NexMed Reports 2005 Financial Results

NexMed, Inc. (NASDAQ: NEXM), a developer of innovative pharmaceutical products based on its proprietary NexACT® transdermal drug delivery technology, today announced 2005 financial results. For the year ended December 31, 2005, the Company recorded revenue of $2,399,161 compared to $359,369 for the same period in 2004. The 2005 revenue is primarily attributable to the revenue recognized in connection with our Novartis licensing agreement. For the year ended 2005, the net loss applicable to common stock was $16,550,479 or $0.32 per share, as compared to $17,023,648 or $0.39 per share for year ended 2004. The decrease in net loss applicable to common stock is primarily attributable to the increase in revenues and ongoing efforts to reduce overhead. The Company currently has approximately $9 million in cash. The Company's Form 10K for the year ended December 31, 2005 contains a going concern qualification from its independent auditors.
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