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NexMed Approved to Sell N.J. Tax Credits

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^{Published in Health and Fitness on Tuesday, November 18th 2008 at 6:46 GMT by Market Wire}  

EAST WINDSOR, N.J.--([ BUSINESS WIRE ])--NexMed, Inc. (Nasdaq: NEXM), a developer of innovative products based on the NexACT^® drug delivery technology, today announced that it has been approved by the State of New Jersey to sell a portion of its state tax credits and net operating losses (NOLs) pursuant to the Technology Tax Certificate Transfer Program. Specifically, the Company has been approved to sell $1,053,547 in 2008.

"We are extremely pleased that NexMed has been selected to participate in this year's program. The sale, which is expected to net approximately $937,000 in cash to the Company by mid-December, will further strengthen our capital reserves," said the Company's Chief Financial Officer, Mark Westgate.

About NexMed

NexMed, Inc. is leveraging its proprietary NexACT drug delivery technology to develop innovative topical pharmaceutical products that address unmet medical needs. For further information about NexMed, go to [ www.nexmed.com ].

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, including, but not limited to, obtaining regulatory approval for its products under development, entering into partnering agreements, pursuing growth opportunities, and/or other factors, some of which are outside the control of the Company.