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NEXMED REPORTS NET LOSS FOR SECOND QUARTER.

NexMed, Inc. (OTC BB: NEXM), Robbinsville, N.J., has announced that revenues for the 1999 second quarter ended June 30th were $393,979. The second quarter net loss was $(897,428), or $(0.11) per share, compared with a net loss of $(1,201,811), or $(0.16) per share, for the same period in 1998.

Due to the sale of its Asian operations during the 1999 second quarter, the company recorded only one month of revenues and expenses from NexMed Pharmaceuticals (Zhongshan) Ltd., a joint-venture operation in China. The company announced the sale in a press release issued on April 13, 1999. The sale became effective on May 17, 1999, and resulted in a net gain of approximately $1,823,000 for the company which has been deferred pending payment of the two promissory notes issued by the buyer.

For the first six months ended June 30, 1999, revenues were $1,491,746, compared with $2,739,063 for the same period in 1998. The net loss was $(1,666,252), or $(0.20) per share, as compared with a net loss of $(2,197,554), or $(0.33) per share, for the same six-month period last year. The revenues in the 1999 six-month period included revenues from only one month of the second quarter as indicated above.

On July 30, 1999, Joseph M. Warusz, who served as a vice president and the CFO, departed from the company. Vivian Liu, vice president of Corporate Affairs, secretary and treasurer has been appointed Acting CFO.

NexMed, Inc., an emerging international pharmaceutical and medical device company, is developing 1) Alprox-TD and Femprox, topically-applied treatments for male and female sexual dysfunction; and 2) Viratrol, a non-invasive, hand-held device for treating oral and genital herpes.

For more information, call 609/208-1623.
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Comment:NEXMED REPORTS NET LOSS FOR SECOND QUARTER.
Publication:Biotech Financial Reports
Geographic Code:1USA
Date:Oct 1, 1999
Words:297
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