Key Developments For NexMed, Inc.
NexMed, Inc. (NEXM.O) (Consolidated Issue listed on NASDAQ Capital Market)
NexMed, Inc. To Acquire Bio-Quant, Inc.
NexMed, Inc. announced that it has entered into a definitive agreement to acquire Bio-Quant, Inc., a revenue generating privately-held research organization for in vitro and in vivo contract drug discovery and pre-clinical development services, headquartered in San Diego, CA. Upon closing of the transaction, which is expected before the end of the year, Bio-Quant will become a wholly owned subsidiary of NexMed. Bassam Damaj, Ph.D., co-founder, current Chief Executive Officer and Chief Scientific Officer of Bio-Quant, will become Chief Executive Officer of NexMed, replacing Vivian Liu, who will transition to the role of Executive Vice President and, in that capacity, Ms. Liu will continue to be responsible for leading the business development and licensing efforts for NexMed`s clinical programs. Mark Westgate will remain as NexMed`s Chief Financial Officer. The Board will be composed of three Bio-Quant nominees and four NexMed nominees, and Ms. Liu is expected to be appointed as Chairman of the Board. The agreement provides for NexMed`s issuance of 4,000,000 unregistered shares of its common stock to the Bio-Quant shareholders and a promissory note (the Note) in the amount of approximately $12.1 million due on December 31, 2010. NexMed can elect to pay all or any portion of the Note by issuing its common stock. FTN Equity Capital Markets Corp., in New York City, has served as NexMed`s financial advisor in the structuring and negotiations of this transaction.
NexMed, Inc. Receives Cash Infusion of $750,000
NexMed, Inc. announced that it has 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.
NexMed, Inc. Provides Update On Anti-Fungal Product
NexMed, Inc. announced that it has completed its post hoc analysis of NM100060, the Company`s topically-applied treatment for onychomycosis, commonly known as nail fungus. Based on this analysis, NexMed seeks to pursue signing a partner for further development of the product.
NexMed, Inc. Announces Decision for Anti-Fungal Product
NexMed, Inc. announced the mutual decision with Novartis to terminate the licensing agreement for NM100060, a topically-applied treatment for onychomycosis, commonly known as nail fungus. NexMed entered into the exclusive, worldwide agreement with Novartis in September 2005, under which Novartis assumed all clinical development, regulatory, manufacturing and commercialization responsibilities for NM100060. In addition, NexMed also announced that the results from the comparator study of NM100060 vs. Loceryl, a topical nail lacquer currently marketed in Europe, showed comparable safety and efficacy profiles for the two products in patients with mild to moderate toenail fungus. In the post hoc analysis of patients with mild fungus, NM100060 showed higher efficacy, which was consistent with the results from the two Phase 3 pivotal studies completed by Novartis in 2008. However, the study results were insufficient to support filing for marketing approval.
Warner Chilcott Limited's Warner Chilcott Company, Inc. Announces Agreement With NexMed, Inc. To Acquire Topical Alprostadil Treatment For Erectile Dysfunction
Warner Chilcott Company, Inc., a subsidiary of Warner Chilcott Limited announced that it has entered into an agreement with NexMed, Inc. to acquire the U.S. rights of NexMed's topically applied alprostadil cream for the treatment of erectile dysfunction (ED). As a result, the previous license agreement between Warner Chilcott and NexMed related to this product has been terminated. Under the terms of the agreement, NexMed received an up front payment of $2.5 million and is eligible to receive an additional payment of $2.5 million upon Warner Chilcott's receipt of a New Drug Application approval from the Food and Drug Administration. In addition, Warner Chilcott will pay a total of $350,000 for the manufacturing equipment for the product.
