This document is a corporate presentation by Apricus Biosciences given at the 2011 Bio International Convention. It provides an overview of Apricus, including its drug delivery platform technology called NexACT, its product pipeline focusing on treatments for erectile dysfunction and female sexual arousal disorder, clinical trial results and regulatory strategies. Key highlights include positive phase 3 results for Vitaros in erectile dysfunction and plans to submit regulatory filings for approval in Europe and discussions with health authorities in other regions for MycoVa for onychomycosis. The presentation provides context on Apricus' financial position and partnerships as a specialty biopharmaceutical company advancing its mid-to-late stage pipeline.

1. Apricus Biosciences, Inc. Corporate presentation
2011 Bio International Convention,
June 27 ‐30, Washington, DC
1

2. Safe‐Harbor Statement
Statements under the Private Securities Litigation Reform Act, as amended: With
the exception of the historical information contained in this presentation, the
matters described herein contain forward‐looking statements that involve risks
and uncertainties that may individually, mutually, or materially impact the
matters herein described, including, but not limited to, the Company’s ability to
execute its business plan, obtain regulatory approval for products under
development, enter into partnering agreements, realize revenue and pursue
growth opportunities, some of which are outside the control of the Company.
Attendees 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. Attendees 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‐Q and its most recent SEC filings. Company
disclaims any intention to update this presentation.
2

3. Financial Snapshot
• NASDAQ: APRI
• Shares Outstanding 19.6M*
• Shares Fully‐diluted 22M*
• Shares in the float 16M*
• Cash‐position $10.2M*
• Share‐price $5.26**
• Marketcap ~$105M**
• Average Daily volume ~320k**
• Revenues 2010 ~$5M
*As of March 31, 2011
**As of June 24, 2011
3

4. Company Highlights
• Specialty Biopharmaceuticals company with proprietary drug delivery platform
technology (NexACT®) to rapidly advance drug candidates through clinical
development
• Mid‐to‐late staged pipeline with multiple, significant near‐term value drivers
• Multiple Partnerships in place with additional significant partnerships expected
near term
• Experienced management team, proven to deliver on milestones and objectives
• Solid financial position: Current cash position through H2 2012 with goal to be cash
flow positive exiting 2011
4

5. NexACT®: Multi‐Route Drug Delivery Technology
• Patented: NCE patents based on proprietary permeation enhancers that are
biodegradable, biocompatible, non‐toxic ingredients that mimic the composition of
human skin and tissues.
• Effective: enables rapid absorption of high concentrations of drug directly to target
site or systemically into blood stream.
• Safe: excellent pre‐clinical and clinical safety dossiers through thousands of patient
exposures
• Versatile: effective with wide range of drugs classes and different routes
• Small molecules, peptides, proteins, SiRNA, anti‐sense, and antibodies
• Transdermal, Oral, Sub‐Q, Buccal, Rectal, Nasal, Ophthalmic
5

6. NexACT® (DDAIP) MOA‐Loosening Tight Junctions
6

7. Apricus Bio Product Pipeline
7

8. Vitaros®
(alprostadil/DDAIP) for the Treatment of Erectile Dysfunction
• PGE1, potent vasodilator, topical cream, high viscosity
• Only approved ED drug for all patients
• Rapid onset (generally 6‐30 minutes)
• Significant efficacy, including difficult to treat populations
• Diabetics
• Hypertensives
• Patients with cardiac issues
• Patients on nitrates and alpha blockers
• Prostatectomy patients
• Sildenafil (Viagra®) failures
• Side effects are generally mild, transient and topically related
• Studied in over 3,300 patients
8

9. Vitaros®
Key Conclusion:
Vitaros® 300 mcgs/100 ml dose strength is comparable to Viagra® 50 mgs dose strength
Phase 3 Pivotal Clinical Studies
Integrated Efficacy Analysis – Intent to Treat Population
Global Assessment Question
When using the study medication, did you feel your erections improved?
Vitaros® Viagra®
p<0.001 50 mgs and 100 mgs
Vitaros®
p<0.001
Vitaros®
p<0.001
Placebo
(Vitaros®
study) Placebo
(Viagra®
study)
Vitaros® Studies
Vitaros Vitaros Vitaros Vitaros
N=394 N=408 N=392 N=398 Viagra® Studies
Source: Viagra PI; Patients were started on 50 mg and allowed to adjust the dose up to 100 mg or down to 25 mg of VIAGRA; all patients, however, were receiving 50 mg or 100 mg at
the end of the study. On a global improvement question, 57% of VIAGRA patients reported improved erections versus 10% on placebo.
9

10. Vitaros®
(alprostadil/DDAIP) for the Treatment of Erectile Dysfunction
10

11. Vitaros®
Discontinuation Due to Serious Adverse Events: Orals vs. Vitaros®
% of Patients
Discontinuation Rhinitis/Nasal
Drug Rate Headaches Flushing Congestions Back Pain Dyspepsia Abnormal Vision
Vitaros® 0 0 0 0 0 0 0
Viagra® 2 16 10 7 >2 7 11
Cialis® 3.1 15 3 3 6 10
Levitra® 3.4 15 11 3 2 5
Key Conclusions:
•Vitaros® presents an excellent safety and tolerability profile
• No serious side effects
• Most adverse events were localized to the site of application
but were mild and short in duration
Source: Vitaros PIII Clinical Trial; PDE5 Package Inserts
11

