NEXMED LICENSES FEMPROX TO CJ CORP. FOR SOUTH KOREA.

NexMed, Inc. (Nasdaq: NEXM), Robbinsville, N.J., has announced that CJ Corporation, one of the top five pharmaceuticals companies in South Korea, has licensed Femprox for Korea. Femprox is NexMed's proprietary cream treatment for female sexual arousal disorder (FSAD). Pursuant to the terms of the agreement, CJ will develop and obtain regulatory approval to market Femprox(r) in South Korea, and NexMed, through its licensing agreement with its Asian licensee, will receive royalty payments on sales. CJ has a diversified business portfolio including ventures in biotechnology and pharmaceuticals, with reported 2003 sales in excess of $7 billion U.S. Through its thirteen affiliates and 32 worldwide offices, CJ is represented in sixty countries.

Hong-Chang Kim, president of CJ Pharmaceuticals headquartered in Seoul, said, "We're delighted to collaborate with NexMed, whom we consider to be a pioneer in the development of effective transdermal treatments for sexual dysfunction. Femprox(r) has tremendous potential and we look forward to developing this innovative product in our country."

Dr. Joseph Mo, NexMed's CEO said, "We're pleased that CJ Corporation has committed to undertaking the development and commercialization of Femprox in South Korea. We look forward to working with CJ in Korea and we are continuing to consider potential licensing partners for Femprox in other parts of the world."

Femprox(r) incorporates NexMed's NexACT transdermal penetration enhancing technology with the vasodilator, alprostadil. Results from NexMed's first Phase 2 study of Femprox(r) were published in the October-December 2003 issue of Journal of Sex & Marital Therapy (Volume 29, Number 5), one of the leading peer- reviewed specialty medical journals. The "at-home" study was conducted at multiple research sites in the U.S to evaluate the efficacy and safety of Femprox(r) cream in 94 pre-menopausal women diagnosed with FSAD. The trial results demonstrated positive dose-related trends, and the side effects noted were mostly mild in nature and short in duration. A copy of the article can be obtained from NexMed.

About NexMed, Inc.

NexMed, Inc. is an emerging pharmaceutical and medical technology company, with a product pipeline of innovative topical drug treatments based on the NexACT(r) transdermal delivery technology. Its lead NexACT(r) product under development is the Alprox-TD(r) cream treatment for male erectile dysfunction. NexMed is also working with various pharmaceutical companies to explore the introduction of its NexACT(r) delivery system into their existing drugs as a means of developing new patient-friendly transdermal products and extending patent protection.

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