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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Date of Report (Date of earliest event reported): January 10, 2012</font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Apricus Biosciences, Inc.</font></div>
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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">11975 El Camino Real, Suite 300, San Diego, CA</font></div>
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<div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</font></div>
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<div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</font></div>
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<div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</font></div>
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<div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13a-4(c))</font></div>
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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Item 1.01</font></div>
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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Entry into a Material Definitive Agreement.</font></div>
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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">On January 10, 2012, NexMed (U.S.A.), Inc. and NexMed Holdings, Inc. (together, &#8220;NexMed&#8221;), wholly owned subsidiaries of Apricus Biosciences, Inc. (&#8220;Apricus&#8221; and, together with NexMed, the &#8220;Company&#8221;), entered into a license agreement (the &#8220;License Agreement&#8221;) with Elis Pharmaceuticals Ltd. (&#8220;Elis&#8221;), granting Elis the exclusive rights to commercialize MycoVa&#8482;, the Company&#8217;s onychomycosis treatment, in the United Arab Emirates, Oman, Bahrain, Qatar, Saudi Arabia, Kuwait, Lebanon, Syria, Jordan, Iraq and Yemen (the &#8220;Territory&#8221;).</font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Under the License Agreement, Elis will have responsibility for filing for regulatory approval of MycoVa&#8482; in the Territory.&#160;&#160;Upon obtaining regulatory approval in a given country within the Territory, Elis will be required to commercially launch MycoVa&#8482; in that country within three months, and thereafter to undertake certain efforts to successfully commercialize the product.</font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Over the term of the License Agreement, the Company is entitled to receive upfront license fees and milestone payments of up to $2.1 million over the term of the License Agreement.&#160;&#160;The future milestones are tied to regulatory approval and the achievement of certain levels of aggregate net sales of MycoVa&#8482;.&#160;&#160;Additionally, the Company is entitled to receive escalating tiered double-digit royalties on Elis&#8217; sales of MycoVa&#8482; in the Territory.</font><br>
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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Press Release, dated January 10, 2012</font></div>
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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">SIGNATURES</font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">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.</font></div>

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{"company-data": {"conformed-name": "APRICUS BIOSCIENCES, INC.", "cik": "0001017491", "assigned-sic": "2834", "irs-number": "870449967", "state-of-incorporation": "NV", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "000-22245", "film-number": "12518941"}, "business-address": {"street1": "6330 NANCY RIDGE DRIVE,", "street2": "SUITE 103", "city": "SAN DIEGO,", "state": "CA", "zip": "92121", "phone": "(858) 222-8041"}, "mail-address": {"street1": "6330 NANCY RIDGE DRIVE,", "street2": "SUITE 103", "city": "SAN DIEGO,", "state": "CA", "zip": "92121"}, "former-company": {"former-conformed-name": "NEXMED INC", "date-changed": "19970311"}}
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 10, 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 10, 2012, NexMed (U.S.A.), Inc. and NexMed Holdings, Inc. (together, "NexMed"), wholly owned subsidiaries of Apricus Biosciences, Inc. ("Apricus" and, together with NexMed, the "Company"), entered into a license agreement (the "License Agreement") with Elis Pharmaceuticals Ltd. ("Elis"), granting Elis the exclusive rights to commercialize MycoVa™, the Company's onychomycosis treatment, in the United Arab Emirates, Oman, Bahrain, Qatar, Saudi Arabia, Kuwait, Lebanon, Syria, Jordan, Iraq and Yemen (the "Territory").
Under the License Agreement, Elis will have responsibility for filing for regulatory approval of MycoVa™ in the Territory.  Upon obtaining regulatory approval in a given country within the Territory, Elis will be required to commercially launch MycoVa™ in that country within three months, and thereafter to undertake certain efforts to successfully commercialize the product.
Over the term of the License Agreement, the Company is entitled to receive upfront license fees and milestone payments of up to $2.1 million over the term of the License Agreement.  The future milestones are tied to regulatory approval and the achievement of certain levels of aggregate net sales of MycoVa™.  Additionally, the Company is entitled to receive escalating tiered double-digit royalties on Elis' sales of MycoVa™ in the Territory.
*           *           *
Item 9.01
Exhibits.
(d)
Exhibits
Exhibit No.
Description
99.1
Press Release, dated January 10, 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 10, 2012