Document:

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         THIS SECURITY HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933,
AS AMENDED (THE "ACT"), OR UNDER ANY STATE SECURITIES LAWS, IN RELIANCE UPON
EXEMPTIONS FROM REGISTRATION FOR NON-PUBLIC OFFERINGS. THIS SECURITY MAY NOT BE
SOLD OR TRANSFERRED UNLESS IT IS REGISTERED UNDER THE ACT AND UNDER APPLICABLE
STATE SECURITIES LAWS OR UNLESS THE ISSUER RECEIVES AN OPINION OF COUNSEL
REASONABLY SATISFACTORY TO IT THAT AN EXEMPTION FROM REGISTRATION IS AVAILABLE.

         VOID AFTER 5:00 P.M. EASTERN TIME ON JUNE 11, 2007 ("EXPIRATION DATE").

                                  NEXMED, INC.

                                     WARRANT

                    WARRANT ("WARRANT") TO PURCHASE SHARES OF
                    COMMON STOCK, $0.001 PAR VALUE PER SHARE

         This is to certify that, for VALUE RECEIVED, ____________________.
("Warrantholder"), is entitled to purchase, subject to the provisions of this
Warrant, from NexMed, Inc., a corporation organized under the laws of Nevada
("Company"), at any time after the issuance hereof, but not later than 5:00
P.M., Eastern time, on the fifth (5th) anniversary of such issuance date
("Expiration Date"), __________ shares ("Warrant Shares") of Common Stock,
$0.001 par value ("Common Stock"), of the Company, at an exercise price per
share equal to $4.08 (the exercise price in effect from time to time hereafter
being herein called the "Warrant Price"). The number of Warrant Shares
purchasable upon exercise of this Warrant and the Warrant Price shall be subject
to adjustment from time to time as described herein.

         This Warrant has been issued pursuant to the terms of the Purchase
Agreement ("Purchase Agreement") dated on or about the date hereof between the
Company and the Warrantholder. Capitalized terms used herein and not defined
shall have the meaning specified in the Purchase Agreement.

                  Section 1. Registration. The Company shall maintain books for
the transfer and registration of the Warrant. Upon the initial issuance of the
Warrant, the Company shall issue and register the Warrant in the name of the
Warrantholder. The Company shall for all purposes hereunder treat the person or
entity in whose name this Warrant is registered on the books of the Company as
the owner of this Warrant (absent manifest error).

                  Section 2. Transfers. As provided herein, this Warrant may be
transferred only pursuant to a registration statement filed under the Securities
Act of 1933, as amended ("Securities Act") or an exemption from registration
thereunder. Subject to such restrictions, the Company shall transfer this
Warrant from time to time, upon the books to be maintained by the Company for
that purpose, upon surrender thereof for transfer properly endorsed or
accompanied

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by appropriate instructions for transfer upon any such transfer, and a new
Warrant shall be issued to the transferee and the surrendered Warrant shall be
canceled by the Company.

                  Section 3.

                  (a) Exercise of Warrant. Subject to the provisions hereof, the
Warrantholder may exercise this Warrant in whole or in part, at any time and
from time to time after the issuance hereof, upon delivery of the duly executed
Warrant exercise form attached hereto (the "Exercise Agreement") to the Company
during normal business hours on any business day at the Company's principal
executive offices (or such other office or agency of the Company as it may
designate by notice to the holder hereof), and upon (i) payment to the Company
in cash, by certified or official bank check or by wire transfer for the account
of the Company of the Warrant Price for the Warrant Shares specified in the
Exercise Agreement or (ii) delivery to the Company of a written notice of an
election to effect a "Cashless Exercise" (as defined below) for the Warrant
Shares specified in the Exercise Agreement, provided that the Warrantholder may
only effect a "Cashless Exercise" if the Warrant Shares are not subject to
Effective Registration (as defined in the Notes). The Warrant Shares so
purchased shall be deemed to be issued to the holder hereof or such holder's
designee, as the record owner of such shares, as of the close of business on the
date on which this Warrant (or evidence of loss, theft or destruction thereof)
shall have been surrendered (subject to book entry transfer) and the completed
Exercise Agreement shall have been delivered. Certificates for the Warrant
Shares so purchased, representing the aggregate number of shares specified in
the Exercise Agreement, shall be delivered to the holder hereof within a
reasonable time, not exceeding three (3) business days, after this Warrant shall
have been so exercised. The certificates so delivered shall be in such
denominations as may be requested by the holder hereof and shall be registered
in the name of such holder or such other name as shall be designated by such
holder. If this Warrant shall have been exercised only in part, then, unless
this Warrant has expired, the Company shall, at its expense, at the time of
delivery of such certificates, deliver to the holder a new Warrant representing
the number of shares with respect to which this Warrant shall not then have been
exercised (subject to book entry transfer set forth below).

                  In the event that the Warrant Shares are not subject to
Effective Registration (as defined in the Notes), the Holder shall have the
right to pay the aggregate Warrant Price by "Cashless Exercise". To effect a
Cashless Exercise, the holder shall submit to the Company with the Exercise
Agreement, written notice of the holder's intention to do so, including a
calculation of the number of shares of Common Stock to be issued upon such
exercise in accordance with the terms hereof. In the event of a Cashless
Exercise, in lieu of paying the Warrant Price in cash, the holder shall
surrender this Warrant for that number of shares of Common Stock determined by
multiplying the number of Warrant Shares to which it would otherwise be entitled
by a fraction, the numerator of which shall be the difference between the then
current Fair Market Value per share of the Common Stock and the Warrant Price,
and the denominator of which shall be the then current Fair Market Value per
share of the Common Stock. For this purpose, the "Fair Market Value" of the
Common Stock shall be the average of the closing sale prices of the Common Stock
as reported by the Nasdaq Stock Market for the ten (10) trading days immediately
preceding the date of the Exercise Agreement.

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                  Notwithstanding anything contained herein, the Warrantholder
may not pay the Warrant Price by "Cashless Exercise" and must pay the Warrant
Price pursuant to clause 3(a)(i) above so long as the Warrant Shares are subject
to Effective Registration (as defined in the Notes). For clarification purposes,
notwithstanding anything contained herein, if the resale of all the Warrant
Shares are not covered by an effective registration statement and current and
deliverable prospectus, in each case in accordance with the terms of the
Registration Rights Agreement, which are not subject to any suspension, stop
order, blackout or similar circumstance, then the Warrantholder may pay the
Warrant Price by "Cashless Exercise" as provided above, it being understood that
the ability to tack the holding period of the Warrant Shares to the holding
period of the Warrants under Rule 144 promulgated under the Securities Act, and
thus permit the sale of the Warrant Shares without registration or restriction
under Rule 144(k) after two years following the issuance of the Warrants, will
exist only in the event of a Cashless Exercise.

