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Dutton Associates initiated coverage of NexMed, Inc. (NEXM) today with a Strong Speculative Buy rating and a 12 month target price of $3. According to the firm, "NexMed's transdermal drug delivery platform technology has broad application potential. Its current portfolio of therapeutics under development address markets with multi-billion dollar potential. Although we have assigned a 12-month price target of $3.00, up 100% from the current price level, we believe that success in just the current endeavors could result in much higher valuations for the shares."
NexMed's development focus is topical pharmaceutical products based on a penetration enhancement drug delivery technology known as NexACT(R), which may enable an active drug to be better absorbed through the skin. NexACT(R) technology is being applied to a variety of compatible drug compounds and delivery systems, and the Company is in various stages of developing new topical treatments for sexual dysfunction and nail fungus.
A Phase III trial of NM100060 (terbinafine 10% topical formulation) for mild to moderate toenail onychomycosis (nail fungus) was recently initiated by its partner Novartis (NVS) in Europe. The study is expected to be completed during the second half of 2008.
Alprox-TD(R) is the Company's topical alprostadil-based cream treatment intended for patients with erectile dysfunction. Two Phase III studies have been completed for this product, and the Company is seeking regulatory approval in the U.S., Canada and Europe. Alprox-TD(R) has been selling in China and in Hong Kong since October 2001 and April 2002, respectively, under the Befar(R) trademark. Femprox(R) is an alprostadil-based cream product that is under development for the treatment of female sexual arousal disorder. A Phase II trial in the U.s and another in China have been completed.
The Company had an accumulated deficit of $129.8 million at June 30, 2007, and the Company expects to incur additional losses during the remainder of 2007.
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