By Devika Patel
Knoxville, Tenn., March 17 - NexMed, Inc. raised $4 million on Tuesday from a private placement of 7% convertible notes due Dec. 31, 2012, according to an 8-K filed Wednesday with the Securities and Exchange Commission.
Approximately $2.6 million of the notes were issued in consideration for the cancellation of some of the company's convertible promissory notes.
The notes have an initial conversion price of $0.58 per share.
Based in East Windsor, N.J., NexMed develops treatments for nail fungus, sexual disorders and other ailments.
| Issuer: | NexMed, Inc.
|
| Issue: | Convertible notes
|
| Amount: | $4 million
|
| Maturity: | Dec. 31, 2012
|
| Coupon: | 7%
|
| Price: | Par
|
| Yield: | 7%
|
| Conversion price: | $0.58
|
| Warrants: | No
|
| Settlement date: | March 16
|
| Stock symbol: | Nasdaq: NEXM
|
| Stock price: | $0.477 at close March 16
|
| Market capitalization: | $47.4 million
|
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