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$50MM+ from Offering Provides A.P. Pharma with the Cash to Commercialize APF530 Once Approved


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-NDA Resubmission Expected in September 2012-


Report is Available for Download at: www.lifesciadvisors.com/clients/ap

A.P. Pharma (OTC BB: APPA) announced that the Company entered into a private placement that has anticipated net proceeds of $50.7MM. We believe that the cash balance post raise will allow A.P. Pharma to commercialize APF530 itself, thereby creating additional value for its shareholders. A.P. Pharma also announced that the APF530 NDA resubmission is expected in September 2012 with a potential approval in 1H13 and subsequent launch in 2H13.

A.P. Pharma Plans to Sell 102 Million Shares at $0.525, Netting a Total of $50.7MM. On Wednesday, A.P. Pharma announced that it entered into an agreement with investors for a private placement of common stock. The offering is expected to allow investors to purchase 102 million shares of common stock at $0.525 per share, grossing $53.6MM and netting the Company an anticipated $50.7MM. The offering is expected to close around the end of the month. Including the proceeds from the offering, the Company has a pro forma cash balance of $67MM (based on the 1Q12 cash balance). We believe this cash will be sufficient to fund A.P. Pharma well into APF530 commercialization. We view the offering as positive as it removes the financing overhang from the stock.

 

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