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Dutton Associates Announces Investment Opinion: NexMed Lowered To Speculative Buy Rating In Research Note By Dutton Associates
Sep 4, 2008 2:44:00 PM
Copyright Business Wire 2008
View Additional ProfilesROSEVILLE, Calif.--(BUSINESS WIRE)--
Dutton Associates updates its coverage of NexMed (Nasdaq:NEXM), lowering its rating to Speculative Buy and a $1.00 price target. The research note by Dutton senior analyst Denise Resnik, MS is available at www.jmdutton.com as well as from First Call, Bloomberg, FactSet, Capital IQ, Zacks, Reuters, Knobias, and other leading financial portals.
NexMed shares fell in excess of 80% over the past week in response to news that its collaboration partner, Novartis AG (NYSE:NVS), announced that it would not seek to file a New Drug Application with the US Food and Drug Administration (FDA). The clinical product being investigated under this agreement is NexMed's anti-fungal topical nail solution for the treatment of fungal nail infections (onychomycosis) affecting toenails and/or fingernails, known as NM100060 (terbinafine 10% topical formulation). Novartis' announcement followed the recent completion of two double-blind, placebo controlled Phase 3 clinical trials conducted in the US,
Europe, Canada and Iceland. Novartis' decision regarding filing of a New Drug Application in the US does not affect other parts of the collaboration agreement. Specifically, receipt of an approved patent claim from the US Patent Office would generate the previously- agreed upon $3.5 million milestone payment. The European comparator study is continuing and top-line data will be available in early 2009, and NexMed expects Novartis to file for regulatory approval in Europe if data from this trial are positive. if it is successful in reversing the not approvable status of its erectile dysfunction product with the FDA when they meet on October 15, 2008, NexMed would be eligible to receive a milestone payment from Warner Chilcott. While we believe management is actively pursuing the issues surrounding its clinical programs, we are considerably concerned regarding the long-term for this company.
Dutton Associates
Dutton Associates is one of the largest independent investment research firms in the U.S. Its 30 analysts are primarily CFAs and have expertise in many industries. Dutton Associates provides continuing analyst coverage of over 140 enrolled companies, and its research, estimates, and ratings are carried in all the major databases serving institutions and online investors.
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