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March 14, 2013
08:50 EDTAPRIApricus Biosciences ceases financing of French subsidiaries
Apricus Biosciences announced that it intends to cease financing its French subsidiaries, Finesco SAS, its French holding company, Scomedica SAS, its French sales company and NexMed Pharma SAS its marketing company. In line with its previously stated corporate strategy, the company will continue to focus its resources on commercializing its lead product Vitaros, for the treatment of erectile dysfunction, or ED, and on further developing through clinical trials it lead product candidate, Femprox, for the treatment of female sexual arousal disorder, or FSAD. The strategic decision to cease financing its French subsidiaries follows a decrease in the unit's operating performance resulting from recently enacted pricing policies affecting drug reimbursement in France and the subsequent, related loss or interruption of certain contract sales agreements. Given these events, the company re-assessed the fair value of the reporting unit of the French subsidiaries and as a result of that assessment, the company recorded one-time, non-cash, impairment charges totaling approximately $8.8M in 4Q12.
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