                  Book-Entry. Notwithstanding anything to the contrary set forth
herein, upon exercise or redemption of any portion of this Warrant in accordance
with the terms hereof, the Warrantholder shall not be required to physically
surrender this Warrant to the Company unless such holder is purchasing the full
amount of Warrant Shares represented by this Warrant. The Warrantholder and the
Company shall maintain records showing the number of Warrant Shares so purchased
or redeemed hereunder and the dates of such purchases or shall use such other
method, reasonably satisfactory to the Warrantholder and the Company, so as not
to require physical surrender of this Warrant upon each such exercise or
redemption. The Warrantholder and any assignee, by acceptance of this Warrant or
a new Warrant, acknowledge and agree that, by reason of the provisions of this
paragraph, following exercise of any portion of this Warrant, the number of
Warrant Shares which may be purchased upon exercise of this Warrant may be less
than the number of Warrant Shares set forth on the face hereof.

                  (b) Redemption of Warrant.

                           (i) Subject to the Purchase Agreement and subject to
the terms set forth herein (including without limitation subsection (ii) below),
in the event that prior to the second anniversary of the original issuance of
this Warrant, the closing sale price of the Company's Common Stock (as reported
by the Nasdaq Stock Market) is greater than 250% of the then applicable Warrant
Price hereunder for a period ("Pricing Period") of fifteen (15) consecutive
Trading Days (as defined in the Notes), the Company shall have the right, upon
at least ten (10) Trading Days' prior written notice to the Warrantholder
("Redemption Notice"), to redeem any portion or all of the shares underlying
this Warrant (not previously exercised), at a redemption price equal to $.01 per
Warrant Share issuable hereunder for the portion hereof being redeemed. Any
redemption hereunder shall occur on the date specified in the Redemption Notice
("Redemption Date"), provided that such Redemption Date may not occur until at
least ten (10) Trading Days following the date on which the Warrantholder
receives the Redemption Notice (the "Redemption Notice Date"). The Company may
not deliver any Redemption Notice until after the completion of the Pricing
Period, and must deliver any Redemption Notice within five (5) Trading Days
following the last day of any Pricing Period. The period from the Redemption
Notice Date to the Redemption Date shall be referred to herein as the "Post-Call
Period". The Warrantholder may exercise this Warrant, including any portion
subject to a Redemption Notice, at any time and from time to time during the
period from the Redemption Notice Date through

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the date on which the redemption price for such Warrants is paid by the Company
(and thereafter if such redemption price is not paid), and the Company shall
honor all tendered Exercise Agreements during such period. If the Company
intends to redeem less than all of the then outstanding Warrants issued to
Purchasers under the Purchase Agreement, it shall do so on a pro rata basis
among such holders in accordance with this Section.

                           (ii) Notwithstanding anything to the contrary herein,
the Company shall be prohibited from exercising its right to redeem this Warrant
pursuant to this Section if at any time during the Post-Call Period or during
the thirty (30) consecutive Trading Days immediately preceding such Post-Call
Period there fails to exist Effective Registration (as defined in the Notes) or
an Event of Default under the Notes exists or occurs.

                  Section 4. Compliance with the Securities Act of 1933. Neither
this Warrant nor the Common Stock issued upon exercise hereof nor any other
security issued or issuable upon exercise of this Warrant may be offered or sold
except as provided in this agreement and in conformity with the Securities Act
of 1933, as amended, and then only against receipt of an agreement of such
person to whom such offer of sale is made to comply with the provisions of this
Section 4 with respect to any resale or other disposition of such security. The
Company may cause the legend set forth on the first page of this Warrant to be
set forth on each Warrant or similar legend on any security issued or issuable
upon exercise of this Warrant until the Warrant Shares have been registered for
resale under the Registration Rights Agreement or until Rule 144 is available,
unless counsel for the Company is of the opinion as to any such security that
such legend is unnecessary.

                  Section 5. Payment of Taxes. The Company will pay any
documentary stamp taxes attributable to the initial issuance of Warrant Shares
issuable upon the exercise of the Warrant; provided, however, that the Company
shall not be required to pay any tax or taxes which may be payable in respect of
any transfer involved in the issuance or delivery of any certificates for
Warrant Shares in a name other than that of the registered holder of this
Warrant in respect of which such shares are issued, and in such case, the
Company shall not be required to issue or deliver any certificate for Warrant
Shares or any Warrant until the person requesting the same has paid to the
Company the amount of such tax or has established to the Company's satisfaction
that such tax has been paid and that the provisions of Section 4 above have been
complied with. The holder shall be responsible for income taxes due under
federal or state law, if any such tax is due.

                  Section 6. Mutilated or Missing Warrants. In case this Warrant
shall be mutilated, lost, stolen, or destroyed, the Company shall issue in
exchange and substitution of and upon cancellation of the mutilated Warrant, or
in lieu of and substitution for the Warrant lost, stolen or destroyed, a new
Warrant of like tenor and for the purchase of a like number of Warrant Shares,
but only upon receipt of evidence reasonably satisfactory to the Company of such
loss, theft or destruction of the Warrant, and with respect to a lost, stolen or
destroyed Warrant, reasonable indemnity or bond with respect thereto, if
requested by the Company.

                  Section 7. Reservation of Common Stock. The Company hereby
represents and warrants that there have been reserved, and the Company shall at
all applicable times keep

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reserved, out of the authorized and unissued Common Stock, a number of shares
sufficient to provide for the exercise of the rights of purchase represented by
the Warrant, and the transfer agent for the Common Stock ("Transfer Agent"), and
every subsequent transfer agent for the Common Stock or other shares of the
Company's capital stock issuable upon the exercise of any of the right of
purchase aforesaid, shall be irrevocably authorized and directed at all times to
reserve such number of authorized and unissued shares of Common Stock as shall
be requisite for such purpose. The Company agrees that all Warrant Shares issued
upon exercise of the Warrant shall be, at the time of delivery of the
certificates for such Warrant Shares, duly authorized, validly issued, fully
paid and non-assessable shares of Common Stock of the Company. The Company will
keep a conformed copy of this Warrant on file with the Transfer Agent and with
every subsequent transfer agent for the Common Stock or other shares of the
Company's capital stock issuable upon the exercise of the rights of purchase
represented by the Warrant. The Company will supply from time to time the
Transfer Agent with duly executed stock certificates required to honor the
outstanding Warrant.

                  Section 8. Warrant Price. The Warrant Price, subject to
adjustment as provided in Section 9, shall, if payment is made in cash or by
certified check, be payable in lawful money of the United States of America.

                  Section 9. Adjustments. Subject and pursuant to the provisions
of this Section 9, the Warrant Price and number of Warrant Shares subject to
this Warrant shall be subject to adjustment from time to time as set forth
hereinafter.

