UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
WASHINGTON,
D.C. 20549
SCHEDULE
14A
Proxy
Statement Pursuant to Section 14(a) of the
Securities
Exchange Act of 1934
Filed by
the Registrant
x
Filed by
a Party other than the Registrant
o
Check the
appropriate box:
o
Preliminary Proxy
Statement
o
Confidential, for
Use of the Commission Only (as permitted by Rule 14a-6(e)(2))
x
Definitive Proxy
Statement
o
Definitive Additional
Materials
o
Soliciting Material
Pursuant to Section 240.14a-11(c) or Section 240.14a-12
NEXMED,
INC.
(Name of
Registrant as Specified in its Charter)
(Name of
Person(s) Filing Proxy Statement if other than the Registrant)
Payment
of Filing Fee (Check the appropriate box):
x
No fee
required.
o
Fee computed on table
below per Exchange Act Rules 14a-6(i)(1) and 0-11.
1) Title
of each class of securities to which transaction applies:
2)
Aggregate number of securities to which transaction applies:
3) Per
unit price or other underlying value of transaction computed pursuant to
Exchange Act Rule 0-11 (Set forth the amount on which the filing fee is
calculated and state how it was determined):
4)
Proposed maximum aggregate value of transaction:
5) Total
fee paid:
o
Fee paid previously
with preliminary materials.
o
Check box if any part
of the fee is offset as provided by Exchange Act Rule 0-11(a)(2) and identify
the filing for which the offsetting fee was paid previously. Identify the
previous filing by registration statement number, or the Form or Schedule and
the date of its filing.
1) Amount
Previously Paid:
2) Form,
Schedule or Registration Statement No.:
3) Filing
Party:
4) Date
Filed:
NEXMED,
INC.
6330
Nancy Ridge Drive, Suite 103
San Diego, California,
92121
NOTICE
OF SPECIAL MEETING OF STOCKHOLDERS
To Our
Stockholders:
Notice is
hereby given to the stockholders of NexMed, Inc. (the Company) that a Special
Meeting of Stockholders of the Company (the Special Meeting) will be held
on Tuesday, March 2, 2010 at 10
:00
a.m., local time, at the
Company’s offices located at 6330 Nancy Ridge Drive, Suite 103, San Diego,
California, for the following purposes:
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(1)
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To
consider and vote upon a proposal to approve and adopt an amendment to the
Company’s Amended and Restated Articles of Incorporation to increase the
number of shares of Common Stock authorized for issuance by the Company
from 120,000,000 to 270,000,000 shares.
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(2)
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To
transact such other business as may properly come before the meeting or
any postponement(s) or adjournment(s)
thereof.
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Important Notice Regarding the
Availability of Proxy Materials for the Stockholder Meeting To Be Held on March
2, 2010
. The enclosed Proxy Statement includes information
relating to the above proposals. We encourage you to review all of
the important information contained in the proxy materials before
voting. Our proxy materials (which include the proxy statement
attached to this notice and form of proxy card) are available to you via the
internet at http://www.ir-site.com/nexmed/secfilings.html.
Stockholders
may complete their proxy and authorize their vote by proxy over the Internet at
www.proxyvote.com or by telephone at (800) 690-6903. Stockholders who
complete their proxy electronically or by telephone do not need to return a
proxy card. Stockholders may authorize their vote by proxy by mail by
completing and returning the enclosed proxy card.
All
stockholders of record of the Company's common stock, par value $0.001 per share
(the Common Stock) at the close of business on January 21, 2010 are entitled to
notice of and to vote at the Special Meeting or any adjournment or postponement
thereof. A majority of the outstanding shares of Common Stock of the
Company entitled to vote, represented either in person or by proxy, is
required for a quorum.
By Order
of the Board of Directors
/s/
Mark Westgate
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Mark
Westgate
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Assistant
Secretary
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January
29, 2010
San
Diego, California
THE
BOARD OF DIRECTORS APPRECIATES AND ENCOURAGES YOUR PARTICIPATION IN THE
COMPANY'S SPECIAL MEETING. WHETHER OR NOT YOU PLAN TO ATTEND THE SPECIAL
MEETING, IT IS IMPORTANT THAT YOUR SHARES BE REPRESENTED. ACCORDINGLY, PLEASE
SIGN, DATE AND PROMPTLY RETURN THE ENCLOSED PROXY CARD BY MAIL IN THE
POSTAGE-PAID ENVELOPE PROVIDED, OR VOTE THESE SHARES BY TELEPHONE AT (800)
690-6903 OR BY INTERNET AT WWW.PROXYVOTE.COM. IF YOU ATTEND THE SPECIAL MEETING,
YOU MAY REVOKE YOUR PROXY IF YOU WISH BY VOTING YOUR SHARES IN PERSON.
