Company Required to Hold Annual Meeting by May 24, 2010 and Evidence Bid Price of at Least $1.00 per share for Minimum of Ten Business Days by July 15, 2010
NexMed, Inc. (Nasdaq: NEXM), a specialty CRO and a developer of products based on the NexACT technology, today announced that the NASDAQ Listing Qualifications Panel (the "Panel") has determined that NexMed has evidenced compliance with the market value of listed securities requirement for continued listing on The NASDAQ Capital Market by evidencing a market capitalization in excess of $35 million for a minimum of ten consecutive trading days, in lieu of the $2.5 million in stockholder's equity as required by the Panel's decision dated December 17, 2009. In its recent determination, the Panel also granted NexMed's request for an extension through May 24, 2010 to solicit proxies and hold its 2009/2010 Annual Meeting and thereby evidence compliance with NASDAQ's proxy solicitation and annual meeting requirements. In addition, the Panel has granted the Company's request for an extension through July 15, 2010 to evidence compliance with NASDAQ's minimum bid price requirement of $1.00 per share. On January 26, 2010, NexMed was notified by the NASDAQ Listing Qualifications Staff that the Company no longer satisfied the minimum bid price requirement. The Company was provided with the opportunity to present its plan to regain compliance with that requirement for the Panel's review and did so on January 27, 2010.
Dr. Bassam Damaj, President and Chief Executive Officer of NexMed, stated, "We are very pleased with the Panel's decision to grant us the extension and we are committed to taking the actions needed to meet the remaining requirements for continued listing. The progress we have made with NASDAQ is the first step in executing our new growth strategy for 2010 and beyond."
About NexMed
NexMed, due to its recent acquisition of Bio-Quant, is the largest specialty CRO based in San Diego, CA and is one of the industry's most experienced CROs for in vitro and in vivo pharmacology services and research models. NexMed also has a proprietary product pipeline based on its NexACT® drug delivery technology. For further information, go to www.nexmed.com and www.bio-quant.com.
Forward-Looking Statement Safe Harbor
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, its ability to maintain its Nasdaq listing requirement and other matters that are outside the control of the Company.
Contacts:
NexMed Contacts:
NexMed, Inc.
Edward Cox, 858-926-5811
V.P.
Investor Relations
ecox@nexmed.com
or
NexMed
Investor Relations:
Rx Communications Group, LLC
Paula
Schwartz, 917-322-2216
pschwartz@rxir.com