                  (a) If the Company shall at any time or from time to time
while the Warrant is outstanding, pay a dividend or make a distribution on its
Common Stock in shares of Common Stock, subdivide its outstanding shares of
Common Stock into a greater number of shares or combine its outstanding shares
into a smaller number of shares or issue by reclassification of its outstanding
shares of Common Stock any shares of its capital stock (including any such
reclassification in connection with a consolidation or merger in which the
Company is the continuing corporation), then the number of Warrant Shares
purchasable upon exercise of the Warrant and the Warrant Price in effect
immediately prior to the date upon which such change shall become effective,
shall be adjusted by the Company so that the Warrantholder thereafter exercising
the Warrant shall be entitled to receive the number of shares of Common Stock or
other capital stock which the Warrantholder would have received if the Warrant
had been exercised immediately prior to such event. Such adjustment shall be
made successively whenever any event listed above shall occur.

                  (b) If any capital reorganization, reclassification of the
capital stock of the Company, consolidation or merger of the Company with
another corporation, or sale, transfer or other disposition of all or
substantially all of the Company's assets to another corporation shall be
effected, then, as a condition of such reorganization, reclassification,
consolidation, merger, sale, transfer or other disposition, lawful and adequate
provision shall be made whereby each Warrantholder shall thereafter have the
right to purchase and receive upon the basis and upon the terms and conditions
herein specified and in lieu of the Warrant Shares immediately theretofore
issuable upon exercise of the Warrant, such shares of stock, securities or
assets as would have been issuable or payable with respect to or in exchange for
a number of Warrant Shares equal to

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the number of Warrant Shares immediately theretofore issuable upon exercise of
the Warrant, had such reorganization, reclassification, consolidation, merger,
sale, transfer or other disposition not taken place, and in any such case
appropriate provision shall be made with respect to the rights and interests of
each Warrantholder to the end that the provisions hereof (including, without
limitations, provision for adjustment of the Warrant Price) shall thereafter be
applicable, as nearly equivalent as may be practicable in relation to any shares
of stock, securities or properties thereafter deliverable upon the exercise
hereof. The Company shall not effect any such consolidation, merger, sale,
transfer or other disposition unless prior to or simultaneously with the
consummation thereof the successor corporation (if other than the Company)
resulting from such consolidation or merger, or the corporation purchasing or
otherwise acquiring such assets or other appropriate corporation or entity shall
assume, by written instrument executed and delivered to the Company, the
obligation to deliver to the holder of the Warrant such shares of stock,
securities or assets as, in accordance with the foregoing provisions, such
holder may be entitled to purchase and the other obligations under this Warrant.
The provisions of this paragraph (b) shall similarly apply to successive
reorganizations, reclassifications, consolidations, mergers, sales, transfers or
other dispositions.

                  (c) In case the Company shall fix a record date for the making
of a distribution to all holders of Common Stock (including any such
distribution made in connection with a consolidation or merger in which the
Company is the continuing corporation) of evidences of indebtedness or assets
(other than cash dividends or cash distributions payable out of consolidated
earnings or earned surplus or dividends or distributions referred to in Section
9(a)), or subscription rights or warrants, the Warrant Price to be in effect
after such record date shall be determined by multiplying the Warrant Price in
effect immediately prior to such record date by a fraction, the numerator of
which shall be the total number of shares of Common Stock outstanding multiplied
by the Fair Market Value per share of Common Stock (as defined above), less the
fair market value (as determined by the Company's Board of Directors in good
faith) of said assets or evidences of indebtedness so distributed, or of such
subscription rights or warrants, and the denominator of which shall be the total
number of shares of Common Stock outstanding multiplied by such current Fair
Market Value per share of Common Stock. Such adjustment shall be made
successively whenever such a record date is fixed.

                  (d) In the event that the Company or any of its subsidiaries
(A) issues or sells any Common Stock or Convertible Securities (as defined in
the Notes) or (B) directly or indirectly effectively reduces the conversion,
exercise or exchange price for any Convertible Securities which are currently
outstanding, at or to an effective Per Share Selling Price (as defined in the
Notes) which is less than the greater of (I) the Fair Market Value, or (II) the
Warrant Price, then in each such case the Warrant Price in effect immediately
prior to such issue or sale or record date, as applicable, shall be
automatically reduced effective concurrently with such issue or sale to an
amount determined by multiplying the Warrant Price then in effect by a fraction,
(x) the numerator of which shall be the sum of (1) the number of shares of
Common Stock outstanding immediately prior to such issue or sale, plus (2) the
number of shares of Common Stock which the aggregate consideration received by
the Company for such additional shares would purchase at such Fair Market Price
or Warrant Price, as the case may be, and (y) the denominator of which shall be
the number of shares of Common

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Stock of the Company outstanding immediately after such issue or sale. The
foregoing provision shall not apply to any issuances or sales of Common Stock or
Convertible Securities (i) pursuant to any Convertible Securities currently
outstanding on the date hereof in accordance with the terms of such Convertible
Securities in effect on the date hereof, (ii) pursuant to the Notes or Warrants,
(iii) pursuant to any capital raising which is not a Variable Rate Transaction
and which is consummated on or prior to September 30, 2002, or (iv) to any
officer, director, employee or Consultant (as defined below) of the Company
pursuant to a bona fide option or equity incentive plan duly adopted by the
Company, provided that any such issuances or sales to Consultants must be
reasonable consideration for the services rendered by such Consultants and shall
not exceed more than $1 million in market value to all Consultants in the
aggregate under any circumstances. "Consultant" shall mean any natural person
providing bona fide services to the Company which are not in connection with the
offer or sale of securities in a capital raising transaction and which do not
directly or indirectly promote or maintain a market for the Company's
securities. The Company shall give to the Warrantholder written notice of any
such sale of Common Stock within 24 hours of the closing of any such sale and
shall within such 24 hour period issue a press release announcing such sale if
such sale is a material event for, or otherwise material to, the Company.

                  (e) An adjustment shall become effective immediately after the
record date in the case of each dividend or distribution and immediately after
the effective date of each other event which requires an adjustment.

                  (f) In the event that, as a result of an adjustment made
pursuant to Section 9, the holder of this Warrant shall become entitled to
receive any shares of capital stock of the Company other than shares of Common
Stock, the number of such other shares so receivable upon exercise of this
Warrant shall be subject thereafter to adjustment from time to time in a manner
and on terms as nearly equivalent as practicable to the provisions with respect
to the Warrant Shares contained in this Warrant.

                  (g) In the event of any adjustment in the number of Warrant
Shares issuable hereunder upon exercise, the Warrant Price shall be inversely
proportionately increased or decreased, as the case may be, such that the
aggregate purchase price for Warrant Shares upon full exercise of this Warrant
shall remain the same. Similarly, in the event of any adjustment in the Warrant
Price, the number of Warrant Shares issuable hereunder upon exercise shall be
inversely proportionately increased or decreased, as the case may be, such that
the aggregate purchase price for Warrant Shares upon full exercise of this
Warrant shall remain the same.

                  Section 10. Fractional Interest. The Company shall not be
required to issue fractions of Warrant Shares upon the exercise of the Warrant.
If any fraction of a Warrant Share would, except for the provisions of this
Section, be issuable upon the exercise of the Warrant (or specified portions
thereof), the Company shall round such calculation to the nearest whole number
and disregard the fraction.

