia can be a debilitating medical.
Apricus will purchase all non-US rights and intellectual property to Granisol owned or controlled by PediatRx in exchange for a cash payment of $325,000.
The exchange also includes a tiered co-promotion fee equal to a percentage of Apricus’s net operating income from US sales of GRANISOL.
Apricus Bio also announced that it has signed a non-binding term sheet with PediatRx under which Apricus Bio may acquire PediatRx through a merger.
Pursuant to the term sheet, Apricus Bio expects to pay approximately $4m in stock and assume up to $675,000 in debt of PediatRx.
Apricus chairman, president and CEO Bassam Damaj said PediatRx is an ideal fit for Apricus, as it provides them with two additional marketed oncology products with significant worldwide sales potential.