Document:

<PAGE>

Warrant No. ____________

THE SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE BEEN ACQUIRED FOR INVESTMENT
AND HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE
"SECURITIES ACT"). THE SECURITIES MAY NOT BE SOLD, TRANSFERRED, ASSIGNED OR
HYPOTHECATED UNLESS REGISTERED UNDER THE SECURITIES ACT AND QUALIFIED UNDER
APPLICABLE STATE SECURITIES LAWS OR UNLESS SUCH SALE, TRANSFER, ASSIGNMENT OR
HYPOTHECATION IS EXEMPT FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT
AND THE QUALIFICATION REQUIREMENTS OF APPLICABLE STATE SECURITIES LAWS OR UNLESS
THE COMPANY RECEIVES AN OPINION OF COUNSEL SATISFACTORY TO THE COMPANY THAT SUCH
REGISTRATION AND QUALIFICATION ARE NOT REQUIRED. THE SECURITIES REPRESENTED BY
THIS CERTIFICATE AND THE RIGHTS OF HOLDERS THEREOF ARE SUBJECT TO CERTAIN
RESTRICTIONS ON TRANSFER AND OTHER RESTRICTIONS, AND THE HOLDER OF THE
SECURITIES REPRESENTED BY THIS CERTIFICATE (INCLUDING ANY FUTURE HOLDERS) IS
BOUND BY THE TERMS OF A PURCHASE AGREEMENT BETWEEN THE ORIGINAL PURCHASER AND
THE COMPANY (COPIES OF WHICH MAY BE OBTAINED FROM THE COMPANY).

                           WARRANT TO PURCHASE SHARES
                         OF COMMON STOCK OF NEXMED, INC.

         This certifies that _______ (the "Holder"), for value received is
entitled to purchase from NexMed, Inc., a Nevada corporation (the "Company"),
___________ (________) fully paid and nonassessable shares of the Company's
Common Stock, par value $.001 per share (the "Warrant Shares") at a price of Two
Dollars and Eighty-One Cents ($2.81) per share (the "Stock Purchase Price") at
any time or from time to time on or after the Commencement Date (as defined
below) up to and including 5:00 p.m. (Eastern time) on the Expiration Date (as
defined below), upon surrender to the Company at its principal office at 350
Corporate Boulevard, Robbinsville, New Jersey 08691 (or at such other location
as the Company may advise Holder in writing) of this Warrant properly endorsed
with the Form of Subscription attached hereto duly filled in and signed and upon
payment by cash, cashier's check or wire transfer of immediately available funds
of the aggregate Stock Purchase Price for the number of shares for which this
Warrant is being exercised determined in accordance with the provisions hereof,
such exercise to be conditioned upon the accuracy of all representations and
warranties contained in such Form of Subscription. The Stock Purchase Price and
the number of shares purchasable hereunder are subject to adjustment as provided
in Section 3 of this Warrant. "Commencement Date" means the date of issuance of
this Warrant and "Expiration Date" means the earlier of (i) two (2) years from
the date hereof, or (ii) the occurrence of an event, the proposal of which is
described in subsection (d) of Section 3.4 which causes termination of this
Warrant under Section 3.4. This Warrant is issued pursuant to the Purchase
Agreement between the Company and Holder dated as of the date hereof (the
"Purchase Agreement"). Terms not specifically defined herein shall in

                                      W-1

<PAGE>

this Warrant and the exhibits hereto have the meanings ascribed to them in the
Purchase Agreement.

         This Warrant is subject to the following terms and conditions:

         1. Exercise; Issuance of Certificates: Payment for Shares. This
Warrant is exercisable at the option of Holder at any time or from time to time
on or after the Commencement Date and prior to or on the Expiration Date for all
or a portion of the shares of Warrant Shares which may be purchased hereunder.
The Company agrees that the shares of Warrant Shares purchased under this
Warrant shall be and are deemed to be issued to Holder as the record owner of
such shares as of the close of business on the date on which this Warrant shall
have been surrendered and payment made for such shares. Subject to the
provisions of Section 2, certificates for the shares of Warrant Shares so
purchased, together with any other securities or property to which Holder is
entitled upon such exercise, shall be delivered to Holder by the Company's
transfer agent at the Company's expense within a reasonable time after this
Warrant has been exercised. Each stock certificate so delivered shall be in such
denominations of Warrant Shares as may be requested by Holder and shall be
registered in the name of Holder or such other name as shall be designated by
Holder, subject to the limitations contained in Section 2. If, upon exercise of
this Warrant, fewer than all of the shares of Warrant Shares evidenced by this
Warrant are purchased prior to the date of expiration of this Warrant, one or
more new warrants substantially in the form of, and on the terms in, this
Warrant will be issued for the remaining number of shares of Warrant Shares not
purchased upon exercise of this Warrant.

         2. Shares to be Fully Paid; Reservation of Shares. The Company
covenants and agrees that all Warrant Shares which may be issued upon the
exercise of the rights represented by this Warrant will, upon issuance, be duly
authorized, validly issued, fully paid and nonassessable and free from all
preemptive rights of any stockholder and free of all taxes, liens and charges
with respect to the issue thereof. The Company further covenants and agrees that
during the period within which the rights represented by this Warrant may be
exercised, the Company will use its best efforts to at all times have authorized
and reserved, for the purpose of issue or transfer upon exercise of this
Warrant, a sufficient number of shares of authorized but unissued Common Stock.
When and as required to provide for the exercise of the rights represented by
this Warrant, the Company will take all such action as may be necessary to
assure that such shares of Common Stock may be issued as provided herein without
violation of any applicable law or regulation, or of any requirements of any
domestic securities exchange or automated quotation system upon which the Common
Stock may be listed.

         3. Adjustment of Stock Purchase Price; Number of Shares. The Stock
Purchase Price and the number of Warrant Shares purchasable upon the exercise of
this Warrant shall be subject to adjustment from time to time upon the
occurrence of certain events described in this Section 3.

