NexMed Transfers Listing to Nasdaq Capital Market
Market Wire, November, 2006
NexMed, Inc. (NASDAQ: NEXM), a developer of innovative transdermal treatments based on the NexACT® drug delivery technology, today announced that, effective November 8, 2006, it has transferred its listing from the Nasdaq Global Market to the Nasdaq Capital Market. As previously announced on November 6, 2006, NexMed submitted its transfer application with Nasdaq in response to a staff determination letter received from Nasdaq.
The transfer application was approved and NexMed has been notified that it has been afforded an additional compliance period of 180 days, up to April 30, 2007, in order to comply with the continued listing requirements of the Nasdaq Capital Market. Accordingly, NexMed's common stock must achieve a minimum bid price of $1.00 for a minimum of 10 consecutive days during the 180 day period ended April 30, 2007, in order to maintain its listing on the Nasdaq Capital Market.
NexMed's common stock will continue to trade under the symbol "NEXM" after the transfer is completed. The Nasdaq Stock Market operates both the Nasdaq Global Market and the Nasdaq Capital Market, which was previously called the Nasdaq SmallCap Market. Securities listed on both the Global Market and the Capital Market share similar listing standards with respect to corporate governance.
About NexMed, Inc.
NexMed, Inc. is an emerging drug developer that is leveraging its proprietary NexACT skin permeation, drug delivery technology to develop a significant pipeline of innovative pharmaceutical products to address significant unmet medical needs. The Company is also exploring opportunities with various pharmaceutical companies to incorporate NexACT into their existing drugs as a means of developing new patient-friendly transdermal products and extending patent lifespans and brand equity. 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.
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
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