YOUR PROXY IS REVOCABLE IN ACCORDANCE WITH THE PROCEDURES SET FORTH IN THE
ACCOMPANYING PROXY STATEMENT.
Mailed
to Stockholders
on
or about January 29, 2010
NEXMED,
INC.
6330
Nancy Ridge Drive, Suite 103
San Diego, California,
92121
PROXY
STATEMENT
General
Information
We are
furnishing this Proxy Statement in connection with the solicitation of proxies
for use at our Special Meeting of Stockholders (the Special Meeting) to be held
on Tuesday, March 2, 2010, at 10:00 a.m., local time, at our offices located at
6330 Nancy Ridge Drive, Suite 103, San Diego, California, and any adjournment or
postponement thereof.
Revocability
of Proxies
Any proxy
given pursuant to this solicitation may be revoked by the person giving it at
any time before it is exercised by delivering to us (to the attention of Mark
Westgate, the Company’s Assistant Secretary) a written notice of revocation or a
properly executed proxy bearing a later date.
Solicitation
and Voting Procedures
This
proxy is solicited on behalf of the Board of Directors of NexMed,
Inc. The solicitation of proxies will be conducted by mail and we
will bear all attendant costs. These costs will include the expense
of preparing and mailing proxy materials for the Special Meeting and
reimbursements paid to brokerage firms and others for their expenses incurred in
forwarding solicitation material regarding the Special Meeting to beneficial
owners of our common stock, par value $0.001 per share (the Common Stock). We
may also use the services of a proxy solicitor and, in such event, we would
expect to pay approximately $10,000, plus out-of-pocket expenses, for such
services. We may conduct further solicitation personally, telephonically or by
facsimile through our officers, directors and regular employees, none of whom
will receive additional compensation for assisting with the
solicitation.
A
stockholder’s shares can be voted at the Special Meeting only if the stockholder
is present in person or represented by proxy. We urge any stockholders not
planning to attend the Special Meeting to authorize their proxy in advance.
Stockholders may complete their proxies and authorize their votes by proxy over
the Internet (at www.proxyvote.com) or by telephone (at (800)
690-6903). Stockholders who complete their proxy electronically over
the Internet or by telephone do not need to return a proxy
card. Stockholders who hold their shares beneficially in street name
through a nominee should follow the instructions they receive from their nominee
to vote these shares.
The
presence at the Special Meeting of a majority of the outstanding shares of our
Common Stock entitled to vote, represented either in person or by proxy, will
constitute a quorum for the transaction of business at the Special
Meeting. Consequently, abstentions from voting on the proposal and
broker non-votes will count for purposes of determining a quorum. The
close of business on January 21, 2010 has been fixed as the record date (the
Record Date) for determining the holders of shares of Common Stock (the
Stockholders) entitled to notice of and to vote at the Special
Meeting. Each share of Common Stock outstanding on the Record Date is
entitled to one vote on all matters. As of the Record Date, there
were 106,928,753 shares of Common Stock outstanding.
Stockholder
votes will be tabulated by the persons appointed by the Board of Directors to
act as inspectors of election for the Special Meeting. Shares of Common Stock
represented by a properly executed and delivered proxy will be voted at the
Special Meeting and, when the Stockholder has given instructions, will be voted
in accordance with those instructions. If no instructions are given,
the shares will be voted FOR Proposal No. 1.
PROPOSAL
NO. 1
APPROVAL
OF AMENDMENT TO THE ARTICLES OF INCORPORATION
TO
INCREASE NUMBER OF AUTHORIZED SHARES OF COMMON STOCK FROM 120,000,000 TO
270,000,000 SHARES
The
Company’s Articles of Incorporation currently authorize the Company to issue
120,000,000 shares of Common Stock, as well as an additional 10,000,000 shares
of the Company’s preferred stock, par value $0.001 per share (Preferred
Stock). The Nevada Revised Statutes provide that the Articles of
Incorporation may be amended to increase or decrease the aggregate number of
shares of capital stock the Company has the authority to issue.