                  Section 11. Benefits. Nothing in this Warrant shall be
construed to give any person, firm or corporation (other than the Company and
the Warrantholder) any legal or equitable right, remedy or claim, it being
agreed that this Warrant shall be for the sole and exclusive benefit of the
Company and the Warrantholder.

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                  Section 12. Notices to Warrantholder. Upon the happening of
any event requiring an adjustment of the Warrant Price, the Company shall
forthwith give written notice thereof to the Warrantholder at the address
appearing in the records of the Company, stating the adjusted Warrant Price and
the adjusted number of Warrant Shares resulting from such event and setting
forth in reasonable detail the method of calculation and the facts upon which
such calculation is based. In the event of a dispute with respect to any such
calculation, the certificate of the Company's independent certified public
accountants shall be conclusive evidence of the correctness of any computation
made, absent manifest error. Failure to give such notice to the Warrantholder or
any defect therein shall not affect the legality or validity of the subject
adjustment. At the Warrantholder's request, the Company shall deliver to the
Warrantholder as of a requested date a notice specifying the Warrant Price and
the number of Warrant Shares into which this Warrant is exercisable as of such
date.

                  Section 13. Identity of Transfer Agent. The Transfer Agent for
the Common Stock is:

                  Wells Fargo Bank Minnesota, N.A.
                  Shareowner Services
                  161 North Concord Exchange Street
                  South St Paul, MN 55075-1139
                  Attn:    Suzy Swits
                  Fax: 651-450-4078
                  Tel: 651-450-4120

                  Forthwith upon the appointment of any subsequent transfer
agent for the Common Stock or other shares of the Company's capital stock
issuable upon the exercise of the rights of purchase represented by the Warrant,
the Company will fax to the Warrantholder a statement setting forth the name and
address of such transfer agent.

                  Section 14. Notices. Any notice pursuant hereto to be given or
made by the Warrantholder to or on the Company shall be sufficiently given or
made personally or if sent by an internationally recognized courier by next day
or two day delivery service, addressed as follows:

                           NexMed, Inc.
                           350 Corporate Boulevard
                           Robbinsville, NJ  08691
                           Fax:  (609) 208-1622
                           Attention:  Chief Financial Officer

                           With a copy to:

                           Katten Muchin Zavis Rosenman
                           575 Madison Avenue
                           New York, New York 10022
                           Fax:  (212) 940-8776
                           Attention:  Robert Kohl, Esq.

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or such other address as the Company may specify in writing by notice to the
Warrantholder complying as to delivery with the terms of this Section 14.

                  Any notice pursuant hereto to be given or made by the Company
to or on the Warrantholder shall be sufficiently given or made if personally
delivered or if sent by an internationally recognized courier service by
overnight or two-day service, to the address set forth on the Warrantholder's
signature page to the Purchase Agreement or otherwise on the books of the
Company or, as to each of the Company and the Warrantholder, at such other
address as shall be designated by such party by written notice to the other
party complying as to delivery with the terms of this Section 14.

                  All such notices, requests, demands, directions and other
communications shall, when sent by courier, be effective two (2) days after
delivery to such courier as provided and addressed as aforesaid.

                  Section 15. Registration Rights. The initial holder of this
Warrant is entitled to the benefit of certain registration rights in respect of
the Warrant Shares as provided in the Registration Rights Agreement.

                  Section 16. Successors. All the covenants and provisions
hereof by or for the benefit of the Warrantholder shall bind and inure to the
benefit of its respective successors and assigns hereunder.

                  Section 17. Governing Law. This Warrant shall be deemed to be
a contract made under the laws of the State of New York, without giving effect
to its conflict of law principles, and for all purposes shall be construed in
accordance with the laws of said State.

                  Section 18. 9.9% and 19.9% Limitations.

                  (a) Notwithstanding anything to the contrary contained herein,
the number of shares of Common Stock that may be acquired by the holder upon
exercise pursuant to the terms hereof shall not exceed a number that, when added
to the total number of shares of Common Stock deemed beneficially owned by such
holder (other than by virtue of the ownership of securities or rights to acquire
securities (including the Warrant Shares) that have limitations on the holder's
right to convert, exercise or purchase similar to the limitation set forth
herein), together with all shares of Common Stock deemed beneficially owned
(other than by virtue of the ownership of securities or rights to acquire
securities that have limitations on the right to convert, exercise or purchase
similar to the limitation set forth herein) by the holder's "affiliates" (as
defined in Rule 144 of the Securities Act) ("Aggregation Parties") that would be
aggregated for purposes of determining whether a group under Section 13(d) of
the Securities Exchange Act of 1934, as amended, exists, would exceed 9.9% of
the total issued and outstanding shares of the Common Stock (the "Restricted
Ownership Percentage"). Each holder shall have the right (x) at any time and
from time to time to reduce its percentage in the definition of Restricted
Ownership Percentage immediately upon notice to the Company and (y) (subject to
waiver) at any time and

                                       9
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from time to time, to increase its percentage in the definition of Restricted
Ownership Percentage immediately in the event of the announcement as pending or
planned, of a Change of Control Transaction (as defined in the Notes).

                  (b) Notwithstanding anything contained herein, in the event
that the Warrantholder has timely exercised this Warrant and the issuance of all
or a portion of the Warrant Shares to be issued pursuant to such exercise would
constitute a breach of the Company's obligations under the Cap Regulations (as
defined in the Purchase Agreement), then the Company shall not be obligated to
issue any such Warrant Shares to the extent such shares are in excess of the
maximum permissible amount under such Cap Regulations, and the provisions
contained in Section 7.1 of the Purchase Agreement shall govern.

                  Section 19. Replacement Warrants. The Company agrees that
within ten (10) business days after any request from time to time of the
Warrantholder, it shall deliver to such holder a new Warrant in substitution of
this Warrant which is identical in all respects except that the then Warrant
Price shall be appropriately specified in the Warrant, and the Warrant shall
specify the fixed number of Warrant Shares into which the Warrants are then
exercisable. Such changes are intended not as amendments to the Warrant but only
to provide a record of the foregoing provisions for convenience purposes, and
such changes shall not affect any provisions concerning adjustments to the
Warrant Price or number of Warrant Shares contained herein.

                  Section 20. Absolute Obligation to Issue Warrant Shares. The
Company's obligations to issue and deliver Warrant Shares in accordance with the
terms hereof are absolute and unconditional, irrespective of any action or
inaction by the holder hereof to enforce the same, any waiver or consent with
respect to any provision hereof, the recovery of any judgment against any Person
or any action to enforce the same, or any setoff, counterclaim, recoupment,
limitation or termination, or any breach or alleged breach by the holder hereof
or any other Person of any obligation to the Company or any violation or alleged
violation of law by the holder or any other Person, and irrespective of any
other circumstance which might otherwise limit such obligation of the Company to
the holder hereof in connection with the issuance of Warrant Shares. The Company
will at no time close its shareholder books or records in any manner which
interferes with the timely exercise of this Warrant.