12. Vitaros®
(alprostadil/DDAIP) for the Treatment of Erectile Dysfunction
12

13. Femprox®
(alprostadil/DDAIP) for the Treatment of Female Sexual Arousal
Disorder (FSAD)
Premeasured unit dose
225 mg of cream containing
0.4 % alprostadil (900 µg), DDAIP 0.5%
13

14. Femprox® Phase 3 Study
• A Randomized, Placebo‐Controlled, Double‐Blind, Parallel Design Study of the
Efficacy and Safety of Alprostadil Cream in Patients with Female Sexual Arousal
Disorder (FSAD)
o n= 400 patients placebo, 500, 700 or 900 mcg alprostadil cream groups, Application sites:
clitoris and G‐spot
o Five (5) month study
14

15. Femprox® Phase 3 Study
Safety and Tolerability
• The most frequently reported adverse events were
mild to moderate local irritations, and were 14%,
22%, 18% and 31% observed for the placebo,
500mcg, 700 mcg and 900 mcg groups, respectively.
• No serious adverse events were reported.
• Overall, 5 patients (1.2%) were withdrawn from the
study because of adverse events.
15

16. Femprox® Clinical/ Regulatory Strategy Next Steps
Tasks Schedule
1. Establishment of US and EU Clinical Advisory Board
• Help design of confirmatory Phase 3 trial
required by FDA Q2, 2011
2. Submission of briefing books
for health authority interactions aimed at:
• Approvability of successful single Phase 3 trial 2 H, 2011
in Europa, Canada and Switzerland
• Type A FDA meeting to agree on regulatory path forward
for NDA.
3. Efforts to engage a pharmaceutical partner to continue 2 H, 2011
clinical development
16

17. MycoVa™
(Terbinafine/DDAIP) for the Treatment of Onychomycosis
•Synthetic allylamine derivative which inhibits enzyme squalene epoxide in fungal
cell
•DDAIP ‐ significant drug penetration through nail plate to bed and surrounding area
•Formulations advantages
• Drug availability
• Not trapped in lacquer matrix
• Easily treat adjacent skin and folds
• Patient convenience
• Ease of application, quick drying MycoVa™
• Wash off, no lacquer removal
•Clinical Studies in ~900 patients
• 2 Phase 3 trials completed in US, EU and Canada
• 1 EU comparator trial vs. Loceryl® (amorolfine)
17 10 June‐8‐2011

18. MycoVa™ ‐ Approval Path for Europe
EU Regulatory Strategy:
• Switch from superiority claim to non‐inferiority claim based on N2303 data
and reanalysis.
• Obtain scientific advice from European health authorities.
• Partnering attempts prior to market authorization.
Clinical Studies conducted in more than 2000 patients world‐wide:
• China Proof of Concept Study – High clinical and mycologucal cure rate
• US Phase 1 (Safety and PK) – Relevant concentrations in nail clippings
• US, Canada and EU Phase 3 (N2301 and N2302) – Primary Endpoint not met
• Phase 3 comparative trial (N2303) vs amorolfine (Loceryl) – no difference
• Total patients treated > 2,000
18

19. EU Trial‐Non‐Inferiority Analysis
Terbinafine is non‐inferior to amorolfine
Mycological Cure Rates at the End of Study (ITT Population, LOCF)
Mycological Cure Rate, Chi-square 95%
n (%) Confidence Interval
Difference
Terbinafine Amorolfine Continuity
(N=507) (N=522) Uncorrected Corrected
82 (16.17) 82 (15.71) 0.46 -4.01, 4.94 -4.20, 5.13
19

20. MycoVa™‐ Approval Path for US and RoW
New Clinical Data Analysis
• Combined analysis of N2301 and N2302 show significant efficacy vs. placebo
in mycological cure rate
• Revised analysis of N2301 and N2302 without comorbid tinea pedis shows
statistically significant superiority vs. placebo, especially at later stages of the study
US/ROW Regulatory Strategy:
• Currently requesting guidance from Health Canada and FDA to achieve approval
as antifungal with “mycological cure rate” as relevant endpoint
20

