Apricus Biosciences and Stellar Pharmaceuticals Announce Exclusive License Agreement in Canada for the Commercialization of MycoVa(TM) for Onychomycosis (read more)

Apricus BiosciencesStellar Pharmaceuticals Announce Exclusive License Agreement in Canada for the Commercialization of MycoVa(TM) for Onychomycosis

Apricus Bio Can Receive up to Approximately $8 Million (Canadian) Plus Tiered Double Digit Royalties Under Multi-year Agreement

Stellar Pharma Strengthens its Dermatology Business in Canada With its Second Prescription Product, MycoVa(TM)

SAN DIEGO, CALIFORNIAMILTON, ONTARIO--(Marketwire - Jan. 3, 2012) - Apricus Biosciences, Inc. ("Apricus Bio") (NASDAQ:APRI) ()Stellar Pharmaceuticals Inc. ("Stellar Pharma") (OTCQB:SLXCF)(OTCBB:SLXCF)(PINKSHEETS:SLXCF), a Canadian public company, announced today the signing of an exclusive license agreement. Under the agreement, Stellar Pharma has the exclusive right to sell Apricus Bio's MycoVa™ product for the treatment of onychomycosis (nail fungus) in Canada, following receipt of Canadian regulatory approval for such product. The exclusive license agreement provides for an upfront payment, regulatory approval milestone, sales achievement milestonesroyalty payments during the term of the agreement. 

Onychomycosis is a chronic persistent fungal infection of the nail bed resulting in thickeningdiscoloration of the nail, which sometimes can be accompanied by serious paindisability. According to the Merck Manual, the worldwide incidence rate of onychomycosis is approximately 10%. As described by IorizzoPiraccini (2007), the incidence has been increasing due to diabetes, immunosuppressionan aging population. While occurring in approximately 2.6% of children younger than 18 years, it occurs in as much as 90% of the elderly population (eMedicine.medscape.com). As of 2008, Thomson Reuters Pharma had stated that the worldwide market was approximately $2.8 billion in sizeis expected to grow to approximately $2.9 billion by 2014. 

The advantage of Apricus Bio's MycoVa™ product is that it is easy to apply,is therefore believed to improve patient compliance. MycoVa™ is applied to the infected nails, typically at bedtime, with minimal preparation, such as simply washing with soapwater. The formulation allows significant amounts of the drug to penetrate through the nail plate to the nail bedsurrounding area where fungus is located without significant systemic exposure.

Dr. Bassam Damaj, Chairman, PresidentChief Executive Officer of Apricus Bio commented, "We are very pleased with our exclusive license agreement with Stellar Pharmawe look forward to the future commercialization in the Canadian market of MycoVa™, our second major product utilizing our proprietary NexACT® technology. We are very impressed with the experience of Rob Harrishis team at Stellar Pharma,we are very excited about this first potential launch of this important drug in that market. We also hope that our partnership with Stellar Pharma will produce additional collaborations among multiple NexACT® products in the future."

Rob Harris, PresidentChief Executive Officer of Stellar Pharma stated, "We are excited about this opportunityare very pleased to be able to strengthen our dermatology portfolio in Canada. I would like to thank Bassamhis excellent team at Apricus Bio for providing us with this opportunity to launch MycoVa™ in the Canadian market. We will be assisting Apricus Bio in the filing of a New Drug Submission for MycoVa™ for onychomycosislook forward to its commercial launch in Canada following Canadian regulatory approval."

About MycoVa™

MycoVa™ combines an existing, approved drug for nail fungus, terbinafine, with the NexACT® technology that enhances the absorption of the drug through the skin. In January 2011, the Company announced that an additional analysis showed that MycoVa™ is as effective for the treatment of nail fungus as the current European standard of care for topical therapy, Loceryl® (an ointment made by Galderma).

In June 2011, the Company announced that based on a reanalysis of its Phase III trials for its MycoVa™ product for treating onychomycosis (nail fungus), it is revisiting its regulatory strategy for the drugwill seek guidance from regulatory authorities in the U.S., CanadaEurope. A combined post-hoc analysis of two randomized, double-blind, vehicle controlled, multicenter, parallel group Phase III studies to assess the efficacy, safetytolerability of MycoVa™ demonstrated statistically significant results in primarysecondary efficacy endpoints in favor of active treatment in patients who did not present with comorbid tinea pedis (athlete's foot), as these patients are considered at higher risk of reinfection.

About Apricus Biosciences, Inc.

Apricus Bio is a San Diego-based, revenue-generating, specialty pharmaceutical company, with commercial productsa broad pipeline across numerous therapeutic classes.