                  Section 21. Assignment, Etc. The Warrantholder may assign or
transfer this Warrant to any transferee only with the prior written consent of
the Company, which may not be unreasonably withheld or delayed, provided that
(i) the Warrantholder may assign or transfer this Warrant to any of such
Warrantholder's Affiliates without the consent of the Company and (ii) upon any
Event of Default (as defined in the Notes), the Warrantholder may assign or
transfer this Warrant without the consent of the Company, subject in each case
to the provisions of Section 4 above. The Warrantholder shall notify the Company
of any such assignment or transfer promptly. This Warrant shall be binding upon
the Company and its successors and shall inure to the benefit of the
Warrantholder and its successors and permitted assigns.

                            [Signature Page Follows]

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         IN WITNESS WHEREOF, the Company has caused this Warrant to be duly
executed as of June 11, 2002.

                                           NEXMED, INC.

                                           By:
                                              ----------------------------------
                                           Name:    Y. Joseph Mo, Ph.D.
                                           Title:   Chairman, President and CEO

Attest:

Sign:______________________________
Print Name:

                                       11
<PAGE>

                                  NEXMED, INC.
                              WARRANT EXERCISE FORM

NexMed, Inc.
350 Corporate Boulevard
Robbinsville, NJ  08691
Fax:  (609) 208-1622
Attention:  President

The undersigned hereby irrevocably elects to exercise the right of purchase
represented by the within Warrant ("Warrant") for, and to purchase thereunder
payment by cash, wire transfer or certified check, or by cashless exercise,
_______________ shares of Common Stock* ("Warrant Shares") provided for therein,
and requests that certificates for the Warrant Shares be issued as follows:

                           -------------------------------
                           Name

                           -------------------------------
                           Address

                           -------------------------------

                           -------------------------------

and, if the number of Warrant Shares shall not be all the Warrant Shares
purchasable upon exercise of the Warrant, that a new Warrant for the balance of
the Warrant Shares (subject to book-entry).

         In lieu of delivering physical certificates representing the Warrant
Shares purchasable upon exercise of this Warrant, provided the Company's
transfer agent is participating in the Depository Trust Company ("DTC") Fast
Automated Securities Transfer ("FAST") program, upon request of the Holder, the
Company shall use its best efforts to cause its transfer agent to electronically
transmit the Warrant Shares issuable upon conversion or exercise to the
undersigned, by crediting the account of the undersigned's prime broker with DTC
through its Deposit Withdrawal Agent Commission ("DWAC") system.

Dated:                                         Signature:
      ---------------------------
                                               --------------------------------

                                               --------------------------------
                                               Name (please print)

                                               --------------------------------
                                               Address

----------------
*  NOTE: If exercise of the Warrant is made by surrender of the Warrant and the
   number of shares indicated exceeds the maximum number of shares to which a
   holder is entitled, the Company will issue such maximum number of shares
   purchasable upon exercise of the Warrant registered in the name of the
   undersigned Warrantholder or the undersigned's Assignee as below indicated
   and deliver same to the address stated below.<PAGE>

THIS WARRANT AND THE SHARES OF COMMON STOCK ISSUABLE UPON THE EXERCISE HEREOF
HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE
"SECURITIES ACT"), AND ARE "RESTRICTED SECURITIES" AS THAT TERM IS DEFINED IN
RULE 144 UNDER THE SECURITIES ACT. THESE SECURITIES MAY NOT BE OFFERED OR SOLD
OR OTHERWISE TRANSFERRED EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT
UNDER THE SECURITIES ACT, OR PURSUANT TO AN AVAILABLE EXEMPTION FROM SUCH
REGISTRATION.

                                     WARRANT
                           to Purchase Common Stock of
                                  NEXMED, INC.
                             Expiring July 27, 2003

         This Warrant certifies that Griffin Securities, Inc., ("Griffin") or
its registered and permitted assigns (the "Holder"), is entitled to, subject to
the terms set forth below, subscribe for and purchase from NEXMED, INC., a
Nevada corporation (the "Company"), an aggregate of 15,000 (FIFTEEN THOUSAND)
duly authorized, validly issued, fully paid and nonassessable shares of the
Company's common stock, $.001 par value per share (the common stock, including
any stock into which it may be changed, reclassified, or converted, and as it
may be adjusted pursuant to Section 4(A) below, is herein referred to as the
"Common Stock"). This Warrant is issued pursuant to an agreement letter dated
July 27, 2001 by Griffin and Company (the "Agreement").

         This Warrant is subject to the following provisions, terms and
conditions:

Section 1.       EXERCISE OF WARRANT.

         To exercise this Warrant in whole or in part, the Holder shall deliver
to the Company at its principal office, (a) a written notice, in substantially
the form of the Exercise Notice appearing at the end of this Warrant, of the
Holder's election to exercise this Warrant, which notice shall specify the
number of shares of Common Stock to be purchased, (b) cash or certified check
payable to the Company in an amount equal to the aggregate purchase price of the
number of shares of Common Stock being purchased, and (c) this Warrant. The
Company shall as promptly as practicable, and in any event within 10 days
thereafter, execute and deliver or cause to be executed and delivered, in
accordance with such notice, a stock certificate or certificates representing
the aggregate number of shares of Common Stock specified in such notice. The
stock certificate or certificates so delivered shall be in such denominations as
may be specified in such notice and shall be issued in the name of the Holder or
such other name as shall be designated in accordance with this Warrant. Such
stock certificate or certificates shall be deemed to have been issued and the
Holder or any other person so designated to be named in accordance with this
Warrant therein shall be deemed for all purposes to have become a holder of
record of such shares immediately prior to the close of business on the date
such notice is received by the Company as aforesaid. If this Warrant shall have
been exercised only

                                       1

<PAGE>

in part, the Company shall, at the time of delivery of said stock certificate or
certificates, deliver to the Holder a new Warrant evidencing the rights of the
Holder to purchase the remaining shares of Common Stock called for by this
Warrant, which new Warrant shall in all other respects be identical to this
Warrant, or, at the request of the Holder, appropriate notation may be made on
this Warrant and the same returned to the Holder. The Company shall pay all
expenses, taxes and other charges payable in connection with the preparation,
issue and delivery of such stock certificates and new Warrant, except that, in
case such certificates or new Warrants shall be registered in a name or names of
an assignee permitted under Sections 2 and 3 below, funds sufficient to pay all
stock transfer taxes that are payable upon the issuance of such stock
certificates or new Warrant shall be paid be the Holder at the time or
delivering the notice of exercise mentioned above.

         All shares of Common Stock issued upon the exercise of this Warrant
shall be validly issued, fully paid and nonassessable.

         The Company shall not be required upon any exercise of this Warrant to
issue a certificate representing any fraction of a share of Common Stock, but in
lieu thereof, shall pay to the Holder cash in an amount equal to a corresponding
fraction (calculation to the nearest 1/100 of a share) of the purchase price of
one share of Common Stock as of the date of receipt by the Company of notice of
exercise of this Warrant.