            3.1 Adjustment of Purchase Price. In the event that the Company at
any time or from time to time after the issuance of this Warrant shall declare
or pay, without consideration, any dividend on the Common Stock payable in
Common Stock or in any right to

                                      W-2

<PAGE>

acquire Common Stock for no consideration, or shall effect a subdivision of the
outstanding shares of Common Stock into a greater number of shares of Common
Stock (by stock split, reclassification or otherwise than by payment of a
dividend in Common Stock or in any right to acquire Common Stock), or in the
event the outstanding shares of Common Stock shall be combined or consolidated,
by reclassification or otherwise, into a lesser number of shares of Common
Stock, then the Stock Purchase Price in effect immediately prior to such event
shall, concurrently with the effectiveness of such event, be proportionately
decreased or increased, as appropriate. In the event that the Company shall
declare or pay, without consideration, any dividend on the Common Stock payable
in any right to acquire Common Stock for no consideration, then the Company
shall be deemed to have made a dividend payable in Common Stock in an amount of
shares equal to the maximum number of shares issuable upon exercise of such
rights to acquire Common Stock. Upon each adjustment of the Stock Purchase Price
pursuant to this Section 3.1, the holder of this Warrant shall thereafter be
entitled to purchase, at the Stock Purchase Price resulting from such
adjustment, the number of shares of Common Stock obtained by multiplying the
Stock Purchase Price in effect immediately prior to such adjustment by the
number of shares of Common Stock purchasable pursuant hereto immediately prior
to such adjustment, and dividing the product thereof by the Stock Purchase Price
resulting from such adjustment.

            3.2 Adjustments for Reclassification and Reorganization. If the
Common Stock shall be changed into the same or a different number of shares of
any other class or classes of stock, whether by capital reorganization,
reclassification or otherwise (other than a subdivision or combination of shares
provided for in Section 3.1), the Stock Purchase Price then in effect shall,
concurrently with the effectiveness of such reorganization or reclassification,
be proportionately adjusted so that this Warrant shall represent the right to
purchase, in lieu of the number of shares of Common Stock which this Warrant
would otherwise represent the right to purchase, a number of shares of such
other class or classes of stock equivalent to the number of shares of Common
Stock which this Warrant would have otherwise entitled the holder to purchase
immediately before that change.

            3.3 Notice of Adjustment. Upon any adjustment of the Stock
Purchase Price or any increase or decrease in the number of shares of Common
Stock purchasable upon the exercise of this Warrant, the Company shall within
five business days give written notice thereof, by first class mail, postage
prepaid (or by international delivery service, for international addresses),
addressed to the registered holder of this Warrant at the address of such holder
as shown on the books of the Company. The notice shall be signed by the
Company's chief financial officer and shall state the Stock Purchase Price
resulting from such adjustment and the increase or decrease, if any, in the
number of shares purchasable at such price upon the exercise of this Warrant,
setting forth in reasonable detail the method of calculation and the facts upon
which such calculation is based.

            3.4  Other Notices.  If at any time:

                 (a)   the Company shall propose to declare any cash dividend
upon its Common Stock;

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                 (b)   the Company  shall  propose to declare or make any
dividend or other distribution to the holders of its Common Stock, whether in
cash, property or other securities;

                 (c)   the Company  shall propose to effect any  reorganization
or reclassification of the capital stock of the Company or any consolidation or
merger of the Company with or into another corporation or any sale, lease or
conveyance of all or substantially all of the property of the Company; or

                 (d)   the  Company  shall  propose  to  effect  a  voluntary
or involuntary dissolution, liquidation or winding-up of the Company;

then, in any one or more of said cases, the Company shall give, by certified or
registered mail, postage prepaid, or international delivery service for
international deliveries, addressed to the holder of this Warrant at the address
of such holder as shown on the books of the Company, (i) at least fifteen (15)
business days' prior written notice of the date on which the books of the
Company shall close or a record shall be taken for such dividend or distribution
or for determining rights to vote in respect of any such reorganization,
reclassification, consolidation, merger, sale, lease, conveyance, dissolution,
liquidation or winding-up, and (ii) in the case of any such reorganization,
reclassification, consolidation, merger, sale, lease, conveyance, dissolution,
liquidation or winding-up, at least fifteen (15) business days' written notice
of, the date when the same shall take place. Any notice given in accordance with
clause (i) above shall also specify, in the case of any such dividend or
distribution, the record date for such dividend or distribution, if after the
Commencement Date. Any notice given in accordance with clause (ii) above shall
also specify the date on which the holders of Common Stock shall be entitled to
exchange their Common Stock for securities or other property, if any,
deliverable upon such reorganization, reclassification, consolidation/merger,
sale, lease, conveyance, dissolution, liquidation or winding-up, as the case may
be and in connection with the occurrence of an event described in clause (d)
above such notice shall specify the anticipated net equity value that will
accrue to Common Stock holders so that the Holder can make an informed decision
whether or not to exercise this Warrant. In the event that the Holder of the
Warrant does not exercise this Warrant prior to the occurrence of an event
described in clause (a) or (b) above, the Holder shall not be entitled to
receive the benefits accruing to existing holders of the Common Stock in such
event. Upon the occurrence of an event described in clause (c), the Holder shall
be entitled thereafter, upon payment of the Stock Purchase Price in effect
immediately prior to such action, to receive upon exercise of this Warrant the
class and number of shares which the Holder would have been entitled to receive
after the occurrence of such event had this Warrant been exercised immediately
prior to such event. In connection with the transactions described in clause
(c), the Company will require each person (other than the Company) that may be
required to deliver any cash, stock, securities or other property upon the
exercise of this Warrant as provided herein to assume, by written instrument
delivered to, and reasonably satisfactory to, the Holder of this Warrant (x) the
obligations of the Company under this Warrant and (y) the obligation to deliver
to such Holder such cash, stock, securities or other property as such Holder may
be entitled to receive in accordance with the provisions of this Section 3. Upon
the occurrence of an event the proposal of which is described in clause (d),
this Warrant shall terminate. Notwithstanding any other provision hereof, no
Holder shall have the right to obtain an injunction or restraining order

                                      W-4

<PAGE>

or otherwise interfere with or prevent the occurrence of any of the actions
described in (a) - (d) above.

         4. Issue Tax. The issuance of certificates for the Warrant Shares upon
the exercise of the Warrant shall be made without charge to the Holder of the
Warrant for any issue tax in respect thereof; provided, however, that the
Company shall not be required to pay any tax which may be payable in respect of
any transfer involved in the issuance and delivery of any certificate in a name
other than that of the then Holder of the Warrant being exercised.