The Board
of Directors deems it advisable that the Articles of Incorporation be amended,
subject to approval by the Stockholders, to increase the aggregate number of
shares of Common Stock the Company has the authority to issue, and the Board of
Directors unanimously recommends a vote FOR approval of the amendment of
Paragraph A of Article FIFTH of the Company’s Articles of Incorporation so that,
as amended, it shall read as follows:
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“FIFTH:
A. The total number of shares of all classes of stock which the
Corporation shall have authority to issue is two hundred eighty million
(280,000,000), consisting of two hundred seventy million (270,000,000)
shares of common stock, par value one-tenth of one cent ($0.001) per share
(the “Common Stock”) and ten million (10,000,000) shares of preferred
stock, par value one-tenth of one cent ($0.001) per share (the “Preferred
Stock”).”
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Purposes
of Amendment
In the
past, the Company has funded its operations primarily through the sale of equity
and issuance of convertible debt and expects to continue to need additional
external financing to provide additional working capital and to continue the
development of its product candidates. As of the Record Date, we
had 106,928,753 shares of Common Stock outstanding and 12,408,048
shares of Common Stock reserved for issuance, out of the 120,000,000
authorized shares of Common Stock. Accordingly, the Company has
essentially no additional shares of authorized Common Stock available for
future issuance.
The Board
of Directors believes the adoption of the foregoing amendment is both necessary
and advisable. Without additional authorized shares of Common Stock,
the Company will be unable, or severely limited in its ability, to do any of the
following:
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raise
additional capital through the sale of Common
Stock;
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use
Common Stock as consideration in making acquisitions of complementary
products, companies or
technologies;
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grant
future equity awards to employees, officers and directors as needed to
attract and retain their services;
and
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conserve
cash and use Common Stock as consideration for other purposes, such as to
service indebtedness of the
Company.
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At the
present time, the Company has no commitments to issue shares of Common Stock
upon the approval of this proposal. However, the Board considers it
necessary to have additional authorized shares to be able to take action with
respect to these matters as may be deemed appropriate from time to
time. Authorized but unissued shares of the Common Stock may be
issued for such purposes and for such consideration as the Board of Directors
may determine to be appropriate without further authority from the Stockholders,
subject to other limits that may be imposed under applicable law, stock exchange
(including NASDAQ) policies, and applicable limits under equity incentive
plans. To the extent that the Company wishes to issue shares in an
amount that is beyond the limits permitted by any of these laws, rules or
regulations, the Company would first seek stockholder approval of any such
issuance.
If
approved, additional shares of Common Stock could be issued in one or more
transactions that could make it more difficult or costly, and less likely,
for a bidder to effect a takeover of the Company. The proposed
amendment to the Articles of Incorporation makes no change in authorized
Preferred Stock and is not being recommended in response to any specific effort
of which the Company is aware to obtain control of the Company.
REQUIRED
VOTE AND RECOMMENDATION OF BOARD OF DIRECTORS
Under
applicable Nevada law, the affirmative vote of the Stockholders holding a
majority of the outstanding shares of Common Stock is required for approval of
the proposed amendment. Consequently, abstentions from voting on the proposal
and broker non-votes will not count as votes cast and accordingly will have the
same effect as a negative vote on this proposal.
THE
BOARD OF DIRECTORS RECOMMENDS A VOTE FOR APPROVAL OF THE
AMENDMENT
TO THE ARTICLES OF INCORPORATION TO INCREASE THE NUMBER
OF
AUTHORIZED SHARES OF COMMON STOCK FROM 120,000,000 SHARES TO 270,000,000
SHARES.
JOINT
2008/2009 ANNUAL MEETING
As
previously announced in its Current Report on Form 8-K filed on January 8, 2010,
the Company received a notice of non-compliance from The NASDAQ Stock Market LLC
based upon its failure to solicit proxies and hold an annual meeting of
shareholders for fiscal 2008 by December 31, 2009, as required by NASDAQ Listing
Rules 5620(a) and 5620(b), which could serve as an additional basis for the
delisting of the Common Stock from The NASDAQ Capital Market. In
order to satisfy NASDAQ’s annual meeting requirement, the Company plans to file
a proxy statement for a joint 2008/2009 annual meeting (the 2008/2009 Annual
Meeting) promptly following the filing of its Annual Report on Form 10-K for
fiscal 2009, which is expected to be filed in March 2010. As also
disclosed in the Company’s Current Report on Form 8-K filed on January 8, 2010,
the Company has until January 25, 2010 to regain compliance with the NASDAQ
$1.00 minimum bid requirement for the Company’s Common Stock. If the
Company is unable to meet this requirement in order to maintain the listing of
the Common Stock on the NASDAQ Capital Market, it will consider all available
options to raise the stock price, including effecting a reverse stock
split.