Section 2.       TERMS AND CONDITIONS OF WARRANTS.

         (A)     Exercise Period. This Warrant to the extent vested, shall be
exercisable at any time on or after the date hereof (the "Exercise Date"), and
shall expire at 5:00 p.m., New York City time, on July 27, 2003 (the "Expiration
Date").

         (B)     Purchase Price. The purchase price per share of Common Stock
shall be $7.00.

         (C)     Vesting Schedule. The Warrants shall vest immediately.

         (D)     Payment of Purchase Price upon Exercise. The Purchase Price of
the Common Stock as to which a Warrant is exercised shall be paid to the Company
at the time of exercise in cash or certified check payable to the Company.

         (E)     Transferability and Exercise of Warrants. This Warrant shall be
exercisable (a) only under circumstances such that the issue of Common Stock
issuable upon such exercise or conversion is exempt from the requirements of
registration under the Securities Act of 1933, as amended (the "Securities
Act"), and any applicable state securities law or (b) upon registration of such
Common Stock in compliance therewith. This Warrant and the Common Stock issuable
upon the exercise thereof shall only transferable under circumstances such that
the transfer is exempt from the requirements of registration under the
Securities Act and any applicable state securities law. By

                                       2

<PAGE>

acceptance hereof, the Holder agrees to comply with such laws.

         (F)     Investment Representation. The Holder, by acceptance hereof,
(i) hereby represents that he is an "Accredited Investor"' under Rule 501(a) of
Regulation D promulgated under Section 4(2) of the Securities Act, and (ii)
acknowledges that this Warrant and, to the extent not registered under the
Securities Act, any Common Stock purchased or acquired pursuant hereto is being
or will be acquired solely for the Holder's own account and not as a nominee for
any other party, and with a current investment intent and not with a view to
distribution thereof. The Holder shall deliver to the Company, at the time of
any exercise of this Warrant or portion thereof, a written representation that
the shares of Common Stock to be acquired upon such exercise are to be acquired
for investment and not for resale or with a view to the distribution thereof.
Delivery of such representation prior to the delivery of any Common Stock issued
upon exercise of a Warrant shall be a condition precedent to the right of the
Holder or such other person to purchase any Common Stock. In the event
certificates for Common Stock are delivered upon the exercise of this Warrant
with respect to which such an investment representation has been obtained, the
Company may cause a legend or legends to be placed on such certificates to make
appropriate reference to such representations and to restrict transfer in the
absence of compliance with applicable federal or state securities laws.

Section 3.       TRANSFER, DIVISION AND COMBINATION.

         The Company agrees to maintain at its principal office books for the
registration and transfer of this Warrant, and, subject to the provisions of
Section 2(E) hereof, this Warrant and all rights hereunder are transferable, in
whole or in part, on such books at such office, to employees of Griffin, upon
surrender of this Warrant at such office, together with a written assignment of
this Warrant duly executed by the Holder or his agent or attorney and funds
sufficient to pay any stock transfer taxes payable upon the making of such
transfer. Upon such surrender and payment, the Company shall execute and deliver
a new Warrant or Warrants in the name of the assignee or assignees and in the
denominations specified in such instrument of assignment, and this Warrant shall
promptly be canceled. A Warrant may be exercised by a new holder for the
purchase of shares of Common Stock without having a new Warrant issued. All of
the provisions of this Section 3 are subject to the provisions of Section 2
above.

Section 4.       GENERAL PROVISIONS.

         (A)     Certain Adjustments. In the event of any change in the Common
Stock by reason of any stock dividend, recapitalization, reorganization,
split-up, combination or exchange of shares, or of any similar change affecting
the Common Stock, the number and kind of shares subject to this Warrant and the
purchase price per share thereof shall be appropriately adjusted consistent with
such change in such manner as the Board of Directors of the Company (the
"Board") may deem equitable to prevent substantial dilution or enlargement of
the rights granted to, or available for, the Holder hereunder. Any adjustment of
this Warrant pursuant to this Section 4(A) shall be made only to the

                                       3

<PAGE>

extent not constituting a "modification" within the meaning of Section 424(h)(3)
of the Internal Revenue Code of 1986, as amended from time to time, unless the
Holder shall agree otherwise. The Board shall give notice to the Holder of any
adjustment made pursuant to this Section 4(A) and, upon notice, such adjustment
shall be effective and binding for all purposes under this Warrant.

         (B)     Merger or Consolidation. In case of any consolidation of the
Company with, or merger of the Company with, or merger of the Company into,
another corporation (other than a consolidation or merger which does not result
in any reclassification or change of the outstanding Common Stock), the
corporation formed by such consolidation or merger shall execute or deliver to
the Holder a supplemental warrant agreement providing that the holder of each
Warrant then outstanding or to be outstanding shall have the right thereafter
(until the expiration of such Warrant) to receive, upon exercise of such
warrant, the kind and amount of shares of stock and other securities and
property receivable upon such consolidation or merger, by a holder of the number
of shares of Common Stock of the Company for which the vested portion of such
Warrant might have been exercised immediately prior to such consolidation,
merger, sale or transfer. Such supplemental warrant agreement shall provide for
adjustments which shall be identical to the adjustments provided in this Section
4, so that, the above provisions shall similarly apply to successive
consolidations or mergers.

         (C)     Taxes. The Company may make such provisions and take such steps
as it may deem necessary or appropriate for the withholding of all federal,
state and local taxes required by law to be withheld with respect to this
Warrant, including, but not limited to (i) deducting the amount required to be
withheld from any other amount then or thereafter payable to the Holder, and
(ii) requiring the Holder to pay to the Company the amount required to be
withheld as a condition of releasing Common Stock. In addition, subject to such
rules and regulations as the Board shall from time to time establish, the Holder
shall be permitted to satisfy federal, state and local taxes, if any, imposed
upon the issuance of Common Stock at a rate up to the Holder's maximum marginal
tax rate with respect to each such tax by (i) irrevocably electing to have the
Company deduct from the number of shares of Common Stock otherwise deliverable
upon exercise of a Warrant such number of shares of Common Stock as shall have a
value equal to the amount of tax to be withheld, (ii) delivering to the Company
such portion of the Common Stock delivered upon exercise of the Warrant as shall
have a value equal to the amount of tax to be withheld, or (iii) delivering to
the Company such Common Stock or combination of Common Stock and cash as shall
have a value equal to the amount of tax to be withheld.

         (D)     General Creditor Status. The Holder shall have no right, title,
or interest whatsoever in or to any investments which the Company may make to
aid it in meeting its obligations hereunder. Nothing contained herein, and no
action taken pursuant hereto, shall create or be construed to create a trust of
any kind, or a fiduciary relationship between the Company and the Holder or any
other person. To the extent that any person or entity acquires a right to
receive payments from the Company hereunder, such right shall be no greater than
the right of an unsecured general creditor of

                                       4

<PAGE>

the Company.