         5. No Voting or Dividend Rights; Limitation of Liability. Nothing
contained in this Warrant shall be construed as conferring upon the Holder
hereof the right to vote or to consent or to receive notice as a stockholder in
respect of meetings of stockholders for the election of directors of the Company
or any other matters or any rights whatsoever as a stockholder of the Company.
Except for the adjustment to the Stock Purchase Price pursuant to Section 3.2 in
the event of a dividend on the Common Stock payable in shares of Common Stock,
no dividends or interest shall be payable or accrued in respect of this Warrant
or the interest represented hereby or the shares purchasable hereunder until,
and only to the extent that, this Warrant shall have been exercised. No
provisions hereof, in the absence of affirmative action by the Holder to
purchase shares of Warrant Shares, and no mere enumeration herein of the rights
or privileges of the Holder hereof, shall give rise to any liability of such
Holder for the Stock Purchase Price or as a stockholder of the Company whether
such liability is asserted by the Company or by its creditors.

         6. Restrictions on Transferability of Securities:  Compliance With
Securities Act.

            6.1  Restrictions on Transferability. The Warrant and the
Warrant Shares (collectively, the "Securities") shall not be transferable except
upon the conditions specified in the Purchase Agreement, which conditions are
intended to insure compliance with the provisions of the Securities Act and
applicable "blue sky" law.

            6.2  Restrictive Legend. Each certificate representing the
Securities or any other securities issued in respect of the Securities upon any
stock split, stock dividend, recapitalization, merger, consolidation or similar
event, shall (unless otherwise permitted by the provisions of the Purchase
Agreement) be stamped or otherwise imprinted with a legend substantially in the
following form (in addition to any legend required under applicable state
securities laws)

         In the Case of Warrant and Warrant Shares:

         THE SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE BEEN ACQUIRED FOR
         INVESTMENT AND HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF
         1933, AS AMENDED (THE "SECURITIES ACT"). THE SECURITIES MAY NOT BE
         SOLD, TRANSFERRED, ASSIGNED OR HYPOTHECATED UNLESS REGISTERED

                                      W-5

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         UNDER THE SECURITIES ACT AND QUALIFIED UNDER APPLICABLE STATE
         SECURITIES LAWS OR UNLESS SUCH SALE, TRANSFER, ASSIGNMENT OR
         HYPOTHECATION IS EXEMPT FROM THE REGISTRATION REQUIREMENTS OF THE 1933
         ACT AND THE QUALIFICATION REQUIREMENTS OF APPLICABLE STATE SECURITIES
         LAWS OR UNLESS THE COMPANY RECEIVES AN OPINION OF COUNSEL SATISFACTORY
         TO THE COMPANY THAT SUCH REGISTRATION AND QUALIFICATION ARE NOT
         REQUIRED. THE SECURITIES REPRESENTED BY THIS CERTIFICATE AND THE
         RIGHTS OF HOLDERS THEREOF ARE SUBJECT TO CERTAIN RESTRICTIONS ON
         TRANSFER AND OTHER RESTRICTIONS, AND THE HOLDER OF THE SECURITIES
         REPRESENTED BY THIS CERTIFICATE (INCLUDING ANY FUTURE HOLDERS) IS
         BOUND BY THE TERMS OF A PURCHASE AGREEMENT BETWEEN THE ORIGINAL
         PURCHASER AND THE COMPANY (COPIES OF WHICH MAY BE OBTAINED FROM THE
         COMPANY).

            6.3  Exchange of Warrant. Subject to the terms and conditions
hereof, including the restrictions on transfer in this Section 6 and in the
Purchase Agreement, upon surrender of this Warrant to the Company with a duly
executed Assignment Form in the form attached hereto and funds sufficient to pay
any transfer tax, the Company shall, without charge, execute and deliver a new
Warrant or Warrants of like tenor in the name of the assignee named in such
Assignment Form and this Warrant shall promptly be canceled. The term "Warrant"
as used herein shall be deemed to include any Warrants issued in exchange for
this Warrant.

            6.4  Ownership of Warrant. The Company may deem and treat the
person in whose name this Warrant is registered as the holder and owner hereof
(notwithstanding any notations of ownership or writing hereon made by anyone
other than the Company) for all purposes and shall not be affected by any notice
to the contrary, until presentation of this Warrant for registration of transfer
as provided in Section 6.3.

         7. Modification and Waiver. Except as otherwise provided herein, this
Warrant and any provision hereof may be changed, waived, discharged or
terminated only by an instrument in writing signed by the party against which
enforcement of the same is sought.

         8. Notices. Except as otherwise provided herein, any notice, request or
other document required or permitted to be given or delivered to the holder
hereof or the Company shall be delivered or shall be sent by United States
certified or registered mail, postage prepaid, (or international delivery
service for international deliveries) to Holder at its address as shown on the
books of the Company or to the Company at the address indicated therefor in the
first paragraph of this Warrant.

         9. Descriptive Headings and Governing Law. The descriptive headings of
the several sections and paragraphs of this Warrant are inserted for convenience
only and do not constitute a part of this Warrant. This Warrant shall be
governed by and construed in accordance with the internal laws of the State of
New York without regard to its conflicts of laws principles. The

                                      W-6
<PAGE>

Holder hereby irrevocably submits to the jurisdiction of any State or United
States Federal court sitting in the State of New York over any action or
proceeding arising out of or relating to this Warrant or any agreement
contemplated hereby, and the Holder hereby irrevocably agrees that all claims in
respect of such action or proceeding may be heard and determined in such State
or Federal court. The Holder further waives any objection to venue in such State
and any objection to an action or proceeding in such State on the basis of a
non-convenient forum. The Holder further agrees that any action or proceeding
brought against the Company shall be brought only in the State or United States
Federal courts sitting in the State of New York. THE HOLDER AGREES TO WAIVE ITS
RIGHTS TO A JURY TRIAL OR ANY CLAIM OR CAUSE OF ACTION BASED UPON OR ARISING OUT
OF THIS WARRANT OR ANY DOCUMENT OR AGREEMENT CONTEMPLATED HEREBY.