STOCKHOLDER
PROPOSALS
Stockholder
proposals will be considered for inclusion in the Proxy Statement for the 2009
Annual Meeting in accordance with Rule 14a-8 under the Exchange Act, if
they are received by the Secretary of NexMed, Inc., within a reasonable time
before we begin to print and send our proxy materials.
Stockholders
who intend to present a proposal at the 2009 Annual Meeting of Stockholders
without inclusion of such proposal in our proxy materials for the 2009 Annual
Meeting are required to provide notice of such proposal to us within the time
period set forth in our bylaws. The Company reserves the right to
reject, rule out of order, or take other appropriate action with respect to any
proposal that does not comply with these and other applicable
requirements.
Proposals
and notices of intention to present proposals at the 2010 Annual Meeting should
be addressed to Secretary of NexMed, Inc., 6330 Nancy Ridge Drive, Suite 103,
San Diego, California, 92121.
HOUSEHOLDING
OF PROXY MATERIALS
In some
cases only one copy of this Proxy Statement is being delivered to
multiple Stockholders sharing an address unless NexMed has
received contrary instructions from one or more of the Stockholders. We
will deliver promptly, upon written or oral request, a separate copy of this
Proxy Statement to a Stockholder at a shared address to which a single copy
of the document was delivered. Stockholders sharing an address who
are receiving multiple copies of proxy statements or annual reports may also
request delivery of a single copy. To request separate or multiple delivery of
these materials now or in the future, a stockholder may submit a written request
to Secretary of NexMed, Inc., 6330 Nancy Ridge Drive, Suite 103, San Diego,
California, 92121 or an oral request at (858) 450-0048.
WHERE
YOU CAN FIND ADDITIONAL INFORMATION
We have
filed reports, proxy statements and other information with the SEC. You may read
and copy any document we file with the SEC at the SEC's Public Reference Room at
100 F Street, N.W., Washington, D.C. 20549. You may obtain information on
the Public Reference Room by calling the SEC at 1-800-SEC-0330. The SEC
maintains a website that contains the reports, proxy statements and other
information we file electronically with the SEC. The address of the SEC website
is
http://www.sec.gov.
You may
request, and we will provide at no cost, a copy of these filings, including any
exhibits to such filings, by writing or telephoning us at the following address:
Secretary of NexMed, Inc., 6330 Nancy Ridge Drive, Suite 103, San Diego,
California, 92121 or an oral request at (858) 450-0048. You may also
access these filings at our web site under the investor relations link at
http://www.ir-site.com/nexmed/secfilings.html.
OTHER
MATTERS
The Board
of Directors knows of no other business that will be presented to the Special
Meeting. If any other business is properly brought before the Special
Meeting, it is intended that proxies in the enclosed form will be voted in
respect thereof in accordance with the judgment of the persons voting the
proxies.
It is
important that the proxies be returned promptly and that your shares be
represented. Stockholders are urged to vote. Stockholders are urged to mark,
date, execute and promptly return the accompanying proxy card in the enclosed
envelope or vote these proxies by telephone at (800) 690-6903 or by internet at
www.proxyvote.com.
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By
Order of the Board of Directors,
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/s/
Mark Westgate
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Mark
Westgate
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Assistant
Secretary
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January
29, 2010
San
Diego, California
[FORM
OF PROXY-FRONT SIDE OF TOP PORTION]
To
Our Stockholders,
You
are cordially invited to attend our Special Meeting of Stockholders, to be held
at the Company’s offices at 6330 Nancy Ridge Drive, Suite 103, San Diego,
California, 92121, at 10:00 a.m., local time, on Tuesday, March 2,
2010.
