NEXMED ANNOUNCES THE EXPANSION OF ITS SENIOR MANAGEMENT TEAM
San Diego, CA, April 05, 2010 -- (BUSINESS WIRE) -- NexMed, Inc. (NASDAQ: NEXM), a specialty CRO with a pipeline of products based on the NexACT® technology, announced today announced the expansion of its senior management team within its operating subsidiaries, with the appointment of Terry Ladd as Vice-President of Business Development at Bio-Quant, Inc. and Richard Martin, Ph.D., as Vice President of Chemistry for NexMed (U.S.A.), Inc. Both executives will report to Dr. Bassam Damaj, President and Chief Executive Officer of NexMed, Inc.
In his new position, effective April 12, 2010, Mr. Ladd will be responsible for the worldwide business development operations of Bio-Quant, NexMed's discovery pre-clinical service subsidiary. Mr. Ladd brings more than 20 years of sales experience in the preclinical field, including senior management positions in sales and marketing with Calvert Laboratories, Inc., MDS Pharma Services, Inc., SkeleTech, Inc., Phoenix International Life Sciences, Inc., Chrysalis International, Inc., Pharmakon Research International, Inc., and ITR Laboratories, Inc. Mr. Ladd holds an M.B.A. in Marketing and Finance from McGill University, an M.A. from the University of Sherbrooke, and a B.A. Honors degree from Bishop's University.
As Vice President of Chemistry, effective immediately, Dr. Martin is leading the development work for the next generation of NexACT technology and NexACT-based products at NexMed (U.S.A.). Dr. Martin has over 20 years of medicinal chemistry research and development experience in the fields of antibacterial, inflammation, oncology, antiviral, cardiovascular and metabolic diseases. Prior to joining NexMed (U.S.A.), Dr. Martin was Senior Director of Chemistry at RetroVirox, Inc. a privately-held biotechnology company engaged in the discovery of new treatments for patients with infectious diseases. Dr. Martin also served as Director of Chemistry at Exelixis, Inc./X-Ceptor Therapeutics, Inc. and Group Leader at Tanabe Research Laboratories U.S.A., Inc. in San Diego -- a wholly owned subsidiary of Mitsubishi-Tanabe in Japan. Dr. Martin received his Ph.D. in Organic Chemistry from the University of Toronto and completed his postdoctoral research at The Scripps Research Institute in San Diego. Dr. Martin holds over 20 patents and patent applications and has authored/co-authored over 20 papers.
Commenting on today's news, Dr, Damaj stated, "We are delighted to welcome both Terry and Richard to the NexMed team. These highly regarded experts in their respective fields join the Company at an exciting time in its corporate development. Their individual experience within both pre-clinical business development and medicinal chemistry is expected to be invaluable as we execute on our growth plan, including the expansion of our CRO business as well as the out-licensing of our proprietary NexACT technology and advancement beyond transdermal delivery to include oral and subcutaneous deliveries of new classes of drugs."
In connection with his employment with NexMed, each new executive received a grant of an aggregate of 225,000 shares of restricted common stock, vesting in equal installments over three years, subject to his remaining in continuous and uninterrupted employment with NexMed or its subsidiaries. These grants, which were approved by a majority of the non-employee directors sitting on the NexMed board, were made outside of the NexMed stockholder-approved equity compensation plans, as permitted under NASDAQ Marketplace Rule 5635(c)(4).
About NexMed, Inc.
NexMed is the largest specialty CRO based in San Diego, CA and is one of the industry's most experienced CROs for in vitro and in vivo pharmacology services and research models. The Company's goal is to generate revenues from the growth of its Discovery Pre-clinical CRO business, while aggressively seeking to monetize its proprietary NexACT drug delivery technology through out-licensing agreements with pharmaceutical and biotechnology companies, worldwide. At the same time, NexMed is actively pursuing partnering opportunities for its NexACT-based treatments for onychomycosis, psoriasis, sexual dysfunction and cancer. For further information on NexMed and its subsidiaries, visit the following websites: http://www.nexmed.com or http://www.bio-quant.com.
About FasTrack Pharmaceuticals, Inc.
Based in San Diego, CA and founded in 2009, FasTrack Pharmaceuticals, Inc. is a privately-held specialty pharmaceutical company engaged in the development of innovative human therapeutic drugs to treat life threatening diseases, including cancer and autoimmune diseases. The Company's lead product candidate, PrevOnco, is under development for the treatment of various solid tumors.
Forward-Looking Statement Safe Harbor
Statements under the Private Securities Litigation Reform Act: with the exception of the historical information contained in this release, the matters described herein contain forward-looking statements that involve risks and uncertainties that may individually or mutually impact the matters herein described for a variety of reasons that are outside the control of the Company. For example, and without limitation, there can be no assurance that the Company will be able to grow its CRO business or will succeed in advancing the development and use of the NexACT technology.
NexMed Investor Relations:
NexMed, Inc. Rx Communications Group, LLC
Edward Cox, V.P.
Investor Relations & Corporate Development NexMed, Inc.