|Arena Pharmaceuticals and NexMed slide after hours|
|By Jude Santos|
|Wednesday, 08 July 2009 06:27|
The company announced that it intends to offer shares of its common stock in a public offering. Piper Jaffray & Co. will be the sole underwriter for the offering. The offering is being made pursuant to a shelf registration statement filed with the Securities and Exchange Commission on November 25, 2008, which became effective on December 3, 2008.
A prospectus supplement relating to the offering will be filed with the Securities and Exchange Commission.
Meanwhile, NexMed, Inc. (NASDAQ:NEXM) and Novartis AG (NYSE:NVS) announced that they are terminating the development of NM100060, a topically-applied treatment for onychomycosis, commonly known as nail fungus sending NexMed's shares down 43 percent in after-market trade.
In addition, NexMed also announced that the results from the comparator study of NM100060 vs. Loceryl, a topical nail lacquer currently marketed in Europe, showed comparable safety and efficacy profiles for the two products in patients with mild to moderate toenail fungus. In the post hoc analysis of patients with mild fungus, NM100060 showed higher efficacy, which was consistent with the results from the two Phase 3 pivotal studies completed by Novartis in 2008. However, the study results were insufficient to support filing for marketing approval.
Vivian Liu, NexMed’s Chief Executive Officer said, “There were lessons learned from the studies which warrant further development of this product. We decided that NexMed will proceed with potential new licensing discussions. We have already received inquiries from companies with a focus in dermatology who are interested in commencing discussions.”
NexMed will host a conference call on July 8, 2009, at 9:00 am EDT to update investors. The call can be accessed in the U.S. by dialing 877-407-9205 and outside of the U.S. by dialing 201-689-8054 and asking the conference operator for the NexMed Conference Call. The teleconference replay is available for one week by dialing in the U.S. 877-660-6853 and outside of the U.S. by dialing 201-612-7415. Replay pass codes 286 and 327678 are both required for playback. The conference call will also be Webcast live at URL http://www.investorcalendar.com/IC/CEPage.asp?ID=147195. The Webcast replay will be available for three months.The shares closed at 42 cents Tuesday on Nasdaq.