EAST WINDSOR, N.J.--(BUSINESS WIRE)--NexMed, Inc. (Nasdaq: NEXM - News), a developer of products based on the NexACT® drug delivery technology, today announced that it has sold the U.S. rights for its topical alprostadil erectile dysfunction treatment to partner, Warner Chilcott Company, Inc., (a subsidiary of Warner Chilcott, Ltd., [Nasdaq: WCRX]). Under the terms of the agreement, NexMed has received an up-front payment of $2.5 million and is eligible to receive an additional payment of $2.5 million upon Warner Chilcott’s receipt of a New Drug Application (NDA) approval from the U.S. Food and Drug Administration. In addition, Warner Chilcott will pay a total of $350,000 for the manufacturing equipment for the product.
Vivian Liu, NexMed’s Chief Executive Officer commented, “We firmly believe that selling the U.S. rights of the product to Warner Chilcott is in the best interest of NexMed given the significant expenditures necessary before resubmission of the NDA can take place. The cash infusion received, along with the significant reduction in expenditures that we have implemented, will help ensure the viability of NexMed and continued pipeline development during these challenging economic times.”
NexMed management will host a conference call and provide an investor update today, Tuesday, February 3, 2009 at 10:00am EST. The call can be accessed in the U.S. by dialing 877-407-9205 and outside of the U.S. by dialing 201-689-8054 and asking the conference operator for the NexMed Conference Call. The teleconference replay is available for one week by dialing in the U.S. 877-660-6853 and outside of the U.S. by dialing 201-612-7415. Replay pass codes 286 and 312198 are both required for playback. The conference call will also be Webcast live at URL http://www.investorcalendar.com/IC/CEPage.asp?ID=140732. The Webcast replay will be available for three months.
About NexMed:
NexMed, Inc. leverages its proprietary NexACT drug delivery technology to develop innovative topical pharmaceutical products that address unmet medical needs. NexMed’s novel onychomycosis treatment is licensed to Novartis for global development. NexMed’s pipeline also includes its late stage alprostadil treatment for erectile dysfunction, licensed to Warner Chilcott, a Phase 2 treatment for female sexual arousal disorder, and an early stage treatment for psoriasis. For further information about NexMed, go to www.nexmed.com.
Forward Looking Statements:
During the course of the call, NexMed Management will make forward looking statements regarding future events or the future financial performance of the Company that involve risks and uncertainties that may individually or mutually impact the matters herein described, including, but not limited to, generating positive clinical results, obtaining regulatory approval for its products under development, entering into partnering agreements, pursuing growth opportunities, and/or other factors, some of which are outside the control of the Company. Such statements are predictions based on current expectations and actual results could differ materially.
Contact:
NexMed, Inc. Mark Westgate, CFO, 609-371-8123, ext: 159 mwestgate@nexmed.com or Investor Relations: Rx Communications Group, LLC Paula Schwartz, 917-322-2216 pschwartz@rxir.com
