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Prospector
Profile
3-19-003
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| NexMed, Inc. |
NAICS |
325412 |
| 89 Twin Rivers Drive,
East Windsor, NJ 08520 |
Description |
Pharmaceutical Preparation Mfg. |
| (609) 371-8123 |
Employees |
24 |
| http://www.nexmed.com |
Revenue |
(mil) |
1.2700 |
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Income |
(mil) |
-8.7900 |
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Assets |
(mil) |
10.6700 |
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Liability |
(mil) |
5.8700 |
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(for the year ended 2007-12-31) |
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Category:
Audit Concerns
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Event:
Amper Politziner & Mattia PC expressed substantial doubt about the ability of NexMed Inc., to continue as a going concern after it audited the Company's financial statements for the year ended December 31, 2007. The auditor pointed to the Company's recurring losses and negative cash flows from operations. It also expects the Company to incur future losses. The Company posted a net loss of $8,787,228 on net revenue of $1,270,367 for the year ended December 31, 2007, as compared with a net loss of $8,043,253 on net revenue of $1,866,927 in the prior year. At December 31, 2007, the Company's balance sheet showed $10,672,706 in total assets, $5,867,949 in total liabilities, and $4,804,757 in stockholders' equity. The Company's consolidated balance sheet at December 31, 2007, also showed strained liquidity with $3,681,680 in total current assets available to pay $2,329,899 in total current liabilities.
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Intellectual Property:
The Company has 13 U.S. patents either acquired or received out of a series of patent applications filed in connection with its NexACT(R) transdermal drug delivery technology and NexACT(R)-based products under development. To further strengthen its global patent position on proprietary products under development, and to expand the patent protection to other markets, the Company has filed under the Patent Cooperation Treaty corresponding international applications for its issued U.S. patents and pending U.S. patent applications. [SEC Filing 10-K 03-12-08]
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Description:
NexMed, Inc., a pharmaceutical and medical technology company, engages in designing, developing, manufacturing, and marketing pharmaceutical products in the United States and Hong Kong.
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Officers:
Vivian H. Liu (Pres., CEO, Sec. & Dir.); Hemanshu Pandya (VP & COO); Mark Westgate (VP, CFO & Treas.)
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Auditor:
Amper Politziner & Mattia, PC
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Securities:
Common Stock Symbol NEXM; NasdaqCM; 83,108,002 common shares outstanding as of March 10, 2008.
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