NexMed, Inc. Leases Its Facility in New Jersey
December 17 2009 - 9:00AM
Business Wire
NexMed, Inc. (Nasdaq: NEXM), a specialty CRO and a developer of
products based on the NexACT® technology, today announced that it
has signed an agreement to lease its facility in East Windsor, NJ,
commencing February 1, 2010. The lease agreement also contains an
option to purchase the facility during the term of the lease.
Commenting on today’s news, NexMed’s Chief Financial Officer,
Mark Westgate, said, “In light of our announcement earlier this
week regarding the closing of the Bio-Quant acquisition, the timing
is ideal, as we move our headquarters from New Jersey to San Diego.
Additionally, the monthly rental payment will more than cover the
existing debt service on our mortgage, thus making this a cash
positive transaction. Further, the initial purchase option price
which we have negotiated, of $4.4 million, is approximately $1.4
million above the existing debt on our building.”
About NexMed
NexMed, due to its recent acquisition of Bio-Quant, is the
largest specialty CRO based in San Diego, CA and is one of the
industry’s most experienced CROs for in vitro and in vivo
pharmacology services and research models. NexMed is also
developing a proprietary product pipeline based on its NexACT® drug
delivery technology, including a late stage terbinafine treatment
for onychomycosis, a late stage alprostadil treatment for erectile
dysfunction, a Phase 2 alprostadil treatment for female sexual
arousal disorder and an early stage treatment for psoriasis. For
further information, go to www.nexmed.com and
www.bio-quant.com.
Forward-Looking Statement Safe
Harbor
Statements under the Private Securities Litigation Reform Act:
with the exception of the historical information contained in this
release, the matters described herein contain forward-looking
statements that involve risks and uncertainties that may
individually or mutually impact the matters herein described,
including, but not limited to, future lease revenues and other
matters that are outside the control of the Company.
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