NEXMED ANNOUNCES EXPANSION OF SENIOR BUSINESS DEVELOPMENT TEAM
Newly Hired Executives to Focus on Licensing of NexACT® Technology and Product Pipeline
San Diego--(BUSINESS WIRE)-- NexMed, Inc. (NASDAQ: NEXM), a specialty CRO with a pipeline of products based on the NexACT® technology, today announced the expansion of its senior business development team within NexMed (U.S.A.), with the appointments of Linda Smibert as Vice President of Business Development and Mark S. Wilson as Vice-President of Technology Development. Both executives will report to Vivian Liu, the Company's Executive Vice-President.
In her new position, effective May 26, 2010, Ms. Smibert will spearhead the out-licensing of NexMed's pre-clinical and clinical product pipeline. Prior to joining the Company, Ms. Smibert served for eight years as Senior Director and Director of Business Development at Santarus, Inc., where she led licensing deals with GlaxoSmithKline and Norgine, a co-promotion arrangement with Otsuka America, and contributed to alliances with Schering-Plough and others. Ms. Smibert has over 20 years of experience in the pharmaceutical industry, and, in addition to her tenure at Santarus, has held a variety of business development and strategic planning management functions at Bristol-Myers Squibb in the U.S. and in Canada, as well as with Zeneca in Canada and the U.K. Ms. Smibert earned her B.A. from the University of British Columbia and an MBA from the University of Toronto.
In his new position, effective May 24, 2010, Mr. Wilson is responsible for the out-licensing of the NexACT® technology. Mr. Wilson brings to NexMed over 20 years of experience in the biopharmaceutical, diagnostic and medical device industries. Prior to joining NexMed, he was Entrepreneur-in-Residence at CONNECT in San Diego, where he provided business start-up strategy, development and sourcing consulting services to local companies. Prior to that, he served for five years as Vice President of Business Development at Halozyme Therapeutics, where, among others, he was responsible for initiating the company's $612 million alliance with F. Hoffmann-La Roche and for various alliances with Baxter Healthcare. Mr. Wilson earned a B.S. in Mechanical Engineering from the University of California, Berkeley, and an MBA from the University of California, Los Angeles.
Commenting on today's news, Bassam Damaj, Ph.D., President and Chief Executive Officer of NexMed, stated, "We are very pleased to welcome both Linda and Mark to NexMed at this critical stage in our corporate development. Our stated goal is to actively pursue key partnership opportunities for both our NexACT® technology and pipeline products. Given the increasing number of licensing inquiries that we have received, these two highly regarded business development executives will play a key role in our growth going forward, leveraging their expertise and strong industry relationships to broaden the Company's visibility and partnership opportunities in 2010 and beyond."
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.
Forward-Looking Statement Safe Harbor for NexMed
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 successfully license its NexACT® technology or proprietary products under development.
Edward Cox, V.P.
Investor Relations & Corporate Development NexMed, Inc.
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