NexMed to fight threatened delisting
NexMed Inc. said today that it intends to submit a compliance plan to avoid a threatened delisting Aug. 27 because its stockholder equity does not meet Nasdaq requirements.
The East Windsor, Mercer County-based pharmaceutical company said that, as of June 30, stockholder equity was $1.7 million, below Nasdaq's minimum $2.5 million.
"In our response to Nasdaq, we will request that Nasdaq take note of our continuing restructuring and cost-containment program begun in December 2008 as well as potential revenue opportunities from the licensing of our products under development," said Mark Westgate, NexMed's chief financial officer.
Acceptance of the plan would give the company a 105-day extension.
The company is still on notice over meeting the minimum $1 bid, but a temporary suspension of this rule has extended the company's deadline until January. Company shares have traded between 5 cents and $1.54 in the last 52 weeks, and last closed above $1 on Aug. 26.
Shares were priced at 17 cents, down 2 cents, at midafternoon today.
The company's pipeline includes a treatment for onychomycosis (a fungus infection of the toenails), erectile dysfunction, female sexual arousal disorder, and psoriasis. - Roslyn Rudolph