         10. Lost Warrants or Stock Certificates. The Company represents and
warrants to Holder that upon receipt of evidence reasonably satisfactory to the
Company of the loss, theft, destruction, or mutilation of any Warrant or stock
certificate and, in the case of any such loss, theft or destruction, upon
receipt of an indemnity and, if requested, bond reasonably satisfactory to the
Company, or, in the case of any such mutilation, upon surrender and cancellation
of such Warrant or stock certificate, the Company at its expense will make and
deliver a new Warrant or stock certificate, of like tenor, in lieu of the lost,
stolen, destroyed or mutilated Warrant or stock certificate.

         11. Amendment. This Warrant is one of a series of warrants (the
"Warrant Series") to purchase, in the aggregate, up to seven hundred fifty seven
thousand (757,600) six hundred shares of the Company's Common Stock. This
Warrant may be amended only with the written approval of the Company and (i) the
Holder of this Warrant or (ii) the holders of a majority of the warrants in the
Warrant Series; provided, however, that any amendment effected pursuant to (ii)
above shall be made in the same manner to all Warrants in the Warrant Series and
shall be binding upon all holders of Warrants in the Warrant Shares.

         12. Binding Effect; Benefits. This Warrant shall inure to the benefit
of and shall be binding upon the Company and the Holder and their respective
heirs, legal representatives, successors and permitted assigns. Nothing in this
Warrant, expressed or implied, is intended to or shall confer on any person
other than the Company and the Holder, or their respective heirs, legal
representatives, successors or permitted assigns, any rights, remedies,
obligations or liabilities under or by reason of this Warrant.

         13. Fractional Shares. No fractional shares shall be issued upon
exercise of this Warrant. The Company shall, in lieu of issuing any fractional
share, pay the Holder entitled to such fraction a sum in cash equal to such
fraction multiplied by the market price of the Common Stock, which shall be, on
any date, the closing price for the Common Stock or the closing bid if no sales
were reported, as quoted on the exchange or market that is the primary trading
market for the Company.

          IN WITNESS WHEREOF, the Company has caused this Warrant to be executed
by its officers, thereunto duly authorized this _____ day of __________, 2002.

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                                       NexMed, Inc.

                                       By:
                                          ---------------------------
                                          Name:
                                          Title:

                                      W-8

<PAGE>

                              FORM OF SUBSCRIPTION
                              --------------------

                  (To be signed only upon exercise of Warrant)

To:      NexMed, Inc.

         The undersigned, the holder of the within Warrant, hereby irrevocably
elects to exercise such Warrant for, and to purchase thereunder,
_________________ (__________________) shares of common stock (the "Common
Stock") of NexMed, Inc. (the "Company"), and herewith makes payment in the
amount of $________ therefore. The certificates for such shares should be issued
in the name of, and delivered to, __________________ whose address is
__________________.

         The undersigned represents, unless the exercise of this Warrant has
been registered under the Securities Act of 1933, as amended (the "Securities
Act"), that (i) the undersigned is acquiring such Common Stock for his, her or
its own account for investment and not with a view to or for sale in connection
with any distribution thereof (except for any resale pursuant to a registration
statement under the Securities Act), (ii) the undersigned has such knowledge and
experience in financial and business matters as to be capable of evaluating the
merits and risks of the undersigned's investment in the shares of Common Stock,
(iii) the undersigned has received all of the information the undersigned
requested from the Company and the undersigned considers necessary or
appropriate for deciding whether to purchase the shares, (iv) the undersigned
has the ability to bear the economic risks of the undersigned's prospective
investment and (v) the undersigned is able, without materially impairing his,
her or its financial condition, to hold the shares of Common Stock for an
indefinite period of time and to suffer complete loss on the undersigned's
investment.

         The undersigned is an "accredited investor" as defined in Regulation D
of the Securities Act of 1933 on the date hereof.

DATED:
      ----------------------

                                    --------------------------------------------
                                    (Signature  must  conform in all respects to
                                     name of holder as specified on the face of
                                     the Warrant)

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

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

                                      W-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 ___________
Warrant Shares 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 Warrant Shares 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 Warrant Shares 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 Warrant Shares 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)

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<PAGE>

                                                                  EXHIBIT 2.1(A)
                                                                  --------------

                           WIRE TRANSFER INSTRUCTIONS
                           --------------------------

Bank Name:                          First Union National Bank

Bank ABA Number:                    031201467

Bank Address:                       NJ5311
                                    12 North Main Street
                                    Robbinsville, NJ 08691
                                    Tel: 1-609-259-8500; Fax: 1-609-259-7695

Account Name:                       NEXMED (USA), INC.
(Beneficiary)                       350 Corporate Boulevard
                                    Robbinsville, NJ  08691
                                    Tel: 1-609-208-9688; Fax: 1-609-208-1621

Account Number:                     96100-25023 (CAP)

<PAGE>

                       INVESTMENT REPRESENTATION STATEMENT
                       -----------------------------------

         1. Information Concerning the Company. Purchaser represents and
warrants that Purchaser has been provided with such information concerning the
Company that Purchaser deems necessary and appropriate to enable Purchaser to
evaluate the financial risk inherent in making an investment in the Securities
and has received and read the SEC Documents. Purchaser further acknowledges that
Purchaser has received satisfactory and complete information concerning the
business and financial condition of the Company in response to all inquiries in
respect thereof.

         2. Economic Risk and Suitability. Purchaser represents and warrants as
follows:

            2.1  Purchaser realizes that Purchaser's purchase of the
Securities involves a high degree of risk and will be a highly speculative
investment and that Purchaser is able, without impairing Purchaser's financial
condition, to hold the Securities for an indefinite period of time and to suffer
a complete loss of Purchaser's investment.

            2.2  Purchaser has carefully considered and has, to the extent
Purchaser believes such discussions necessary, discussed with Purchaser's
professional, legal, tax and financial advisors the suitability of an investment
in the Securities for the particular legal, tax and financial situation of
Purchaser and that Purchaser and/or Purchaser's advisors have determined that
the Securities are a suitable investment for Purchaser.

            2.3  Purchaser has such knowledge and experience in business
and financial matters as will enable Purchaser to evaluate the merits and risks
of an investment in the Securities and to make an informed investment decision.

