Apricus Biosciences Plunges 50% Following 'Disappointing' Phase 2B Data

Shares of Apricus Biosciences Inc (NASDAQ: APRI) plunged more than 50 percent on Monday after the company disclosed "disappointing" Phase 2b data.

Apricus Biosciences stated that a proof-of-concept study of fispemifene in men with secondary hypogonadism and sexual dysfunction failed to achieve statistical significance in key clinical benefit endpoints despite an increase in testosterone levels.

Apricus Biosciences continued that its therapy failed to achieve statistical significance for either the erectile function primary endpoint or low libido secondary endpoint. On the other hand, the therapy was generally well-tolerated with no new or significant safety issues arising from the study.

"We are obviously disappointed with these results," said Richard Pascoe, Chief Executive Officer of Apricus. "As a consequence of these results, we will discontinue all development of fispemifene in symptomatic secondary hypogonadism, and focus our resources on our other homegrown pipeline assets.

The stock traded recently at $0.719, down 46 percent.