13G Filing: Intracoastal Capital, LLC and Apricus Biosciences Inc. (APRI)

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

 

SCHEDULE
13G

 

Under
the Securities Exchange Act of 1934

 

(Amendment
No. )*

 

Apricus
Biosciences, Inc.

(Name
of Issuer)

 

Common
Stock, $0.001 par value per share

(Title
of Class of Securities)

 

03832V307

(CUSIP
Number)

 

April
26, 2017

(Date
of Event Which Requires Filing of this Statement)

 

Check
the appropriate box to designate the rule pursuant to which this Schedule is filed:

 

a.       ☐
Rule 13d-1(b)

b.       ☒
Rule 13d-1(c)

c.       ☐
Rule 13d-1(d)

 

*The
remainder of this cover page shall be filled out for a reporting person’s initial filing on this form with respect to the
subject class of securities, and for any subsequent amendment containing information which would alter the disclosures provided
in a prior cover page.

 

The
information required in the remainder of this cover page shall not be deemed to be “filed” for the purpose of Section
18 of the Securities Exchange Act of 1934 (“Act”) or otherwise subject to the liabilities of that section of the Act
but shall be subject to all other provisions of the Act (however, see the Notes).

 

 

CUSIP No. 03832V307

1.		Names of Reporting Persons.   Mitchell P. Kopin
2.		Check the Appropriate Box if a Member of a Group (See Instructions) (a)  ☐ (b)  ☐
3.		SEC Use Only
4.		Citizenship or Place of Organization   United States of America
Number of Shares Beneficially Owned by Each Reporting Person With:				5.		Sole Voting Power   0
				6.		Shared Voting Power   281,730
				7.		Sole Dispositive Power   0
				8.		Shared Dispositive Power   281,730
9.		Aggregate Amount Beneficially Owned by Each Reporting Person   281,730 (see Item 4)
10.		Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) ☐
11.		Percent of Class Represented by Amount in Row (9)   2.2% (see Item 4)
12.		Type of Reporting Person (See Instructions)   IN; HC

CUSIP No. 03832V307

1.		Names of Reporting Persons.   Daniel B. Asher
2.		Check the Appropriate Box if a Member of a Group (See Instructions) (a)  ☐ (b)  ☐
3.		SEC Use Only
4.		Citizenship or Place of Organization   United States of America
Number of Shares Beneficially Owned by Each Reporting Person With:				5.		Sole Voting Power   0
				6.		Shared Voting Power   281,730
				7.		Sole Dispositive Power   0
				8.		Shared Dispositive Power   281,730
9.		Aggregate Amount Beneficially Owned by Each Reporting Person   281,730 (see Item 4)
10.		Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) ☐
11.		Percent of Class Represented by Amount in Row (9)   2.2% (see Item 4)
12.		Type of Reporting Person (See Instructions)   IN; HC

CUSIP No. 03832V307

1.		Names of Reporting Persons.   Intracoastal Capital LLC
2.		Check the Appropriate Box if a Member of a Group (See Instructions) (a)  ☐ (b)  ☐
3.		SEC Use Only
4.		Citizenship or Place of Organization   United States of America
Number of Shares Beneficially Owned by Each Reporting Person With:				5.		Sole Voting Power   0
				6.		Shared Voting Power   281,730
				7.		Sole Dispositive Power   0
				8.		Shared Dispositive Power   281,730
9.		Aggregate Amount Beneficially Owned by Each Reporting Person   281,730 (see Item 4)
10.		Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) ☐
11.		Percent of Class Represented by Amount in Row (9)   2.2% (see Item 4)
12.		Type of Reporting Person (See Instructions)   OO

Item
1.

 

(a)
Name of Issuer

 

Apricus
Biosciences, Inc. (the “Issuer”)

 

(b)
Address of Issuer’s Principal Executive Offices

 

11975
El Camino Real, Suite 300

San
Diego, California 92130

 

Item
2.

 

(a)
Name of Person Filing

(b)
Address of Principal Business Office or, if none, Residence

(c)
Citizenship

 

This
Schedule 13G is being filed on behalf of (i) Mitchell P. Kopin, an individual who is a citizen of the United States of America
(“Mr. Kopin”), (ii) Daniel B. Asher, an individual who is a citizen of the United States of America (“Mr.
Asher”) and (iii) Intracoastal Capital LLC, a Delaware limited liability company (“Intracoastal”
and together with Mr. Kopin and Mr. Asher, collectively the “Reporting Persons”).

