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NexMed Gets Cash Infusion Of $750K - Quick Facts
11/11/2009 8:39 AM ET

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Trade NEXM now with
(RTTNews) - NexMed Inc. (NEXM: News ) said it raised $750,000 in gross proceeds from the issuance of new convertible notes due December 31, 2011, which are secured by a mortgage on NexMed's facility in East Windsor, New Jersey. The Notes were purchased by 2 investors, including The Tail Wind Fund Ltd., a long term investor in NexMed.

The company added that the notes are convertible into common shares of NexMed at $2 per share with a coupon rate of 7% per annum and the shares underlying the notes will not be registered with the Securities and Exchange Commission.

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