ARTICLE | Company News

Bio-Quant, NexMed deal

December 7, 2009 8:00 AM UTC

NexMed will acquire drug discovery company Bio-Quant in a stock and note deal valued at about $12.8 million. NexMed will issue 4 million new shares valued at $680,000, based on NexMed's close of $0.17 on Nov. 20, the last trading day before the deal was announced. Bio-Quant shareholders also will receive a $12.1 million promissory note due Dec. 31, 2010, which NexMed shareholders may elect to pay back in common stock.

Bio-Quant CEO and CSO Bassam Damaj will replace Vivian Liu as CEO of NexMed. Liu will transition to EVP and is expected to become chairman. NexMed CFO Mark Westgate will retain his position. NexMed also will relocate its headquarters to San Diego, Calif. ...