NexMed, Inc. Announces Results of Special Meeting of Stockholders, Including Name Change to Apricus Biosciences
September 10 2010 - 4:31PM
Business Wire
NexMed, Inc. (Nasdaq:NEXM), backed by a revenue generating CRO
business and seeking to leverage its proprietary, multi-route
NexACT® drug delivery technology and internal pipeline through
out-licensing arrangements and partnerships, announced the results
of its Special Meeting of Stockholders, held today, Friday,
September 10, 2010.
At the Special Meeting, the Stockholders of the Company
approved, by an affirmative majority vote, to change the name of
the Company from NexMed, Inc. to Apricus Biosciences, Inc.
(“Apricus Bio”), effective September 10, 2010. The name change was
brought on to reflect the broader focus of the Company’s
development programs. The Company’s common stock will commence
trading under the symbol, NASDAQ: APRI, effective at the open of
the market on Tuesday, September 14, 2010.
Dr. Bassam Damaj, President and Chief Executive Officer of
NexMed, commented, “Beginning with the acquisition of Bio-Quant by
NexMed in late 2009, we have undertaken a number of positive
changes that are expected to reshape the Company over the
long-term. In particular, we have expanded our product pipeline,
re-energized the development of the NexACT technology as a drug
delivery platform and have begun active licensing efforts for both
proprietary programs, as well as third party programs enhanced with
the NexACT technology. Additionally, we have leveraged Bio-Quant’s
CRO capabilities to help advance new applications for NexACT. The
rebranding of the Company at this time is part of our broader
effort to alert potential development partners and the investment
community of our new business model.”
In connection with the Company’s name change, management expects
to launch its new website, http://www.apricusbio.com on Tuesday,
September 14, 2010.
In addition, the Stockholders approved, by an affirmative
majority vote, to increase the number of shares of Common Stock
authorized for issuance by the Company from 18,000,000 shares to
75,000,000 shares.
About Apricus
Biosciences
Backed by a solid, revenue generating CRO business, Bio-Quant,
Inc., and its NexMed USA subsidiary, Apricus Bio has leveraged the
flexibility of its proven NexACT® drug delivery technology to
enable multi-route administration of new and improved compounds
across numerous therapeutic classes. Future growth is expected to
be driven primarily through out-licensing of this technology for
the development and commercialization of such compounds to
pharmaceutical and biotechnology companies, worldwide.
Concurrently, the Company is seeking to monetize its existing
product pipeline, including compounds from pre-clinical through
Phase 3, currently focused on dermatology, sexual dysfunction and
cancer. For further information on the Company and its
subsidiaries, visit http://www.nexmed.com.
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