            2.4  Purchaser has carefully read this Agreement and the SEC
Documents and the Company has made available to Purchaser or Purchaser's
advisors all information and documents requested by Purchaser relating to
investment in the Securities, and has provided answers to Purchaser's
satisfaction to all of Purchaser's questions concerning the Company and the
Securities to be acquired.

            2.5  Purchaser understands that neither the Company nor any of
its officers/directors, has any obligation to register the Securities under any
federal or state securities act or law except as otherwise expressly set forth
in Section 5 of the Purchase Agreement.

            2.6  All information that Purchaser has provided concerning
himself or herself, his or her financial position and (each of) his or her
representative(s), if any, is correct and complete as of the date set forth
below, and if there should be any material change in such information, Purchaser
will provide such information to the Company as soon as practicable thereafter.

<PAGE>

            2.7  Purchaser understands that the Company is relying on the
truth and accuracy of the declarations, representations, warranties and
agreements made by Purchaser to the Company herein in transferring the
Securities to Purchaser.

            2.8  Purchaser confirms that Purchaser has received no general
solicitation or general advertisement and has attended no seminar or meeting
(whose attendees have been invited by any general solicitation or general
advertisement) and has received no advertisement, article, notice or other
communication published in any newspaper, magazine, or similar media or
broadcast or television or radio regarding the Offering of the Securities.

         3. Status of Purchaser. Purchaser represents and warrants that
Purchaser is an "Accredited Investor", as defined in Rule 501 of the Commission
because Purchaser is either:

            (a)  A natural person whose individual net worth, or joint net
                 worth with that person's spouse, at the time of his/her
                 purchase, exceeds $1 million; or

            (b)  A natural person who had individual income in excess of
                 $200,000 in each of the two most recent years or joint
                 income with that person's spouse in excess of $300,000 in
                 each of those years and has a reasonable expectation of
                 reaching the same income level in the current year.

         4. Residency. The undersigned is a bona fide resident of _____________.

                                    --------------------------------------------
                                               Signature of Purchaser

                                       2<PAGE>

Warrant No. SRA-_

THE SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE BEEN ACQUIRED FOR INVESTMENT
AND HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE
"SECURITIES ACT"). THE SECURITIES MAY NOT BE SOLD, TRANSFERRED, ASSIGNED OR
HYPOTHECATED UNLESS REGISTERED UNDER THE SECURITIES ACT AND QUALIFIED UNDER
APPLICABLE STATE SECURITIES LAWS OR UNLESS SUCH SALE, TRANSFER, ASSIGNMENT OR
HYPOTHECATION IS EXEMPT FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT
AND THE QUALIFICATION REQUIREMENTS OF APPLICABLE STATE SECURITIES LAWS OR UNLESS
THE COMPANY RECEIVES AN OPINION OF COUNSEL SATISFACTORY TO THE COMPANY THAT SUCH
REGISTRATION AND QUALIFICATION ARE NOT REQUIRED. THE SECURITIES REPRESENTED BY
THIS CERTIFICATE AND THE RIGHTS OF HOLDERS THEREOF ARE SUBJECT TO CERTAIN
RESTRICTIONS ON TRANSFER AND OTHER RESTRICTIONS, AND THE HOLDER OF THE
SECURITIES REPRESENTED BY THIS CERTIFICATE (INCLUDING ANY FUTURE HOLDERS) IS
BOUND BY THE TERMS OF A PURCHASE AGREEMENT BETWEEN THE ORIGINAL PURCHASER AND
THE COMPANY (COPIES OF WHICH MAY BE OBTAINED FROM THE COMPANY).

                           WARRANT TO PURCHASE SHARES
                         OF COMMON STOCK OF NEXMED, INC.
                            -EXPIRING JUNE 28, 2005-

         This certifies that _______________ (the "Holder"), for value received
is entitled to purchase from NexMed, Inc., a Nevada corporation (the "Company"),
_________________ (_________) fully paid and nonassessable shares of the
Company's Common Stock, par value $.001 per share (the "Warrant Shares") at a
price of Two Dollars and Eighty-One Cents ($2.81) per share (the "Stock Purchase
Price") at any time or from time to time on or after the Commencement Date (as
defined below) up to and including 5:00 p.m. (Eastern time) on the Expiration
Date (as defined below), upon surrender to the Company at its principal office
at 350 Corporate Boulevard, Robbinsville, New Jersey 08691 (or at such other
location as the Company may advise Holder in writing) of this Warrant properly
endorsed with the Form of Subscription attached hereto duly filled in and signed
and upon payment by cash, cashier's check or wire transfer of immediately
available funds of the aggregate Stock Purchase Price for the number of shares
for which this Warrant is being exercised determined in accordance with the
provisions hereof, such exercise to be conditioned upon the accuracy of all
representations and warranties contained in such Form of Subscription. The Stock
Purchase Price and the number of shares purchasable hereunder are subject to
adjustment as provided in Section 3 of this Warrant. "Commencement Date" means
the date of issuance of this Warrant and "Expiration Date" means the earlier of
(i) three (3) years from the date hereof, or (ii) the occurrence of an event,
the proposal of which is described

                                      1

<PAGE>

in subsection (d) of Section 3.4 which causes termination of this Warrant under
Section 3.4. This Warrant is issued pursuant to the Purchase Agreement between
the Company and Holder dated as of the date hereof (the "Purchase Agreement").
Terms not specifically defined herein shall in this Warrant and the exhibits
hereto have the meanings ascribed to them in the Purchase Agreement.

          This Warrant is subject to the following terms and conditions:

          1. Exercise; Issuance of Certificates: Payment for Shares. This
Warrant is exercisable at the option of Holder at any time or from time to time
on or after the Commencement Date and prior to or on the Expiration Date for all
or a portion of the shares of Warrant Shares, which may be purchased hereunder.
The Company agrees that the shares of Warrant Shares purchased under this
Warrant shall be and are deemed to be issued to Holder as the record owner of
such shares as of the close of business on the date on which this Warrant shall
have been surrendered and payment made for such shares. Subject to the
provisions of Section 2, certificates for the shares of Warrant Shares so
purchased, together with any other securities or property to which Holder is
entitled upon such exercise, shall be delivered to Holder by the Company's
transfer agent at the Company's expense within a reasonable time after this
Warrant has been exercised. Each stock certificate so delivered shall be in such
denominations of Warrant Shares as may be requested by Holder and shall be
registered in the name of Holder or such other name as shall be designated by
Holder, subject to the limitations contained in Section 2. If, upon exercise of
this Warrant, fewer than all of the shares of Warrant Shares evidenced by this
Warrant are purchased prior to the date of expiration of this Warrant, one or
more new warrants substantially in the form of, and on the terms in, this
Warrant will be issued for the remaining number of shares of Warrant Shares not
purchased upon exercise of this Warrant.

