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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>UNITED STATES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>SECURITIES AND EXCHANGE COMMISSION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Washington, D.C. 20549</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>FORM 8-K</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>CURRENT REPORT</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Pursuant to Section 13 OR 15(d) of the Securities
Exchange Act of 1934</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Date of Report (Date of earliest event reported):
January 26, 2012</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font-family: Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 100%; border-bottom: black 1.5pt solid; line-height: 115%; font-size: 10pt; font-weight: bold; text-align: center">Apricus Biosciences, Inc.</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="line-height: 115%; font-size: 10pt; text-align: center">(Exact name of registrant as specified in its charter)</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font-family: Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 34%; border-bottom: black 1.5pt solid; line-height: 115%; font-size: 10pt; text-align: center">Nevada</TD>
    <TD STYLE="width: 33%; border-bottom: black 1.5pt solid; line-height: 115%; font-size: 10pt; text-align: center">0-22245</TD>
    <TD STYLE="width: 33%; border-bottom: black 1.5pt solid; line-height: 115%; font-size: 10pt; text-align: center">87-0449967</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(State or other jurisdiction of</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">incorporation)</P></TD>
    <TD STYLE="line-height: 115%; font-size: 10pt; text-align: center">(Commission File Number)</TD>
    <TD STYLE="line-height: 115%; font-size: 10pt; text-align: center">(I.R.S. Employer Identification No.)</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font-family: Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 61%; border-bottom: black 1.5pt solid; font-size: 10pt; text-align: center">11975 El Camino Real, Suite 300, San Diego, CA</TD>
    <TD STYLE="width: 39%; border-bottom: black 1.5pt solid; line-height: 115%; font-size: 10pt; text-align: center">92130</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="line-height: 115%; font-size: 10pt; text-align: center">(Address of principal executive offices)</TD>
    <TD STYLE="line-height: 115%; font-size: 10pt; text-align: center">(Zip Code)</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Registrant&rsquo;s telephone number, including
area code&nbsp;(858) 222-8041</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;&nbsp;</P>

<HR ALIGN="CENTER" NOSHADE SIZE="1" STYLE="color: Black; width: 30%; margin-top: 3pt; margin-bottom: 3pt">
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; text-align: center; margin-bottom: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(Former name or former address, if changed,
since last report.)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Check the appropriate box below if the Form 8-K filing is intended
to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE ALIGN="CENTER" CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font-family: Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px; line-height: 115%; font-size: 10pt"><FONT STYLE="font-family: Wingdings 2">&#163;</FONT></TD>
    <TD STYLE="line-height: 115%; font-size: 10pt">Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE ALIGN="CENTER" CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font-family: Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px; line-height: 115%; font-size: 10pt"><FONT STYLE="font-family: Wingdings 2">&#163;</FONT></TD>
    <TD STYLE="line-height: 115%; font-size: 10pt">Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE ALIGN="CENTER" CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font-family: Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px; line-height: 115%; font-size: 10pt"><FONT STYLE="font-family: Wingdings 2">&#163;</FONT></TD>
    <TD STYLE="line-height: 115%; font-size: 10pt">Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE ALIGN="CENTER" CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font-family: Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px; line-height: 115%; font-size: 10pt"><FONT STYLE="font-family: Wingdings 2">&#163;</FONT></TD>
    <TD STYLE="line-height: 115%; font-size: 10pt">Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13a-4(c))</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font-family: Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 120px; line-height: 115%; font-size: 10pt; font-weight: bold">Item 1.01</TD>
    <TD STYLE="line-height: 115%; font-size: 10pt; font-weight: bold">Entry into a Material Definitive Agreement.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On January 26, 2012, Apricus Biosciences, Inc.
