Deal with investor with Aspire Capital Fund slated to span two years
By Devika Patel
Knoxville, Tenn., July 6 – Apricus Biosciences, Inc. said it negotiated a $6 million two-year common stock purchase agreement with Aspire Capital Fund, LLC.
Aspire initially will buy 2,531,645 shares for C$1 million.
Proceeds will be used for working capital purposes.
Apricus is a pharmaceutical research and development company based in San Diego.
| Issuer: | Apricus Biosciences, Inc.
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| Issue: | Common stock purchase agreement
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| Amount: | $6 million
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| Tenor: | Two years
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| Warrants: | No
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| Investor: | Aspire Capital Fund, LLC
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| Settlement date: | July 6
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| Stock symbol: | Nasdaq: APRI
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| Stock price: | $0.40 at close July 5
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| Market capitalization: | $24.13 million
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