21. New Analyses: Combined Phase 3 studies N2301 and
N2302
Mycological cure in combined analysis Revised analysis on mycological cure rate
= negative KOH microscopy & dermatophytes negative excluding patients with concomitant tinea pedis
culture
Proportion Difference P< 0.0001
Treatment n p-value† P=0.0003
(%) (95% CI)*
Terbinafine
24w 33 12.74 P=0.0058 n=174
(N=259) 6.54
0.0141
Vehicle ( 1.52, 11.55)
24w 16 6.20 n=175
(N=258)
Terbinafine
48w 51 18.82
(N=271)
13.35
<0.0001
Vehicle ( 7.93, 18.77)
48w 14 5.47
(N=256)
[*] Difference is terbinafine minus vehicle. Two-sided 95% CI of
difference is based on the normal approximation to the binomial. Mycological Cure is significantly greater in patients
[†] p-value given by the normal inverse combination test.
Studies included: [Study N2301] and [Study N2302]
without comorbid tinea pedis (TP) treated with MycoVa™
ITT population, LOCF, at the end of the study (week 52) over 48 weeks than those receiving placebo at later
Source: Table 3.2-4 – CSFO327SCE – Combined data
stages of the study extending through to week 52.
21

22. MycoVa™ mycological cure rates in perspective with
Penlac® data
In the ITT analyses of Phase 3 studies
terbinafine-DDAIP/HCl shows statistically significant *
mycological cure compared with placebo, slightly higher than in pivotal ciclopirox studies.
Combined analysis excluding patients with tinea pedis increases the efficacy margin vs. placebo.
Mycological Cure = negative KOH microscopy & dermatophytes negative culture
* *
*
n.s . *
* *
n=110 n=223 n=237 n=264 n=263
n=527
n=349
Source: FDA Medical Review of ciclopirox Source: Nexmed Clinical Study Reports for terbinafine-DDAIP/HCl
22 Apricus Bio (NexMed USA's NexACT Technology) 7/29/2011

23. Market Opportunity
• Multifunctional NexACT® Small Molecule Platform Targets Over $10 Billion in approved and
Late‐Stage Product Opportunities
• Vitaros® For erectile dysfunction. Approved in Canada. NDA filed in US and Europe.
Worldwide market over $4 Billion
• Femprox® For FSAD. One successful Phase III. Awaiting guidance for filing in Europe
and Canada. Preparing for US Phase III for NDA filing. Worldwide market
estimated to be up to $4 Billion
• MycoVa™ For Onychomycosis. Europe Comparator Phase III trial competed. Awaiting
guidance for filing in Europe and Canada. Worldwide market over $1 Billion
• PrevOnco™ For liver cancer (HCC). In Phase II and heading to Phase III. Worldwide
market over $1 Billion
(Partial Pipeline)
23

24. Milestones Achieved
Had first drug Vitaros® for erectile dysfunction approved by Health Canada
Strengthened financial foundation of the company
Cash into H2 2012
Completed first partnerships for Vitaros®
Bracco‐Vitaros® (Italy)
Elis‐Vitaros® (Middle East)
Neopharm‐Vitaros® (Israel)
Unqualified audit opinion (Going Concern removed for the 1st time in 9 years)
Filed for European Approval for Vitaros® in Q2 2011
Last Financing October 2010 ~$9M at $1.83
Returned on shareholder value
Up over 50% YTD
24

25. Near Term Upcoming Milestones
Announce additional ex‐US commercial partnerships for Vitaros®:
Canada
Europe
Africa
Latin America
Announce clinical development and regulatory milestones
Goal to be cash‐flow positive by the end of 2011
through upfront payments from partnership agreements
Commence sales of Vitaros® in Canada
25

26. Upcoming Milestones
Announce first NexACT® technology licensing deal
File for marketing approval in Canada and Europe depending on regulatory
guidance for
MycoVa™
Femprox®
Out‐license other late‐stage clinical products
Femprox®
MyCova™
PrevOnco™
26

27. Commercial Partners for Vitaros®
USA
Middle East & Gulf
Israel
Italy
27

28. Proven & Experienced Management Team
• President & CEO‐ Dr. Bassam Damaj
• Pfizer, Genentech (now Roche), Pharmacopeia (now Ligand), Tanabe Seiyaku (now
Mitsubishi‐Tanabe), Bio‐Quant, Celltek, R&D Healthcare
• Strong Finance, Operations, and Legal Team
• Steve Martin‐ Gen‐Probe, Stratagene (now Agilent)
• Edward Cox‐ Bio‐Quant, NexMed
• Randy Berholtz‐ Nanogen, ACON Labs
• Proven Senior Business Development Team
• Mark Wilson‐ Pfizer, Halozyme (Technology)
• Linda Smibert‐ BMS, AstraZeneca, Santarus (Products)
• Experienced Research & Development and Medical/Regulatory Affairs Team
• Daniel Frank ‐ Wyeth, Pfizer
• Dr. Mohamed Hachicha ‐ Forest Labs, Purdue Pharma
• Dr. Richard Martin ‐ Exelixis
• Dr. Joachim P.H. Schupp – Ciba‐Geigy, Novartis
28

29. In Summary
• Approved drug (Vitaros®) and clinically validated drug delivery technology
• Commercial partnerships in place and expanding
• Efficacy and Safety of DDAIP as topical drug vehicle established thousands
of patients
• Clinical and Regulatory Strategy to drive projects in place
and developing
• Unique, patented and versatile technology that can be partnered multiple
times to multiple partners & used to develop multiple drugs
• Revenue‐generating with current cash reserves into H2 2012
29