By Sheri Kasprzak
New York, Dec. 21 - NexMed, Inc. closed a private placement of its stock for $8,657,381.
Southpoint Capital Advisors and RA Capital Management bought 13.317 million shares at $0.6501 each.
The investors also received warrants for 5,326,800 shares, exercisable at $0.79 each for five years.
Proceeds will be used for the company's product development programs and for general corporate purposes.
Based in East Windsor, N.J., NexMed develops treatments for nail fungus, sexual disorders and other ailments.
| Issuer: | NexMed, Inc.
|
| Issue: | Stock
|
| Amount: | $8,657,381
|
| Shares: | 13.317 million
|
| Price: | $0.6501
|
| Warrants: | For 5,326,800 shares
|
| Warrant expiration: | Five years
|
| Warrant strike price: | $0.79
|
| Investors: | Southpoint Capital Advisors, RA Capital Management
|
| Settlement date: | Dec. 21
|
| Stock symbol: | Nasdaq: NEXM
|
| Stock price: | $0.63 at close Dec. 20
|
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