(the &ldquo;Company&rdquo;), entered into a binding term sheet (the &ldquo;Term Sheet&rdquo;) with PediatRx Inc. (&ldquo;PediatRx&rdquo;)
for (1) a Co-Promotion Agreement in the United States for Granisol&reg; and Aquoral&trade; (the &ldquo;Co-Promotion Agreement&rdquo;)
and (2) a Sale Agreement for Granisol&reg; outside of the United States (the &ldquo;Sale Agreement&rdquo;). Also in the Term Sheet,
the Company entered into a non-binding arrangement (the &ldquo;Arrangement&rdquo;) for the acquisition of PediatRx in a proposed
merger transaction (the &ldquo;Acquisition&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Under the Term Sheet, the Company and PediatRx
will enter into a definitive Co-Promotion Agreement, which will provide the Company with (i) a non-exclusive license to market
and sell Granisol&reg; and Aquoral&trade; throughout the United States and (ii) exclusive promotion rights in a number of U.S.
states. In addition, the Company and PediatRx also agreed in the Term Sheet to enter into a definitive Sale Agreement, pursuant
to which the Company will purchase all of PediatRx&rsquo;s rights and intellectual property rights in Granisol&reg; in all the
countries and territories outside the United States. As consideration for entering into the Co-Promotion Agreement and Sales Agreement,
the Company will pay PediatRx $325,000, plus a percentage royalty on the Company&rsquo;s net sales of Granisol&reg; and Aquoral&trade;
in the U.S.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Pursuant to the Arrangement, the Company has
agreed to non-binding terms on which it would acquire PediatRx. The Company expects to acquire PediatRx in a merger in exchange
for $4,000,000, to be paid in the common stock of the Company. Additionally, the term sheet contemplates the Company assuming certain
PediatRx debt of up to $675,000.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify">The Acquisition is subject to customary
due diligence procedures, approval by the Company&rsquo;s Board and the PediatRx Board and the execution of a mutually agreeable
definitive merger agreement (the &ldquo;Merger Agreement&rdquo;). The Merger Agreement will be subject to customary closing conditions,
including the approval of the PediatRx shareholders and certain termination provisions. The Arrangement includes an additional
payment by the Company to PediatRx of $1,000,000, payable in Company common stock, if the Company elects not to pursue the Acquisition,
subject to certain conditions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On January 27, 2012, the Company issued a press
release announcing the Term Sheet and the Arrangement. A copy of the Press Release is filed herewith as Exhibit 99.1. There is
no prior relationship between the Company and its affiliates on the one hand and PediatRx and its affiliates on the other hand.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font-family: Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 84px; line-height: 115%; font-size: 10pt; font-weight: bold">Item 9.01</TD>
    <TD STYLE="line-height: 115%; font-size: 10pt; font-weight: bold">Exhibits.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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<TR STYLE="vertical-align: top">
    <TD STYLE="width: 60px; line-height: 115%; font-size: 10pt">(d)</TD>
    <TD STYLE="line-height: 115%; font-size: 10pt; font-style: italic">Exhibits</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD NOWRAP STYLE="width: 10%; border-bottom: black 1.5pt solid; line-height: 115%">Exhibit No.</TD>
    <TD NOWRAP STYLE="width: 2%; line-height: 115%">&nbsp;</TD>
    <TD STYLE="width: 88%; border-bottom: black 1.5pt solid; line-height: 115%">Description</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="line-height: 115%">&nbsp;</TD>
    <TD STYLE="line-height: 115%">&nbsp;</TD>
    <TD STYLE="line-height: 115%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="line-height: 115%">99.1</TD>
    <TD STYLE="line-height: 115%">&nbsp;</TD>
    <TD STYLE="line-height: 115%">Press Release, dated January 27, 2012</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>SIGNATURES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Pursuant to the requirements of the Securities
Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="line-height: 115%">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="line-height: 115%">Apricus Biosciences, Inc.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="line-height: 115%">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="line-height: 115%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 53%; line-height: 115%">&nbsp;</TD>
    <TD STYLE="width: 2%; line-height: 115%">By:</TD>
    <TD STYLE="width: 29%; border-bottom: black 1.5pt solid; line-height: 115%">/s/ Randy Berholtz</TD>
    <TD STYLE="width: 16%; line-height: 115%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="line-height: 115%">&nbsp;</TD>
    <TD STYLE="line-height: 115%">&nbsp;</TD>
    <TD STYLE="line-height: 115%">Name: Randy Berholtz</TD>
    <TD STYLE="line-height: 115%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="line-height: 115%">&nbsp;</TD>
    <TD STYLE="line-height: 115%">&nbsp;</TD>
    <TD COLSPAN="2">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Title: Executive Vice President, General Counsel and</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Secretary</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="line-height: 115%">&nbsp;</TD>
    <TD STYLE="line-height: 115%">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="line-height: 115%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="line-height: 115%">Date: January 27, 2012</TD>
    <TD STYLE="line-height: 115%">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="line-height: 115%">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;&nbsp;</P>

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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 OR 15(d) of the Securities
Exchange Act of 1934
Date of Report (Date of earliest event reported):
January 26, 2012
Apricus Biosciences, Inc.