          2. Shares to be Fully Paid; Reservation of Shares. The Company
covenants and agrees that all Warrant Shares which may be issued upon the
exercise of the rights represented by this Warrant will, upon issuance, be duly
authorized, validly issued, fully paid and nonassessable and free from all
preemptive rights of any stockholder and free of all taxes, liens and charges
with respect to the issue thereof. The Company further covenants and agrees that
during the period within which the rights represented by this Warrant may be
exercised, the Company will use its best efforts to at all times have authorized
and reserved, for the purpose of issue or transfer upon exercise of this
Warrant, a sufficient number of shares of authorized but unissued Common Stock.
When and as required to provide for the exercise of the rights represented by
this Warrant, the Company will take all such action as may be necessary to
assure that such shares of Common Stock may be issued as provided herein without
violation of any applicable law or regulation, or of any requirements of any
domestic securities exchange or automated quotation system upon which the Common
Stock may be listed.

          3. Adjustment of Stock Purchase Price; Number of Shares. The Stock
Purchase Price and the number of Warrant Shares purchasable upon the exercise of
this

                                     2

<PAGE>

Warrant shall be subject to adjustment from time to time upon the occurrence of
certain events described in this Section 3.

                  3.1 Adjustment of Purchase Price. In the event that the
Company at any time or from time to time after the issuance of this Warrant
shall declare or pay, without consideration, any dividend on the Common Stock
payable in Common Stock or in any right to acquire Common Stock for no
consideration, or shall effect a subdivision of the outstanding shares of Common
Stock into a greater number of shares of Common Stock (by stock split,
reclassification or otherwise than by payment of a dividend in Common Stock or
in any right to acquire Common Stock), or in the event the outstanding shares of
Common Stock shall be combined or consolidated, by reclassification or
otherwise, into a lesser number of shares of Common Stock, then the Stock
Purchase Price in effect immediately prior to such event shall, concurrently
with the effectiveness of such event, be proportionately decreased or increased,
as appropriate. In the event that the Company shall declare or pay, without
consideration, any dividend on the Common Stock payable in any right to acquire
Common Stock for no consideration, then the Company shall be deemed to have made
a dividend payable in Common Stock in an amount of shares equal to the maximum
number of shares issuable upon exercise of such rights to acquire Common Stock.
Upon each adjustment of the Stock Purchase Price pursuant to this Section 3.1,
the holder of this Warrant shall thereafter be entitled to purchase, at the
Stock Purchase Price resulting from such adjustment, the number of shares of
Common Stock obtained by multiplying the Stock Purchase Price in effect
immediately prior to such adjustment by the number of shares of Common Stock
purchasable pursuant hereto immediately prior to such adjustment, and dividing
the product thereof by the Stock Purchase Price resulting from such adjustment.

                  3.2 Adjustments for Reclassification and Reorganization. If
the Common Stock shall be changed into the same or a different number of shares
of any other class or classes of stock, whether by capital reorganization,
reclassification or otherwise (other than a subdivision or combination of shares
provided for in Section 3.1), the Stock Purchase Price then in effect shall,
concurrently with the effectiveness of such reorganization or reclassification,
be proportionately adjusted so that this Warrant shall represent the right to
purchase, in lieu of the number of shares of Common Stock which this Warrant
would otherwise represent the right to purchase, a number of shares of such
other class or classes of stock equivalent to the number of shares of Common
Stock which this Warrant would have otherwise entitled the holder to purchase
immediately before that change.

                  3.3 Notice of Adjustment. Upon any adjustment of the Stock
Purchase Price or any increase or decrease in the number of shares of Common
Stock purchasable upon the exercise of this Warrant, the Company shall within
five business days give written notice thereof, by first class mail, postage
prepaid (or by international delivery service, for international addresses),
addressed to the registered holder of this Warrant at the address of such holder
as shown on the books of the Company. The notice shall be signed by the
Company's chief financial officer and shall state the Stock Purchase Price
resulting from such adjustment and the increase or decrease, if any, in the

                                      3

<PAGE>

number of shares purchasable at such price upon the exercise of this Warrant,
setting forth in reasonable detail the method of calculation and the facts upon
which such calculation is based.

                  3.4      Other Notices.  If at any time:

                           (a)      the Company shall propose to declare any
cash dividend upon its Common Stock;

                           (b)      the Company shall propose to declare or
make any dividend or other distribution to the holders of its Common Stock,
whether in cash, property or other securities;

                           (c)      the Company shall propose to effect any
reorganization or reclassification of the capital stock of the Company or
any consolidation or merger of the Company with or into another corporation or
any sale, lease or conveyance of all or substantially all of the property of
the Company; or

                           (d)      the Company shall propose to effect a
voluntary or involuntary dissolution, liquidation or winding-up of the Company;

then, in any one or more of said cases, the Company shall give, by certified or
registered mail, postage prepaid, or international delivery service for
international deliveries, addressed to the holder of this Warrant at the address
of such holder as shown on the books of the Company, (i) at least fifteen (15)
business days' prior written notice of the date on which the books of the
Company shall close or a record shall be taken for such dividend or distribution
or for determining rights to vote in respect of any such reorganization,
reclassification, consolidation, merger, sale, lease, conveyance, dissolution,
liquidation or winding-up, and (ii) in the case of any such reorganization,
reclassification, consolidation, merger, sale, lease, conveyance, dissolution,
liquidation or winding-up, at least fifteen (15) business days' written notice
of, the date when the same shall take place. Any notice given in accordance with
clause (i) above shall also specify, in the case of any such dividend or
distribution, the record date for such dividend or distribution, if after the
Commencement Date. Any notice given in accordance with clause (ii) above shall
also specify the date on which the holders of Common Stock shall be entitled to
exchange their Common Stock for securities or other property, if any,
deliverable upon such reorganization, reclassification, consolidation/merger,
sale, lease, conveyance, dissolution, liquidation or winding-up, as the case may
be and in connection with the occurrence of an event described in clause (d)
above such notice shall specify the anticipated net equity value that will
accrue to Common Stock holders so that the Holder can make an informed decision
whether or not to exercise this Warrant. In the event that the Holder of the
Warrant does not exercise this Warrant prior to the occurrence of an event
described in clause (a) or (b) above, the Holder shall not be entitled to
receive the benefits accruing to existing holders of the Common Stock in such
event. Upon the occurrence of an event described in clause (c), the Holder shall
be entitled thereafter, upon payment of the Stock Purchase Price in effect
immediately prior