Revenuesgrowth are driven from the sales of the Company's commercial products through its Apricus Pharmaceuticals USA, Inc.NexMed (USA), Inc. subsidiariesthrough out-licensing in certain territories of its product pipelineNexACT® technology. Apricus Bio's current pipeline includes Vitaros®, approved in Canada for the treatment of erectile dysfunction, Totect® the only drug approved in the US for the treatment of anthracycline extravasation, as well as compounds in development from pre-clinical through pre-registration currently focused on Sexual Dysfunction, Oncology, Dermatology, Autoimmune, Pain, Anti-Infectives, DiabetesConsumer Healthcare.

The Company also expects to develop and/or acquirethen bring to market additional pharmaceutical products in areas of care that will benefit patient needs worldwide.

For further information on Apricus Bio, visit ,for information on its subsidiary please visit .

About Stellar Pharmaceuticals Inc.

Stellar Pharmaits subsidiary, Tribute Pharmaceuticals, is an emerging Canadian specialty pharmaceutical company focused on the acquisition, licensing, developmentmanagement of pharmaceuticalhealthcare products with its primary focus on the Canadian market. Stellar Pharma currently competes in the dermatology market in Canada with its promotion of Soriatane®* (acitretin).

Stellar Pharma also markets Bezalip®* SR (bezafibrate), NeoVisc® (1.0% sodium hyaluronate solution)Uracyst® (sodium chondroitin sulfate solution 2%) in the Canadian market placeis awaiting regulatory approval for Cambia®** (diclofenac potassium for oral solution) in Canada. Additionally, NeoVisc®Uracyst® are commercially available in 58 countriesare sold globally through various international partnerships. Stellar Pharma is currently in negotiations to license both NeoVisc®Uracyst® in the USother international markets.

,for information on its subsidiary please visit .

Apricus Bio's Forward-Looking Statement Safe Harbor

Statements under the Private Securities Litigation Reform Act, as amended: with the exception of the historical information contained in this release, the matters described herein contain forward-looking statements that involve risksuncertainties that may individually or mutually impact the matters herein described for a variety of reasons that are outside the control of the Company, including, but not limited to, its ability to receive issued patents on its NexACT® technologyproducts, develop such patented technology into product candidates, have its Rx Division productsproduct candidates such as Vitaros®MycoVa™ approved by relevant regulatory authoritiesits Consumer Healthcare Division products either approved or cleared by relevant regulatory authorities or be in compliance with appropriate regulatory requirements, to successfully manufacturecommercialize such Rx Division products as Totect® for the treatment of anthracycline extravasation, Vitaros® for erectile dysfunctionMycoVa™ for onychomycosis in the U.S., Canada,in other countries along with its Consumer Healthcare Division productsproduct candidatesto achieve its other development, commercializationfinancial goals. Readers are cautioned not to place undue reliance on these forward-looking statements as actual results could differ materially from the forward-looking statements contained herein. Readers are urged to read the risk factors set forth in the Company's most recent annual report on Form 10-K, subsequent quarterly reports filed on Form 10-Qother filings made with the SEC. Copies of these reports are available from the SEC's website or without charge from the Company.

Stellar Pharmaceuticals' Forward Looking Statement

This press release contains certain forward-looking statements about Stellar Pharma as defined in the Private Securities Litigation Reform Act of 1995, which statements can be identified by the use of forward-looking terminology, such as "may", "will", "expect", "intend", "anticipate", "estimate", "predict", "plan" or "continue" or the negative thereof or other variations thereon or comparable terminology referring to future events or results. Forward-looking statements, by their nature, are subject to risksuncertainties, Stellar Pharma's actual results could differ materially from those anticipated in these forward-looking statements as a result of numerous factors, including general economic conditions, the ability of Stellar Pharma to successfully integrate operations,the timing of expendituresexpansion opportunities, any of which could cause actual results to vary materially from current results or anticipated future results. See Stellar Pharma's reports filed with the Canadian Securities Regulatory Authoritiesthe U.S. SecuritiesExchange Commission from time to time for cautionary statements identifying important factors with respect to such forward-looking statements, including certain risksuncertainties, that could cause actual results to differ materially from results referred to in forward-looking statements. Stellar Pharma assumes no obligation to update the information contained in this press release to update forward-looking statements to reflect changed assumptions, the occurrence of anticipated events or changes in future operating results, financial condition or business over time.

*SoriataneBezalip are registered trademarksunder license from Actavis Group PTC ehf

**Cambia is a registered trademarkunder license from Nautilus Neurosciences, Inc.