Relocated Biotech Raises $2.3M

Xconomy San Diego — 

NexMed (NASDAQ: NEXM), a New Jersey life sciences company that moved to San Diego following its acquisition three months ago of Bio-Quant, a San Diego contract research organization (CRO), says today it has raised $2.3 million in promissory notes from two investors. NexMed says it intends to use the proceeds for general corporate purposes, and to advance its transdermal drug delivery technology, which is intended to enhance the absorption of an active drug through the skin. NexMed says it also is developing topical drugs for treating a fungal infection that affects fingernails and toenails, erectile dysfunction, and female sexual arousal disorder.