Apricus Biosciences ($APRI) announced that its commercialization partner Ferring Pharmaceuticals has received regulatory approval in Mexico for Vitaros, an on-demand topical cream to treat men with erectile dysfunction. Now, the product is approved in 26 countries globally. However, it is only the second country, after Argentina, in Latin America to approve.
The company is likely to see improved prospects with the approval. Apricus Biosciences has a distribution deal with Ferring. Under the deal, Apricus received upfront payment of $4.5 million. It also received regulatory milestone payment of $1.6 million. The company is further eligible for receiving up to $28 million in payments upon hitting milestones.