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Apricus' erectile dysfunction drug launches in Lebanon

Elis Pharmaceuticals Ltd. launched Apricus Biosciences Inc.'s erectile dysfunction drug in Lebanon.

The companies entered an agreement in 2011 to commercialize and market Vitaros in the Gulf States and part of the Middle East. The agreement yielded Apricus $100,000 in up-front payment and a further $100,000 after the drug was approved in Lebanon.

Apricus is eligible to receive up to a further $1.9 million in milestone-related payments for the product, which is approved in Canada and parts of Europe, Latin America and the Middle East.

Apricus will seek U.S. approval of the drug in 2017.