 

The
Reporting Persons have entered into a Joint Filing Agreement, a copy of which is filed with this Schedule 13G as Exhibit
1, pursuant to which the Reporting Persons have agreed to file this Schedule 13G jointly in accordance with the provisions
of Rule 13d-1(k) of the Securities Exchange Act of 1934, as amended.

 

The
principal business office of Mr. Kopin and Intracoastal is 245 Palm Trail, Delray Beach, Florida 33483.

 

The
principal business office of Mr. Asher is 111 W. Jackson Boulevard, Suite 2000, Chicago, Illinois 60604.

 

(d)
Title of Class of Securities

 

Common
stock, $0.001 par value per share, of the Issuer (the “Common Stock”).

 

(e)
CUSIP Number

 

03832V307

 

Item
3. If this statement is filed pursuant to §§240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is
a:

 

Not
applicable.

 

 

Item 4. Ownership.

 

(a)
and (b):

 

(i)       Immediately
following the consummation of the underwritten public offering by the Issuer on April 26, 2017 (the “Offering”)
(as disclosed in the Form 8-K filed by the Issuer with the Securities and Exchange Commission on April 27, 2017), each of the
Reporting Persons may have been deemed to have beneficial ownership of 714,288 shares of Common Stock, and
all such shares of Common Stock represented beneficial ownership of approximately 5.6% of the Common Stock, based on (1) 7,741,782
shares of Common Stock outstanding as of April 12, 2017 as reported by the Issuer, plus (2) 5,030,000
shares of Common Stock that were issued at the closing of the Offering. The foregoing excludes:
(I) 405,901 shares of Common Stock issuable upon exercise of a warrant held by Intracoastal (“Intracoastal
Warrant 1”) because Intracoastal Warrant 1 is not exercisable until the effective date of the upcoming amendment
to the Issuer’s Articles of Incorporation to increase the number of authorized shares of Common Stock from 15,000,000 to
30,000,000 (and Intracoastal Warrant 1 contains a blocker provision under which the holder thereof does not have the right to
exercise Intracoastal Warrant 1 to the extent that such exercise would result in beneficial ownership by the holder thereof, together
with the holder’s affiliates, and any other persons acting as a group together with the holder or any of the holder’s
affiliates, of more than 4.99% of the Common Stock) and (II) 535,716 shares of Common Stock issuable upon exercise of a
second warrant held by Intracoastal (“Intracoastal Warrant 2”) because Intracoastal Warrant 2 is not exercisable
until the date on which the Issuer publicly announces through the filing of a Current Report on Form 8-K that the Issuer has received
approval of the Issuer’s shareholders as required by Nevada law to amend the Issuer’s Articles of Incorporation to
increase the number of authorized shares of Common Stock from 15,000,000 to 30,000,000 and the amendment to the Issuer’s
Articles of Incorporation has become effective (and Intracoastal Warrant 2 contains a blocker provision under which the holder
thereof does not have the right to exercise Intracoastal Warrant 2 to the extent that such exercise would result in beneficial
ownership by the holder thereof, together with the holder’s affiliates, and any other
persons acting as a group together with the holder or any of the holder’s affiliates, of more than 4.99% of the Common
Stock). Without such blocker provisions (and assuming each of Intracoastal Warrant 1 and Intracoastal Warrant 2 were currently
exercisable), each of the Reporting Persons may have been deemed to have beneficial ownership of 1,655,905 shares of Common Stock.

