Shares of NexMed Inc. (NASDAQ: NEXMD) dropped 11.23% this morning, retracting from yesterday’s 70% spike. The small cap stock reached a high of $3.88 on Tuesday.
The small cap stock has a 52-week range of $1.80-$12.58. It is currently trading below its 50-day and 200-day moving averages of $4.95 and $5.13, respectively. The stock has seen support at $2.79 and has met with resistance at $4.37.
The company today announced it is has met Nasdaq listing requirements to continue listing on the exchange. NexMed CEO and President Dr. Bassam Damaj said in the statement that “overcoming the series of deficiencies we have had since October 2008 has been a major objective for management and a noteworthy accomplishment for the company.”
San Diego, California-based NexMed Inc. is a specialty CRO. The company is one of industry’s most experienced CRO for in vitro and in vivo pharmacology services and research models.
NexMed’ strategy is to generate revenue from the expansion of its Discovery Pre-Clinical CRO business. It is also looking to commercialize its proprietary NexACT drug delivery technology through licensing agreements with biotechnology and pharma companies, globally.
NexMed’s products in pipeline include Vitaros, MycoVa, PrevOnco, Femprox, Ketoprofen, Alprostadil and Lidocaine.
Last month, NexMed announced that it was issued a Decision to Grant a Patent for its patent application entitled,” Prostagladin Compositions for the Treatment of Male Erectile Dysfunction,” by the Japanese Patent Office. Commenting on the development, Dr. Bassam Damaj, president and CEO of NexMed, had said that the company is pleased with its first patent allowance for Vitaros in Japan. Daamaj said that throughout its history, NexMed has looked to aggressively pursue intellectual property coverage for its technologies and products.
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BeaconEquity.com is committed to producing the highest-quality insight and analysis of small-cap stocks, emerging technology stocks, hot penny stocks and helping investors make informed decisions. Our focus is primarily OTC stocks in the stock market today, which have traditionally been shunned by Wall Street. We have particular expertise with renewable energy stocks, biotech stocks, oil stocks, green energy stocks and internet stocks. There are many hot penny stock opportunities present in the OTC market everyday and we seek to exploit these hot stock gains for our members before the average daytrader is aware of them.
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