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NexMed closes acquisition of Bio-Quant
February 2010
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EAST WINDSOR, N.J.NexMed Inc. announced in December 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 preclinical development services. The agreement, announced in November, provides for NexMed's issuance of 4 million unregistered shares of its common stock to the Bio-Quant shareholders and a promissory note of approximately $12.1 million. Upon closing, Bio-Quant became a wholly owned subsidiary of NexMed. Dr. Bassam Damaj, co-founder and former CEO and chief scientific officer of Bio-Quant, was named president and CEO of NexMed, replacing Vivian Liu, who has assumed the role of executive vice president and was appointed chairman of the board of directors.

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