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NexMed, Inc. Leases Its Facility in New Jersey

Date : 12/17/2009 @ 9:00AM
Source : Business Wire
Stock : NexMed, Inc. (NEXM)

http://ih.advfn.com/p.php?pid=nmona&cb=1261069261&article=40804024&symbol=N%5ENEXM


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