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SMALL BUSINESS
NexMed Receives Cash Infusion of $750,000
Business Wire
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.
Copyright Business Wire 2009
2009-11-11 08:30:00
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