NexMed Inc. (NEXM) 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.
For comments and feedback: editorial@rttnews.com