SOURCE: NexMed, Inc.

October 10, 2006 08:35 ET

NexMed Receives NASDAQ Delisting Warning Letter

EAST WINDSOR, NJ -- (MARKET WIRE) -- October 10, 2006 -- NexMed, Inc. (NASDAQ: NEXM), a developer of innovative transdermal products based on the Company's proprietary NexACT® drug delivery technology, today announced that it has received a notice from Nasdaq indicating that it did not comply with the minimum $50 million market value of listed securities requirement for continued listing set forth in Marketplace Rule 4450(b)(1)(A). Additionally, the Company does not comply with the alternative Marketplace Rule 4450(b)(1)(B) which requires total assets and total revenue of $50 million each for the most recently completed fiscal year or two of the last three most recently completed fiscal years. Further, the company remains on notice for failure to maintain a minimum $1 bid requirement and, pursuant to Marketplace Rule 4450(e)(2), has until October 30th to remedy this deficiency.

Nasdaq will provide written notice that the Company's common stock will be delisted from the Nasdaq National Market at the opening of business on November 3, 2006 unless the Company's market value of listed securities is $50 million or more for a minimum of 10 consecutive business days during the 30 day period ended November 3, 2006. Additionally, Nasdaq will provide notice that the Company's common stock will be delisted on October 30, 2006 unless the bid price of the Company's stock closes at $1.00 per share or more for a minimum of 10 consecutive business days before October 30, 2006.

As of October 3, 2006, 2006 the market value of NexMed's listed securities based on its current 66,642,661 shares outstanding was $40,652,023. In order to comply with the $50 million market value criteria, the Company's share price would have to be $0.76 or greater for 10 consecutive days prior to November 3, 2006.

About NexMed, Inc.

NexMed, an innovative drug developer, offers large pharmaceutical companies the opportunity to develop new patient-friendly transdermal products, and extend patent lifespans and brand equity, through participation in early stage licensing and development partnerships. NexMed currently has a host of medicines in development, such as treatments for nail fungus, sexual disorders and more, all based on its proprietary NexACT drug delivery technology.

Contact Information

  • Company Contact:
    Deborah Carty
    NexMed, Inc.
    (609) 371-8123, ext: 159
    Email Contact

    Investor Relations:
    Paula Schwartz
    Rx Communications Group, LLC
    (917) 322-2568
    Email Contact