                                    4

<PAGE>

to such action, to receive upon exercise of this Warrant the class and number of
shares which the Holder would have been entitled to receive after the occurrence
of such event had this Warrant been exercised immediately prior to such event.
In connection with the transactions described in clause (c), the Company will
require each person (other than the Company) that may be required to deliver any
cash, stock, securities or other property upon the exercise of this Warrant as
provided herein to assume, by written instrument delivered to, and reasonably
satisfactory to, the Holder of this Warrant (x) the obligations of the Company
under this Warrant and (y) the obligation to deliver to such Holder such cash,
stock, securities or other property as such Holder may be entitled to receive in
accordance with the provisions of this Section 3. Upon the occurrence of an
event the proposal of which is described in clause (d), this Warrant shall
terminate. Notwithstanding any other provision hereof, no Holder shall have the
right to obtain an injunction or restraining order or otherwise interfere with
or prevent the occurrence of any of the actions described in (a) - (d) above.

          4. Issue Tax. The issuance of certificates for the Warrant Shares upon
the exercise of the Warrant shall be made without charge to the Holder of the
Warrant for any issue tax in respect thereof; provided, however, that the
Company shall not be required to pay any tax which may be payable in respect of
any transfer involved in the issuance and delivery of any certificate in a name
other than that of the then Holder of the Warrant being exercised.

          5. No Voting or Dividend Rights; Limitation of Liability. Nothing
contained in this Warrant shall be construed as conferring upon the Holder
hereof the right to vote or to consent or to receive notice as a stockholder in
respect of meetings of stockholders for the election of directors of the Company
or any other matters or any rights whatsoever as a stockholder of the Company.
Except for the adjustment to the Stock Purchase Price pursuant to Section 3.2 in
the event of a dividend on the Common Stock payable in shares of Common Stock,
no dividends or interest shall be payable or accrued in respect of this Warrant
or the interest represented hereby or the shares purchasable hereunder until,
and only to the extent that, this Warrant shall have been exercised. No
provisions hereof, in the absence of affirmative action by the Holder to
purchase shares of Warrant Shares, and no mere enumeration herein of the rights
or privileges of the Holder hereof, shall give rise to any liability of such
Holder for the Stock Purchase Price or as a stockholder of the Company whether
such liability is asserted by the Company or by its creditors.

          6.      Restrictions on Transferability of Securities:  Compliance
With Securities Act.

                  6.1 Restrictions on Transferability. The Warrant and the
Warrant Shares (collectively, the "Securities") shall not be transferable except
upon the conditions specified in the Purchase Agreement, which conditions are
intended to insure compliance with the provisions of the Securities Act and
applicable "blue sky" law.

                                   5

<PAGE>

                  6.2 Restrictive Legend. Each certificate representing the
Securities or any other securities issued in respect of the Securities upon any
stock split, stock dividend, recapitalization, merger, consolidation or similar
event, shall (unless otherwise permitted by the provisions of the Purchase
Agreement) be stamped or otherwise imprinted with a legend substantially in the
following form (in addition to any legend required under applicable state
securities laws)

         In the Case of Warrant and Warrant Shares:
         -----------------------------------------

         THE SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE BEEN ACQUIRED FOR
         INVESTMENT AND HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF
         1933, AS AMENDED (THE "SECURITIES ACT"). THE SECURITIES MAY NOT BE
         SOLD, TRANSFERRED, ASSIGNED OR HYPOTHECATED UNLESS REGISTERED UNDER THE
         SECURITIES ACT AND QUALIFIED UNDER APPLICABLE STATE SECURITIES LAWS OR
         UNLESS SUCH SALE, TRANSFER, ASSIGNMENT OR HYPOTHECATION IS EXEMPT FROM
         THE REGISTRATION REQUIREMENTS OF THE 1933 ACT AND THE QUALIFICATION
         REQUIREMENTS OF APPLICABLE STATE SECURITIES LAWS OR UNLESS THE COMPANY
         RECEIVES AN OPINION OF COUNSEL SATISFACTORY TO THE COMPANY THAT SUCH
         REGISTRATION AND QUALIFICATION ARE NOT REQUIRED. THE SECURITIES
         REPRESENTED BY THIS CERTIFICATE AND THE RIGHTS OF HOLDERS THEREOF ARE
         SUBJECT TO CERTAIN RESTRICTIONS ON TRANSFER AND OTHER RESTRICTIONS, AND
         THE HOLDER OF THE SECURITIES REPRESENTED BY THIS CERTIFICATE (INCLUDING
         ANY FUTURE HOLDERS) IS BOUND BY THE TERMS OF A PURCHASE AGREEMENT
         BETWEEN THE ORIGINAL PURCHASER AND THE COMPANY (COPIES OF WHICH MAY BE
         OBTAINED FROM THE COMPANY).

                  6.3 Exchange of Warrant. Subject to the terms and conditions
hereof, including the restrictions on transfer in this Section 6 and in the
Purchase Agreement, upon surrender of this Warrant to the Company with a duly
executed Assignment Form in the form attached hereto and funds sufficient to pay
any transfer tax, the Company shall, without charge, execute and deliver a new
Warrant or Warrants of like tenor in the name of the assignee named in such
Assignment Form and this Warrant shall promptly be canceled. The term "Warrant"
as used herein shall be deemed to include any Warrants issued in exchange for
this Warrant.

