NexMed Receives Cash Infusion of $750,000
2009-11-11 14:45:03 -
NexMed, Inc. (Nasdaq: NEXM), a developer of innovative transdermal products based on the NexACT® drug delivery technology, today announced that it raised $750,000 in gross proceeds from the issuance of new convertible notes due December 31, 2011 (the “Notes”), which are secured by a mortgage on NexMed’s facility in East Windsor, New Jersey.
The Notes were purchased by two investors,
including The Tail Wind Fund Ltd., a long term investor in NexMed.
The Notes are convertible into shares of NexMed common stock at $2 per share with a coupon rate of 7% per annum. The shares underlying the Notes will not be registered with the Securities and Exchange Commission.
About NexMed
NexMed’s pipeline includes a late stage terbinafine treatment for onychomycosis, a late stage alprostadil treatment for erectile dysfunction, a P 2 alprostadil treatment for female sexual arousal disorder, and an early stage treatment for psoriasis. For further information about NexMed, go to www.nexmed.com :
cts.businesswire.com/ct/CT?id=smartlink&url=http%3A%2F%2Fwww .. .
NexMed, Inc.Mark Westgate, 609-371-8123, ext: 159CFO
mwestgate@nexmed.com : mailto:mwestgate@nexmed.com orInvestor
Relations:Rx Communications Group, LLCPaula Schwartz,
917-322-2216
pschwartz@rxir.com : mailto:pschwartz@rxir.com
