EAST WINDSOR, N.J.--(Business Wire)--
NexMed, Inc. (Nasdaq: NEXM), a developer of products based on the NexACT®
technology, today announced that it has heard back from the Nasdaq Listing
Qualifications Department regarding its request for a hearing concerning its
possible delisting from the Nasdaq Capital Market, and that a hearing has been
scheduled for Thursday, November 12, 2009. NexMed`s stock will continue to trade
on the Nasdaq Capital Market pending a final decision by Nasdaq, which typically
occurs within four to five weeks after the completion of the formal hearing.
As announced on October 14, 2009, NexMed received a notice from Nasdaq
indicating that it did not comply with the minimum $2.5 million stockholders`
equity requirement for continued listing set forth in Marketplace Rule 5550(b).
In the event that NexMed is unable to successfully appeal the delisting from
Nasdaq Capital Market, NexMed`s stock will be traded on the OTC Bulletin Board
("OTCBB").
As of June 30, 2009, the date of the most recently filed financial statements,
the Company`s total stockholders` equity was $1,700,553. In order to comply with
the $2.5 million stockholders` equity criteria, the Company would need to
increase its stockholders` equity through an equity financing and/or increased
net income. The Company also remains on notice for maintaining the minimum $1
bid requirement as set forth in Marketplace Rule 5550(a)(2). However, because
Nasdaq has temporarily suspended enforcement of this requirement, the Company
now has until January 25, 2010 to meet that requirement.
About NexMed
NexMed`s pipeline includes a late stage terbinafine treatment for onychomycosis,
a late stage alprostadil treatment for erectile dysfunction, a Phase 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.
Statements under the Private Securities Litigation Reform Act: with the
exception of the historical information contained in this release, the matters
described herein contain forward-looking statements that involve risks and
uncertainties that may individually or mutually impact the matters herein
described, including, but not limited to, entering into licensing agreements for
products under development, obtaining regulatory approval for its products under
development, entering into a strategic transaction for the company, pursuing
growth opportunities, and/or other factors, some of which are outside the
control of the Company.
Company:
NexMed, Inc.
Mark Westgate, CFO, 609-371-8123, ext: 159
mwestgate@nexmed.com
or
Investor Relations:
Rx Communications Group, LLC
Paula Schwartz, 917-322-2216
pschwartz@rxir.com
Copyright Business Wire 2009
