Acquisition May Enable Continued NASDAQ Listing
Conference Call to Be Held at 3:30 pm EST Tomorrow
NexMed, Inc. (Nasdaq: NEXM), a developer of products based on the NexACT® technology, today announced the closing of its acquisition of Bio-Quant, Inc., a privately-held leading research organization for in vitro and in vivo contract drug discovery and pre-clinical development services, headquartered in San Diego, CA. Upon closing, Bio-Quant became a wholly-owned subsidiary of NexMed. Bassam Damaj, Ph.D., co-founder and former Chief Executive Officer and Chief Scientific Officer of Bio-Quant, was named President and Chief Executive Officer of NexMed, replacing Vivian Liu, who has assumed the role of Executive Vice President and was appointed Chairman of the Board of Directors. The Board of Directors is now composed of three Bio-Quant nominees and four NexMed nominees.
Commenting on today's news, Dr. Damaj stated, "The synergistic combination of NexMed's novel NexACT® technology and existing clinical assets with Bio-Quant's revenue generating business, will enable us to offer both our existing and potential pharmaceutical customers a broader array of products and services. I look forward to working closely with Vivian on our integration efforts, as well as on business development and licensing activities for NexMed's product pipeline."
Mark Westgate, Chief Financial Officer of NexMed, added, "The acquisition of Bio-Quant was an integral part of our compliance plan which we presented during our November 12, 2009 meeting with the NASDAQ Listing Qualification Panel. We remain hopeful that the closing of this transaction will give the NASDAQ Panel sufficient confidence in NexMed's ability to regain and maintain compliance with all applicable listing requirements going forward."
Conference Call
The Company will hold a conference call to discuss the closing of the Bio-Quant acquisition tomorrow, Tuesday, December 15, 2009 at 3:30 pm EST. The call can be accessed in the U.S. by dialing 877-407-0778 and outside of the U.S. by dialing 201-689-8565 and asking the conference operator for the NexMed Conference Call. The teleconference replay is available for one week in the U.S. by dialing 877-660-6853 and outside of the U.S. by dialing 201-612-7415. Replay pass codes 286 and 339648 are both required for playback. The conference call will also be Webcast live at URL http://www.investorcalendar.com/IC/CEPage.asp?ID=153616. The Webcast replay will be available for three months.
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, go to www.nexmed.com.
About Bio-Quant
Founded in 1999, Bio-Quant is the largest specialty CRO based in San Diego and is one of the industry's most experienced CROs for in vitro and in vivo pharmacology services and research models specializing in oncology, inflammation, immunology, and metabolic diseases, including diabetes. For further information, go to www.bio-quant.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, maintaining NexMed's listing on NASDAQ, entering into licensing agreements for products under development, obtaining regulatory approval for its products under development, pursuing growth opportunities, and/or other factors, some of which are outside the control of the Company.
Contacts:
NexMed, Inc.
Mark Westgate, CFO, 609-371-8123, ext: 159
mwestgate@nexmed.com
or
NexMed,
Inc.
Edward M. Cox, 858-222-8041
V.P. Investor Relations &
Corporate Development
ecox@bio-quant.com
or
NexMed
Investor Relations:
Rx Communications Group, LLC
Paula
Schwartz, 917-322-2216
pschwartz@rxir.com
