SAN DIEGO--(BUSINESS WIRE)--NexMed, Inc. (Nasdaq: NEXM), a specialty CRO with a pipeline of products based on the NexACT® technology , announced today that it has raised $2.3 million in a private placement of promissory notes from two accredited U.S. investors. The promissory notes, due on or before August 4, 2010, are repayable at NexMed’s option in either cash or shares of unregistered common stock at prices ranging from $0.36 to $0.40 per share. The private placement did not include any warrant or registration rights, therefore the investors are required to hold the securities for a minimum of six months. NexMed intends to use the proceeds raised from the transaction for general corporate purposes and to advance the applications of its NexACT delivery technology into the oral and biologics transdermal delivery space.