(Exact name of registrant as specified in its charter)
Nevada
0-22245
87-0449967
(State or other jurisdiction of
incorporation)
(Commission File Number)
(I.R.S. Employer Identification No.)
11975 El Camino Real, Suite 300, San Diego, CA
92130
(Address of principal executive offices)
(Zip Code)
Registrant's telephone number, including
area code (858) 222-8041
(Former name or former address, if changed,
since last report.)
Check the appropriate box below if the Form 8-K filing is intended
to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
£
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
£
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
£
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
£
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13a-4(c))
Item 1.01
Entry into a Material Definitive Agreement.
On January 26, 2012, Apricus Biosciences, Inc.
(the "Company"), entered into a binding term sheet (the "Term Sheet") with PediatRx Inc. ("PediatRx")
for (1) a Co-Promotion Agreement in the United States for Granisol® and Aquoral™ (the "Co-Promotion Agreement")
and (2) a Sale Agreement for Granisol® outside of the United States (the "Sale Agreement"). Also in the Term Sheet,
the Company entered into a non-binding arrangement (the "Arrangement") for the acquisition of PediatRx in a proposed
merger transaction (the "Acquisition").
Under the Term Sheet, the Company and PediatRx
will enter into a definitive Co-Promotion Agreement, which will provide the Company with (i) a non-exclusive license to market
and sell Granisol® and Aquoral™ throughout the United States and (ii) exclusive promotion rights in a number of U.S.
states. In addition, the Company and PediatRx also agreed in the Term Sheet to enter into a definitive Sale Agreement, pursuant
to which the Company will purchase all of PediatRx's rights and intellectual property rights in Granisol® in all the
countries and territories outside the United States. As consideration for entering into the Co-Promotion Agreement and Sales Agreement,
the Company will pay PediatRx $325,000, plus a percentage royalty on the Company's net sales of Granisol® and Aquoral™
in the U.S.
Pursuant to the Arrangement, the Company has
agreed to non-binding terms on which it would acquire PediatRx. The Company expects to acquire PediatRx in a merger in exchange
for $4,000,000, to be paid in the common stock of the Company. Additionally, the term sheet contemplates the Company assuming certain
PediatRx debt of up to $675,000.
The Acquisition is subject to customary
due diligence procedures, approval by the Company's Board and the PediatRx Board and the execution of a mutually agreeable
definitive merger agreement (the "Merger Agreement"). The Merger Agreement will be subject to customary closing conditions,
including the approval of the PediatRx shareholders and certain termination provisions. The Arrangement includes an additional
payment by the Company to PediatRx of $1,000,000, payable in Company common stock, if the Company elects not to pursue the Acquisition,
subject to certain conditions.
On January 27, 2012, the Company issued a press
release announcing the Term Sheet and the Arrangement. A copy of the Press Release is filed herewith as Exhibit 99.1. There is
no prior relationship between the Company and its affiliates on the one hand and PediatRx and its affiliates on the other hand.
*           *           *
Item 9.01
Exhibits.
(d)
Exhibits
Exhibit No.
Description
99.1
Press Release, dated January 27, 2012
SIGNATURES
Pursuant to the requirements of the Securities
Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Apricus Biosciences, Inc.
By:
/s/ Randy Berholtz
Name: Randy Berholtz
Title: Executive Vice President, General Counsel and
Secretary
Date: January 27, 2012