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.