                  6.4 Ownership of Warrant. The Company may deem and treat the
person in whose name this Warrant is registered as the holder and owner hereof
(notwithstanding any notations of ownership or writing hereon made by anyone
other than the Company) for all purposes and shall not be affected by any notice
to the

                                       6

<PAGE>

contrary, until presentation of this Warrant for registration of transfer as
provided in Section 6.3.

          7.     Modification and Waiver.  Except as otherwise provided herein,
this Warrant and any provision hereof may be changed, waived, discharged or
terminated only by an instrument in writing signed by the party against which
enforcement of the same is sought.

          8.     Notices. Except as otherwise provided herein, any notice,
request or other document required or permitted to be given or delivered to the
holder hereof or the Company shall be delivered or shall be sent by United
States certified or registered mail, postage prepaid, (or international delivery
service for international deliveries) to Holder at its address as shown on the
books of the Company or to the Company at the address indicated therefor in the
first paragraph of this Warrant.

          9.     Descriptive Headings and Governing Law. The descriptive
headings of the several sections and paragraphs of this Warrant are inserted for
convenience only and do not constitute a part of this Warrant. This Warrant
shall be governed by and construed in accordance with the internal laws of the
State of New York without regard to its conflicts of laws principles. The Holder
hereby irrevocably submits to the jurisdiction of any State or United States
Federal court sitting in the State of New York over any action or proceeding
arising out of or relating to this Warrant or any agreement contemplated hereby,
and the Holder hereby irrevocably agrees that all claims in respect of such
action or proceeding may be heard and determined in such State or Federal court.
The Holder further waives any objection to venue in such State and any objection
to an action or proceeding in such State on the basis of a non-convenient forum.
The Holder further agrees that any action or proceeding brought against the
Company shall be brought only in the State or United States Federal courts
sitting in the State of New York. THE HOLDER AGREES TO WAIVE ITS RIGHTS TO A
JURY TRIAL OR ANY CLAIM OR CAUSE OF ACTION BASED UPON OR ARISING OUT OF THIS
WARRANT OR ANY DOCUMENT OR AGREEMENT CONTEMPLATED HEREBY.

          10.    Lost Warrants or Stock Certificates. The Company represents
and warrants to Holder that upon receipt of evidence reasonably satisfactory to
the Company of the loss, theft, destruction, or mutilation of any Warrant or
stock certificate and, in the case of any such loss, theft or destruction, upon
receipt of an indemnity and, if requested, bond reasonably satisfactory to the
Company, or, in the case of any such mutilation, upon surrender and cancellation
of such Warrant or stock certificate, the Company at its expense will make and
deliver a new Warrant or stock certificate, of like tenor, in lieu of the lost,
stolen, destroyed or mutilated Warrant or stock certificate.

          11.    Amendment. This Warrant is one of a series of warrants (the
"Warrant Series") to purchase, in the aggregate, up to seven hundred fifty seven
thousand (757,600) and six hundred shares of the Company's Common Stock. This
Warrant maybe amended only with the written approval of the Company and (i) the
Holder of this Warrant or (ii) the holders of a majority of the warrants in the
Warrant Series; provided,

                                        7

<PAGE>

however, that any amendment effected pursuant to (ii) above shall be made in the
same manner to all Warrants in the Warrant Series and shall be binding upon all
holders of Warrants in the Warrant Shares.

          12.    Binding Effect; Benefits. This Warrant shall inure to the
benefit of and shall be binding upon the Company and the Holder and their
respective heirs, legal representatives, successors and permitted assigns.
Nothing in this Warrant, expressed or implied, is intended to or shall confer on
any person other than the Company and the Holder, or their respective heirs,
legal representatives, successors or permitted assigns, any rights, remedies,
obligations or liabilities under or by reason of this Warrant.

          13.    Fractional Shares. No fractional shares shall be issued upon
exercise of this Warrant. The Company shall, in lieu of issuing any fractional
share, pay the Holder entitled to such fraction a sum in cash equal to such
fraction multiplied by the market price of the Common Stock, which shall be, on
any date, the closing price for the Common Stock or the closing bid if no sales
were reported, as quoted on the exchange or market that is the primary trading
market for the Company.

          IN WITNESS WHEREOF, the Company has caused this Warrant to be executed
by its officers, thereunto duly authorized this _____ day of __________, 2002.

                                          NexMed, Inc.

                                          By: _________________________
                                               Name:
                                               Title:

                                       8

<PAGE>

                              FORM OF SUBSCRIPTION
                              --------------------

                  (To be signed only upon exercise of Warrant)

To:      NexMed, Inc.

         The undersigned, the holder of the within Warrant, hereby irrevocably
elects to exercise such Warrant for, and to purchase thereunder,
_________________ (__________________) shares of common stock (the "Common
Stock") of NexMed, Inc. (the "Company"), and herewith makes payment in the
amount of $________ therefore. The certificates for such shares should be issued
in the name of, and delivered to, __________________ whose address is
__________________.

         The undersigned represents, unless the exercise of this Warrant has
been registered under the Securities Act of 1933, as amended (the "Securities
Act"), that (i) the undersigned is acquiring such Common Stock for his, her or
its own account for investment and not with a view to or for sale in connection
with any distribution thereof (except for any resale pursuant to a registration
statement under the Securities Act), (ii) the undersigned has such knowledge and
experience in financial and business matters as to be capable of evaluating the
merits and risks of the undersigned's investment in the shares of Common Stock,
(iii) the undersigned has received all of the information the undersigned
requested from the Company and the undersigned considers necessary or
appropriate for deciding whether to purchase the shares, (iv) the undersigned
has the ability to bear the economic risks of the undersigned's prospective
investment and (v) the undersigned is able, without materially impairing his,
her or its financial condition, to hold the shares of Common Stock for an
indefinite period of time and to suffer complete loss on the undersigned's
investment.

         The undersigned is an "accredited investor" as defined in Regulation D
of the Securities Act of 1933 on the date hereof.

DATED: _______________________

                                Signature
                                           -----------------------------------
                                           Signature must conform in all
                                           respects to name of holder as
                                           specified on the face of the Warrant)

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

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

                                     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 ___________
Warrant Shares 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 Warrant Shares 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 Warrant Shares 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 Warrant Shares 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

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