ROBBINSVILLE, N.J., Nov. 3 /PRNewswire-FirstCall/ -- NexMed, Inc. , a developer of innovative topical treatments based on its NexACT(R) drug delivery technology, today announced that it has entered into an R&D agreement with a Japanese pharmaceutical company to develop a new patch product for treating severe chronic pain.
Pursuant to the terms of this agreement, the partner will fund the development costs for a new fentanyl patch. NexMed has received an upfront payment of $100,000.00 with future periodic payments to be made based on the achievement of certain R&D milestones. This agreement enables NexMed to share development costs while retaining certain commercialization rights.
Dr. Joseph Mo, President and C.E.O., of NexMed said, "We are pleased to provide our new partner access to the NexACT technology as well as to our scientific team and infrastructure."
About NexMed, Inc.
NexMed, Inc. is an emerging drug developer that is leveraging its proprietary drug technology to develop a significant pipeline of innovative pharmaceutical products to address significant unmet medical needs. The Company is also working with various pharmaceutical companies to explore the incorporation of NexACT into their existing drugs as a means of developing new patient-friendly transdermal products and extending patent lifespans and brand equity.
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 risk and uncertainties that may individually or mutually impact the matters herein described, including but not limited to its ability to enter into partnering agreements or raise financing on acceptable terms, successful completion of clinical development programs, regulatory review and approval, product development and acceptance, manufacturing, competition, and/or other factors, some of which are outside the control of the Company.
NexMed, Inc.CONTACT: Investors: Deborah Carty of NexMed, Inc., +1-609-208-9688, ext.159, dcarty@nexmed.com; Media: Marni Kotak of Excite Media Group forNexMed, Inc., +1-212-941-8499, ext. 102, mkotak@excitepr.com
Web site: http://www.nexmed.com/
