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NexMed Gets Cash Infusion of $750K

Posted on: Tue, 17 Nov 2009 00:21:00 EST

Symbols: NEXM

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Nov 17, 2009 (Close-Up Media via COMTEX) --
NEXM | Quote | Chart | News | PowerRating -- NexMed, Inc., a developer of transdermal products based on the NexACT drug delivery technology, announced that it raised $750,000 in gross proceeds from the issuance of new convertible notes due December 31, 2011, which are secured by a mortgage on NexMed's facility in East Windsor, New Jersey.

The Company said that the notes were purchased by two investors, including The Tail Wind Fund, a long term investor in NexMed.

The Notes are convertible into shares of NexMed common stock at $2 per share with a coupon rate of 7 percent per annum. The shares underlying the Notes will not be registered with the Securities and Exchange Commission.

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For full details on Nexmed Inc (NEXM) NEXM. Nexmed Inc (NEXM) has Short Term PowerRatings at TradingMarkets. Details on Nexmed Inc (NEXM) Short Term PowerRatings is available at This Link.

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