San Diego-based biopharmaceutical company Apricus Biosciences Inc. reported total revenue of $626,000 for the first quarter of 2016, with a net loss of $2.5 million.
At the same time last year, the company had $475,000 in revenue and a net loss of $6.4 million. This year’s revenue came from royalty revenues, compared to licensing fees from the same period last year. Richard W. Pascoe, chief executive officer of Apricus Biosciences, stated that record Vitaros royalties in Europe during this first quarter and resubmitting the new drug application will help with profitability in 2017. Vitaros is a topical treatment for erectile dysfunction.
Research and development expenses decreased from almost $3.3 million in the first quarter of 2015 to $2.8 million this quarter.
For the second quarter of 2016, the company is reducing its staff, including the executive team, by 30 percent. This includes reducing the board by one member and decreasing the board’s cash compensation. The company plans to continue to reduce operating expenses 30 percent this year and 60 percent in 2017.
Apricus Biosciences Inc. works on medicines in urology and rheumatology.