New Issue: NexMed raises $7 million in private placement of shares

By Sheri Kasprzak

Atlanta, Dec. 22 - NexMed Inc. said it closed a private placement for $7,033,996.

The company sold 5,495,310 shares at $1.28 each to institutional and accredited investors.

Investors in the deal also received warrants for 2,198,126 shares at $1.47 each for five years. One-year warrants were also issued for 549,536 shares at $2 each.

Based in Robbinsville, N.J., NexMed is a pharmaceutical company that develops transdermal treatments. The company plans to use the proceeds from the offering for general corporate purposes and to develop programs based on its NexACT technology.

Issuer:	NexMed Inc.
Issue:	Stock
Amount:	$7,033,996
Shares:	5,495,310
Price:	$1.28
Settlement date:	Dec. 22
Stock price:	$1.24 at close Dec. 22
Five-year warrants
Warrants:	For 2,198,126 shares
Warrant expiration:	Five years
Warrant strike price:	$1.47
One-year warrants
Warrants:	For 549,536 shares
Warrant expiration:	One year
Warrant strike price:	$2.00

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