NexMed, Inc. (Nasdaq: NEXM), a developer of innovative topical products based on the NexACT® technology, today announced that it has submitted to Nasdaq its plan to achieve and sustain compliance with Marketplace Rule 4310(c)(3). The plan will be reviewed by Nasdaq and, if deemed to be acceptable, the Company would be granted up to 105 calendar days from the date of Nasdaq’s notice to the company, or November 25, 2009, to evidence compliance with Marketplace Rule 4310(c)(3).
On August 14, 2009, the Company announced that it had received a notice from Nasdaq indicating that it did not comply with the minimum $2.5 million in stockholders’ equity requirement for continued listing on the Nasdaq Capital Market set forth in Marketplace Rule 4310(c)(3). There can be no assurance that Nasdaq’s Listing Qualifications Panel will decide to allow the Company to remain listed. If the Company’s plan is not acceptable to Nasdaq, then the Company will be notified of its delisting. The Company also remains on notice for maintaining the minimum $1 bid requirement as set forth in Marketplace Rule 4310(c)(8)(D). However, because Nasdaq had suspended enforcement of this requirement until August 3, 2009, as of its most recent announcement on July 13, 2009, the Company now has until January 25, 2010 to meet that requirement.
About NexMed
NexMed’s pipeline includes a late stage terbinafine treatment for onychomycosis, a late stage alprostadil treatment for erectile dysfunction, a Phase 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.
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 risks and uncertainties that may individually or mutually impact the matters herein described, including, but not limited to entering into development and commercialization agreements and obtaining regulatory approval for its products under development, entering into a strategic transaction for the company, pursuing growth opportunities, and/or other factors, some of which are outside the control of the Company.
Contacts:
Company:
NexMed, Inc.
Mark Westgate, 609-371-8123, ext:
159
CFO
mwestgate@nexmed.com
or
Investor
Relations:
Rx Communications Group, LLC
Paula Schwartz,
917-322-2216
pschwartz@rxir.com
