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Bio-Quant Successor Attracts $2.3M Investment

NexMed Inc., a specialty contract research organization that formed from the acquisition of San Diego-based Bio-Quant Inc. three months ago, said Feb. 9 it has raised $2.3 million in promissory notes from two investors.

NexMed said it intends to use the proceeds for general corporate purposes and to help fund the advancement of its transdermal drug delivery technology, known as NexACT. NexMed is working with gels and lotions to carry drugs through the skin.

The 35-employee company is also developing drugs for treating nail fungus and sexual disorders.

Edward Cox, NexMed vice president of investor relations and corporate development, said the company will continue drug development while offering the NexACT technology to others.

“This core technology had never been offered as a service before; now it is,” he said.

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