 

(ii)       As
of the close of business on May 2, 2017, each of the Reporting Persons may be deemed to have beneficial ownership of 281,730 shares
of Common Stock, and all such shares of Common Stock represent beneficial ownership of approximately 2.2% of the Common Stock,
based on (1) 7,741,782 shares of Common Stock outstanding as of April 12, 2017 as reported
by the Issuer, plus (2) 5,030,000 shares of Common Stock
that were issued at the closing of the Offering. The foregoing excludes (I) 405,901 shares of Common Stock issuable upon
exercise of Intracoastal Warrant 1 because Intracoastal Warrant 1 is not exercisable until
the effective date of the upcoming amendment to the Issuer’s Articles of Incorporation to increase the number of authorized
shares of Common Stock from 15,000,000 to 30,000,000 (and Intracoastal Warrant 1 contains a blocker provision under which the
holder thereof does not have the right to exercise Intracoastal Warrant 1 to the extent that such exercise would result in beneficial
ownership by the holder thereof, together with the holder’s affiliates, and any other
persons acting as a group together with the holder or any of the holder’s affiliates, of more than 4.99% of the Common
Stock) and (II) 535,716 shares of Common Stock issuable upon exercise of Intracoastal Warrant 2 because Intracoastal Warrant 2
is not exercisable until the date on which the Issuer publicly announces through the filing of a Current Report on Form 8-K that
the Issuer has received approval of the Issuer’s shareholders as required by Nevada law to amend the Issuer’s Articles
of Incorporation to increase the number of authorized shares of Common Stock from 15,000,000 to 30,000,000 and the amendment to
the Issuer’s Articles of Incorporation has become effective (and Intracoastal Warrant 2 contains a blocker provision under
which the holder thereof does not have the right to exercise Intracoastal Warrant 2 to the extent that such exercise would result
in beneficial ownership by the holder thereof, together with the holder’s affiliates,
and any other persons acting as a group together with the holder or any of the holder’s affiliates, of more than
4.99% of the Common Stock). Without such blocker provisions (and assuming each of Intracoastal Warrant 1 and Intracoastal Warrant
2 were currently exercisable), each of the Reporting Persons may have been deemed to have beneficial ownership of 1,223,347 shares
of Common Stock.

 

(c)

 

Number
of shares as to which each Reporting Person has:

 

(1)
Sole power to vote or to direct the vote:     0     .

 

(2)
Shared power to vote or to direct the vote:      281,730      .

 

(3)
Sole power to dispose or to direct the disposition of      0     .

 

(4)
Shared power to dispose or to direct the disposition of      281,730      .

 

 

Item 5.

Ownership of Five Percent or Less of a Class

 

If
this statement is being filed to report the fact that as of the date hereof the reporting person has ceased to be the beneficial
owner of more than 5 percent of the class of securities, check the following ☒.

 

Item 6.

Ownership of More than Five Percent on Behalf of Another Person.

 

Not
applicable.

 

Item 7.

Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on By the Parent Holding Company

 

Not
applicable.

 

Item 8.

Identification and Classification of Members of the Group

 

Not
applicable.

 

Item 9.

Notice of Dissolution of Group

 

Not
applicable.

 

Item
10. Certification

 

By
signing below I certify that, to the best of my knowledge and belief, the securities referred to above were not acquired and are
not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were
not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than
activities solely in connection with a nomination under §240.14a-11.

 

 

SIGNATURE

 

After
reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true,
complete and correct.

 

Date:  May 2, 2017
	/s/ Mitchell P. Kopin
	Mitchell P. Kopin
	/s/ Daniel B. Asher
	Daniel B. Asher

	Intracoastal Capital LLC
	By:	/s/ Mitchell P. Kopin
		Mitchell P. Kopin, Manager

Exhibit
1

 

JOINT
FILING AGREEMENT

 

The
undersigned acknowledge and agree that the foregoing statement on Schedule 13G is filed on behalf of each of the undersigned
and that all subsequent amendments to this statement on Schedule 13G may be filed on behalf of each of the undersigned without
the necessity of filing additional joint filing agreements. The undersigned acknowledge that each shall be responsible for the
timely filing of such amendments, and for the completeness and accuracy of the information concerning him or it contained herein
and therein, but shall not be responsible for the completeness and accuracy of the information concerning the others, except to
the extent that he or it knows or has reason to believe that such information is inaccurate.

 

Date:  May 2, 2017
	/s/ Mitchell P. Kopin
	Mitchell P. Kopin
	/s/ Daniel B. Asher
	Daniel B. Asher

	Intracoastal Capital LLC
	By:	/s/ Mitchell P. Kopin
		Mitchell P. Kopin, Manager

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