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NexMed Raises $6.3 Million.

Business Editors

ROBBINSVILLE, N.J.--(BUSINESS WIRE)--Jan. 18, 2000

NexMed, Inc. (OTC BB: NEXM) announced today that it raised an additional $6.3 million in gross proceeds from calling the warrants (the "Warrants") issued as part of its September 30, 1999 private placement (the "Placement").

The Warrants were called and announced in a press release on December 15, 1999. The holders had the option to exercise their Warrants by the end of business on January 14, 2000, or the Warrants would be redeemed by the Company at $0.001 share. The Company redeemed a total of 29,000 Warrant shares.

In exchange for the $6.3 million in gross proceeds, the Company issued 2,806,826 shares of its common stock, par value $.001 per share ("Common Stock"), and now has a total of 18,838,948 shares of Common Stock, issued and outstanding.

Dr. Joseph Mo, the Company's President and CEO stated, "We are gratified by the confidence shown in NexMed through the exercise of these Warrants. The new resources will enable the Company to accelerate its ongoing U.S. clinical development programs on the Alprox-TD and Femprox topical treatments for male erectile dysfunction ("ED") and female sexual arousal disorder ("FSAD")."

NexMed, Inc., an emerging international pharmaceutical and medical company, is developing 1) innovative topical formulations based on the NexACT transdermal drug delivery system, including the Alprox-TD and Femprox creams for treating ED and FSAD; and 2) Viratrol, a non-invasive, hand-held device for treating oral and genital herpes.

Alprox-TD, Femprox, Viratrol, NexACT are trademarks of NexMed, Inc.

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 risk and uncertainties that may individually or mutually impact the matters herein described, including but not limited to product development and acceptance, manufacturing, competition, regulatory and/or other factors, which are outside the control of the Company.
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Publication:Business Wire
Geographic Code:1USA
Date:Jan 18, 2000
Words:324
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