ROBBINSVILLE, NJ--(MARKET WIRE)--Dec 15, 2005 -- NexMed, Inc. (NasdaqNM:NEXM - News), a developer of innovative pharmaceutical products based on its proprietary NexACT® transdermal drug delivery technology, announced today the departure of Dr. Joseph Mo as President and Chief Executive Officer, effective immediately. Dr. Mo will continue to serve as Chairman of the Board of Directors. Vivian Liu, who has served as Vice President and Chief Financial Officer, has been appointed Executive Vice President and Acting C.E.O. Mark Westgate, formerly the Company’s Controller, has been promoted to Vice President and C.F.O. According to Richard Berman, Lead Director of the Board, “Joseph is a visionary, and has put a unique and personal imprint on the development of NexMed. We are and will remain very grateful to him, and look forward to his continued involvement with the Company through his position as Chairman of the Board.” Mr. Berman further added, “We’re considering several seasoned pharmaceutical executives as possible candidates to strengthen NexMed’s management team and/or Board of Directors.” NexMed also announced a significant reduction in monthly burn rate with a lay-off of 26% of its work force. Vivian Liu said, “This lay-off was clearly difficult for us and our employees. However, it was necessary in order to align our expenses with our growth objectives. We are confident that the improved expenditure structure coupled with sharply focused R&D programs will drive the future growth of NexMed. The focus of our R&D programs will be to replicate the success of our recently licensed anti-fungal nail treatment with the other early-stage products in our pipeline.”