         (E)     No Liability of Board Members. The Holder of this Warrant
agrees that no member of the Board shall be personally liable by reason of any
contract or other instrument executed by such member or on his or her behalf in
his or her capacity as a member of the Board nor for any mistake of judgment
made in good faith.

Section 5.       COVENANT TO RESERVE SHARES OF COMMON STOCK.

         The Company covenants and agrees that it will at all times reserve and
set apart and have, free from preemptive rights, a number of shares of
authorized but unissued Common Stock sufficient to enable it at any time to
fulfill all its obligations hereunder.

Section 6.       NOTICE.

         In the event that:

         (A)     the Company proposes to split its stock or pay any dividend
payable in stock (of any class or classes) or any obligations or stock
convertible into or exchangeable for shares of Common Stock upon its Common
Stock or make any distribution (other than ordinary cash dividends) to the
holders of its Common Stock;

         (B)     the Company proposes to effect any capital reorganization or
reclassification of capital stock of the Company;

         (C)     the Company proposes to consolidate with, or merge into, any
other Company or to transfer its property as an entirety or substantially as an
entirety; or

         (D)     the Company proposes to effect the liquidation, dissolution or
winding up of the Company;

         then in each such case the Company shall cause notice of any such
intended action to be given to the Holder of this Warrant not less than 30 days
before the date on which the transfer books of the Company shall close or a
record shall be taken for such action, or the date when such capital
reorganization, reclassification, consolidation, merger, transfer, liquidation,
dissolution or winding up shall be effective, as the case may be.

         Any notice or other document required or permitted to be given or
delivered to the Holder of this Warrant shall be delivered by facsimile
transmission, reliable courier or first-class mail postage prepaid to the holder
of this Warrant at the last address shown on the books of the Company maintained
for the registry and transfer of this Warrant. Any notice or other document
required or

                                       5

<PAGE>

permitted to be given or delivered to holders of record of Common Stock issued
pursuant to this Warrant shall be delivered by facsimile, reliable courier or
first-class mail postage prepaid to such holder at such holder's address as the
same appears on the stock records of the Company. Any notice or other documents
required or permitted to be given or delivered to the Company shall be delivered
by facsimile transmission reliable courier or first-class mail postage prepaid
to the principal office of the Company or delivered to the office of one of the
Company's executive officers at such address, or such other address as shall
have been furnished by the Company to the Holders of record of this Warrant and
the holders of record of such Common Stock.

Section 7.       REGISTRATION RIGHTS.

         (A)     Piggyback Registration. If, at any time from July 27, 2001 to
July 27, 2003, the Company proposes to register any of its equity securities
under the Securities Act (other than in connection with a merger or
consolidation or pursuant to Form S-8, S-4 or comparable registration statement)
it will give written notice, at least fifteen days prior to the filing of each
such registration statement, to the holders of the Warrants and shares of Common
stock issued upon exercise of the Warrants (the "Warrant Securities") of its
intention to do so. If the holders of at least 51% of the Warrant Securities
(assuming, for this purpose, that all Warrants are at that time exercised) (the
"Majority Holders") notify the Company within ten days after receipt of any such
notice of its or their desire to include any shares of Common Stock issued or
issuable upon exercise of the Warrants (the "Warrant Shares") in such proposed
registration statement, the Company shall, subject to the provisions set forth
below, afford such holders the opportunity to have such Warrant Shares
registered for resale under such registration statement. If such registration is
an underwritten registration, the holders of the Warrant Shares participating in
the offering shall participate in the underwriting, except that if the managing
underwriters advise the Company that in their opinion the number of securities
requested to be included in such registration exceeds the number which can be
sold in such offering without adversely affecting such underwriters' ability to
effect an orderly distribution of such securities, the Company will not be
required to include the Warrant Shares in such registration statement or in any
registration statement filed within 90 days after the effective date of the
underwritten offering. Notwithstanding the provisions of this Section 7(a), the
Company shall have the right at any time after it shall have given written
notice pursuant to this Section 7(a) (irrespective of whether a written request
for inclusion of any such Warrant Shares shall have been made) to elect not to
file any such proposed registration statement, or to withdraw the same after
filing but prior to the effective date thereof.

         (B)     Rule 144(k). Notwithstanding the provisions of Section 7(a)
above, the Company shall not be required to register any Warrant Shares which
are eligible for sale pursuant to Rule 144(k) under the Securities Act.

         (D)     Expenses. All expenses (other than underwriting discounts and
commissions and legal, accounting and other professional fees incurred by
holders of Warrant Securities) incurred in connection with registration, filings
or qualifications pursuant to the registration requests made

                                       6

<PAGE>

pursuant to Section 7(a), including, without limitation, all registration,
listing, filing and qualification fees, printers and accounting fees and the
fees and disbursements of counsel for the Company, shall be borne by the
Company.

         (E)     Additional Matters. In connection with any registration under
Section 7(a) above, it is agreed as follows:

         The Company will take all necessary action which may be required in
qualifying or registering the Warrant Shares included in a registration
statement for offering and sale under the securities or blue sky laws of such
states as reasonably are requested in writing by the relevant holder(s) thereof,
provided that the Company shall not be obligated to execute or file any general
consent to service or process or to qualify as a foreign corporation to do
business under the laws of any such jurisdiction.

         The Company shall indemnify the holder(s) of the Warrant Shares to be
sold pursuant to any registration statement and each person, if any, who
controls such holders within the meaning of Section 15 of the Securities Act or
Section 20(a) of the Securities Exchange Act of 1934, as amended (the "Exchange
Act"), against all loss, claim, damage, expense or liability (including all
expenses reasonably incurred in investigating, preparing or defending against
any claim whatsoever) to which any of them may become subject based on any
untrue statement or alleged untrue statement contained in the registration
statement or in any prospectus contained therein of a material fact, or the
omission or alleged omission to state therein a material fact required to be
stated or necessary to make the statements therein, in light of the
circumstances under which they were made, not misleading, except as to matters
set forth in Section 7(e)(iii), below.

         The holder(s) of the Warrant Shares to be sold pursuant to a
registration statement, and their successors and assigns, shall severally, and
not jointly, indemnify the Company, its officers and directors and each person,
if any, who controls the Company within the meaning of Section 15 of the
Securities Act or Section 20(a) of the Exchange Act, against all loss, claim,
damage or expense or liability (including all expenses reasonably incurred in
investigating, preparing or defending against any claim whatsoever) to which
they may become subject under the Act, the Exchange Act or otherwise, arising
from information furnished by or on behalf of such holders, or their successors
or assigns, for specific inclusion in such registration statement.

         The Company shall furnish to each holder of Warrant Shares
participating in the offering and to each underwriter, if any, one conformed
copy of the registration statement and such number of copies of the prospectus
contained in such registration statement as such holder or underwriter may
reasonably request.

Section 8.       LIMITATION OF LIABILITY; NOT SHAREHOLDERS.