[Company
logo]
The
enclosed Proxy Statement provides you with additional details about items that
will be addressed at the Special Meeting. Following consideration of the
proposals set forth in the Proxy Statement, an overview of NexMed, Inc.’s
activities will be presented and we will be available to answer any questions
you may have. After reviewing the Proxy Statement, please sign, date and
indicate your vote for the items listed on the Proxy Card below and return it by
mail in the enclosed, postage-paid envelope, or vote by telephone by calling
(800) 690-6903
(U.S. only), or by internet at
www.proxyvote.com
,
whether or not you plan to attend the Special Meeting.
Thank
you for your prompt response.
Sincerely,
Mark
Westgate
Assistant
Secretary
NexMed,
Inc., 6330 Nancy Ridge Drive, Suite 103, San Diego, California,
92121
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(Continued,
and to be signed on reverse side)
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[FORM
OF PROXY- REVERSE SIDE OF TOP PORTION]
NEXMED,
INC.
THIS
PROXY IS SOLICITED BY THE BOARD OF DIRECTORS
The
undersigned hereby appoint(s) Bassam Damaj and Vivian H. Liu, or either of them,
the lawful attorneys and proxies of the undersigned, with full power of
substitution, for and in the name, place and stead of the undersigned to attend
the Special Meeting of Stockholders of NexMed, Inc. to be held at the Company’s
offices on Tuesday, March 2, 2010 at 10:00 a.m., local time, and any
adjournment(s) or postponement(s) thereof, with all powers the undersigned would
possess if personally present, and to vote the number of shares the undersigned
would be entitled to vote if personally present.
In
accordance with their discretion, said attorneys and proxies are authorized to
vote upon such other matters or proposals not known at the time of solicitation
of this proxy which may properly come before the meeting.
This
proxy when properly executed will be voted in the manner described herein by the
undersigned stockholder. If no instructions are given, the shares will be voted
FOR Proposal Nos. 1 and No. 2. Any prior proxy is hereby
revoked.
(Please
detach here)
The
Board of Directors recommends a vote FOR Proposal No. 1.
PROPOSAL 1
: Approval and
Adoption of a Certificate of Amendment to the Company’s Amended and Restated
Articles of Incorporation to increase the number of shares of Common Stock
authorized for issuance by the Company from 120,000,000 to 270,000,000
shares.
FOR
o
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AGAINST
o
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ABSTAIN
o
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PROPOSAL 2:
To transact such
other business as may properly come before the meeting or any postponement(s) or
adjournment(s) thereof.
FOR
o
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AGAINST
o
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ABSTAIN
o
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Address
Change? Mark Box
¨
Indicate changes below:
Date:___________________________________
_____________________________________________
_____________________________________________
Signature(s)
in Box
Please
sign exactly as your name appears at the left.
When
shares are held by joint tenants, both should sign.
When
signing as attorney, executor, administrator, trustee
or
corporation, please sign in full corporate name by
president
or other authorized person. If a partnership,
please
sign in partnership name by authorized person.
[FORM
OF PROXY DETACHABLE PROXY CARD]
COMPANY
#
There
are three ways to vote your Proxy
Your
telephone or Internet vote authorizes the Named Proxies to vote your shares in
the same manner as if you marked, signed and returned your proxy
card.
VOTE
BY PHONE – TOLL FREE –
1-800-690-6903
–
QUICK *** EASY *** IMMEDIATE
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Use
any touch-tone telephone to vote your proxy 24 hours a day, 7 days a week,
until Noon (EST) on
Tuesday
,
March
2
,
2010.
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Please
have your proxy card and the last four digits of your Social Security
Number or Tax Identification Number
available.
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Follow
the simple instructions the Voice provides
you.
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VOTE BY INTERNET –
www.proxyvote.com
-
QUICK *** EASY *** IMMEDIATE
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Use
the Internet to vote your proxy 24 hours a day, 7 days a week, until Noon
(EST) on
Tuesday
,
March
2
,
2010.
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Please
have your proxy card and the last four digits of your Social Security
Number or Tax Identification Number available to obtain your records and
create an electronic ballot.
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VOTE BY
MAIL
Mark,
sign and date your proxy card and return it in the postage-paid envelope we’ve
provided or return it to NexMed, Inc., c/o
Broadridge 51 Mercedes Way,
Edgewood NY 11717
.
If
you vote by Phone or Internet, please do not mail your Proxy Card.
Please
detach here
Nexmed (MM) (NASDAQ:NEXM)
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