Published on December 15, 2009 at 1:14 AM
NexMed, Inc. (Nasdaq: NEXM), a developer of products based on the NexACT®
technology, today announced the closing of its acquisition of Bio-Quant,
Inc., a privately-held leading research organization for in vitro and in
vivo contract drug discovery and pre-clinical development services,
headquartered in San Diego, CA. Upon closing, Bio-Quant became a
wholly-owned subsidiary of NexMed. Bassam Damaj, Ph.D., co-founder and
former Chief Executive Officer and Chief Scientific Officer of
Bio-Quant, was named President and Chief Executive Officer of NexMed,
replacing Vivian Liu, who has assumed the role of Executive Vice
President and was appointed Chairman of the Board of Directors. The
Board of Directors is now composed of three Bio-Quant nominees and four
NexMed nominees.
Commenting on today’s news, Dr. Damaj stated, “The synergistic
combination of NexMed’s novel NexACT® technology and existing
clinical assets with Bio-Quant’s revenue generating business, will
enable us to offer both our existing and potential pharmaceutical
customers a broader array of products and services. I look forward to
working closely with Vivian on our integration efforts, as well as on
business development and licensing activities for NexMed’s product
pipeline.”
Mark Westgate, Chief Financial Officer of NexMed, added, “The
acquisition of Bio-Quant was an integral part of our compliance plan
which we presented during our November 12, 2009 meeting with the NASDAQ
Listing Qualification Panel. We remain hopeful that the closing of this
transaction will give the NASDAQ Panel sufficient confidence in NexMed’s
ability to regain and maintain compliance with all applicable listing
requirements going forward.”
http://www.nexmed.com/