                                       7

<PAGE>

         No provision of this Warrant shall be construed as conferring upon the
Holder the right to vote or to consent or to receive dividends or to receive
notice as a shareholder in respect of meetings of shareholders for the election
of directors of the Company or any other matter whatsoever as shareholders of
the Company. No provision hereof, in the absence of affirmative action by the
Holder to purchase shares of Common Stock, and no more enumeration herein of the
rights or privileges of the Holder shall give rise to any liability of Holder
for the purchase price or as a shareholder of the Company, whether such
liability is asserted by the Company, creditors of the Company or others.

Section 9.       LOSS, DESTRUCTION, ETC. OF WARRANT.

         Upon receipt of evidence satisfactory to the Company of the loss,
theft, mutilation or destruction of this Warrant, and in the case of any such
loss, theft or destruction upon delivery of a bond of indemnity in such form and
amount as shall be reasonably satisfactory to the Company, or in the event of
such mutilation upon surrender and cancellation of this Warrant, the Company
will make and deliver a new Warrant, of like tenor, in lieu of such lost,
stolen, destroyed or mutilated Warrant. Any Warrant issued under the provisions
of this Section 8 in lieu of any Warrant alleged to be lost, destroyed or
stolen, or of any mutilated Warrant, shall constitute an original contractual
obligation on the part of the Company.

Section 10.      AMENDMENTS.

         Neither this Warrant nor any term hereof may be changed, waived,
discharged or terminated orally or in writing, provided that any term of this
Warrant may be amended or the observance of such term may be waived (either
generally in a particular instance and either retroactively or prospectively)
with, but only with, the written consent of the Company and the holders of the
Warrants that are exercisable for a number of shares of Common Stock that
represent in the aggregate at least a majority of the total number of shares of
Common Stock for which all of the Warrants are then exercisable (whether or not
the holder of this Warrant consents).

Section 11.      GOVERNING LAW, CONSENT TO JURISDICTION AND CONFLICTING
                 DOCUMENTS.

         This Warrant shall be governed by the laws of the State of New York
without regard to its conflict of laws principles or rules. This Warrant shall
be deemed to have been executed and delivered at and shall be deemed to have
been made in New York, New York.

         Any legal action, suit or proceeding arising out of or relating to this
Warrant may only be instituted in any federal or state court located in New York
County, State of New York, and the Company agrees not to assert, by way of
motion, as a defense or otherwise, in any action, suit or proceeding, any claim
that it is not subject personally to the jurisdiction of such courts, that the
action, suit or proceeding if brought in such courts, would be an inconvenient
forum, that the venue

                                       8

<PAGE>

of the action, suit or proceeding, if brought in any of such courts, is improper
or that this Warrant or the subject matter may not be enforced in or by such
courts on jurisdictional grounds.

         In the event of any conflict or inconsistency between the terms of this
Warrant and the Agreement, the terms of this Warrant shall prevail.

         IN WITNESS WHEREOF, the Company has caused this Warrant to be signed in
its name by its duly authorized officer.

Dated:

                                    NEXMED, INC.

                                    By:
                                       Y. Joseph Mo, Ph.D.
                                       President & C.E.O.

                                       9

<PAGE>

THIS WARRANT AND ANY SHARES ACQUIRED UPON THE EXERCISE OF THIS WARRANT HAVE NOT
BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, AND MAY NOT BE
SOLD OR OTHERWISE TRANSFERRED EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION
STATEMENT FILED UNDER SUCH ACT OR PURSUANT TO AN EXEMPTION FROM REGISTRATION
UNDER SUCH ACT.

ASSIGNMENT FORM

(To be executed only upon transfer of this Warrant)

         For value received, the undersigned registered holder of the within
Warrant hereby sells, assigns and transfers unto __________________ (the
"Assignee") the right represented by such Warrant to purchase ___________ shares
of Common Stock and all other rights of the Holder with respect thereto under
the within Warrant, and appoints ________________ as Attorney to make such
transfer on the books of NexMed, Inc. maintained for such purpose, with full
power of substitution in the premises.

         The undersigned also represents that, by assignment hereof, the
Assignee acknowledges that this Warrant and the shares of Common Stock to be
issued upon exercise hereof are being acquired for investment and that the
Assignee will not offer, sell or otherwise dispose of this Warrant or any shares
of Common Stock to be issued upon exercise hereof except under circumstances
that will not result in a violation of the Securities Act of 1933, as amended,
or any state securities laws. Further, the Assignee has acknowledged that upon
exercise of this Warrant, the Assignee shall, if requested by the Company,
confirm in writing, in a form satisfactory to the Company, that the shares of
Common Stock so purchased are being acquired for investment and not with a view
toward distribution or resale.

Dated:
      ----------------------

                                    Signature
                                             ------------------------------

                                             ------------------------------
                                                      (Print Name)

                                             ------------------------------
                                                    (Street Address)

                                             ------------------------------
                                             (City)     (State)  (Zip Code)

                                       10

<PAGE>

                                 EXERCISE NOTICE

The undersigned, the Holder, hereby elects to exercise purchase rights
represented by such Warrant for, and to purchase thereunder, __________________
shares of the Common Stock covered by such Warrant and herewith makes payment in
full therefor of $_____________ cash and/or by cancellation of $____________ of
indebtedness of the Company to the Holder hereof and requests that, subject to
the terms and conditions of the Warrant, certificates for such shares (and any
securities or property deliverable upon such exercise) be issued in the name of
and delivered to ____________________________________ whose address is
________________________________________________________ and whose social
security or employer identification number is _________________________________.

The undersigned agrees that, in the absence of an effective registration
statement with respect to Common Stock issued upon this exercise, the
undersigned is acquiring such Common Stock for the Holder's own account and not
as a nominee for any other party, for investment and not with a view to
distribution thereof and that the certificate or certificates representing such
Common Stock may bear a legend substantially as follows:

THE SHARES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE
UNITED STATES SECURITIES ACT OF 1933, AS AMENDED, OR UNDER ANY APPLICABLE STATE
SECURITIES LAWS. SUCH SHARES MAY NOT BE SOLD OR TRANSFERRED IN THE ABSENCE OF
SUCH REGISTRATION OR AN EXEMPTION THEREFROM UNDER SUCH ACT AND UNDER ANY
APPLICABLE STATE SECURITIES LAWS. THESE SHARES MAY NOT BE TRANSFERRED EXCEPT
UPON THE CONDITIONS SPECIFIED IN THIS WARRANT CERTIFICATE, AND NO TRANSFER OF
THESE SHARES SHALL BE VALID OR EFFECTIVE UNLESS AND UNTIL SUCH CONDITIONS SHALL
HAVE BEEN COMPLIED WITH.

In addition, the undersigned agrees that, in the absence of an effective
registration statements with respect to Common Stock issued upon this exercise,
stop transfer instructions will be entered on the Company's stock transfer
records with respect to Common Stock issued upon this exercise.

Dated:
      --------------------------

Signature guaranteed:
                     ------------------------------

                                       11

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