NexMed reports first-quarter net loss; out of Nasdaq compliance

By Lisa Kerner

Erie, Pa., May 9 - NexMed, Inc. said for the first three months of 2006, the company recorded revenue of $454,000, primarily from its Novartis licensing agreement.

The net loss applicable to common stock was $3.04 million, or $0.05 per share, a decrease from the previous year's $4.6 million, or $0.09 per share.

As of March 31, NexMed had approximately $8.5 million in cash and short term investments.

Nasdaq has informed NexMed that the bid price of its common stock has closed below the minimum $1.00 per share requirement for continued inclusion under Marketplace Rule 4450(b)(4).

NexMed has 180 calendar days, or until Oct. 30, to regain compliance.

Located in East Windsor, N.J., NexMed develops products based on its proprietary NexACT drug delivery technology.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.