By Sheri Kasprzak
New York, Jan. 25 - NexMed, Inc. said it completed an $8,319,000 private placement of stock.
The company issued 9,347,191 shares at $0.89 each to a group of institutional and accredited investors that included Southpoint Capital Advisors LP and Loeb Partners Corp.
The investors also received warrants for 3,738,876 shares, exercisable at $1.11 each for four years. The strike price of the warrants represents a 23% premium to the company's closing stock price of $0.90 on Jan. 24.
The warrants are redeemable at $1.00 each if the company's stock trades above $5.00 for 10 consecutive trading days.
Proceeds will be used for development of the company's NexACTR technology and for general corporate purposes.
Based in Robbinsville, N.J., NexMed is a drug development company focused on treatments for nail fungus, sexual disorders and other ailments.
| Issuer: | NexMed, Inc.
|
| Issue: | Stock
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| Amount: | $8,319,000
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| Shares: | 9,347,191
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| Price: | $0.89
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| Warrants: | For 3,738,876 shares
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| Warrant expiration: | Four years
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| Warrant strike price: | $1.11
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| Investors: | Southpoint Capital Advisors LP, Loeb Partners Corp., others
|
| Settlement date: | Jan. 25
|
| Stock symbol: | Nasdaq: NEXM
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| Stock price: | $0.90 at close Jan. 24
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