Document:

SECURITIES
      PURCHASE AGREEMENT

     

     

    by
      and between

     

     

    NEXMED,
      INC.,

     

     

    NEXMED
      (U.S.A.), INC.

     

     

    and

     

     

    METRONOME
      LPC 1, INC.,

     

     

    dated
      as of November 30, 2006

     

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    SECURITIES
      PURCHASE AGREEMENT

     

    This
      Securities Purchase Agreement (this “Agreement”)
      is
      made as of November 30, 2006 by and between NexMed, Inc., a Nevada corporation
      (the “Company”),
      NexMed (U.S.A.), Inc., a Delaware Corporation (the “Subsidiary”)
      and
      Metronome LPC 1, Inc., a Delaware corporation (the “Purchaser”).

     

      

    
      ARTICLE
        I

       

    

    Definitions

     

    Section
      1.1  Definitions

     

    “Action
      or Proceeding” has the meaning set forth in Section
      12.14.

    

    “Affiliate”
      of any Person means any Person that, directly or indirectly, through one or
      more
      intermediaries, controls, is controlled by, or is under common control with,
      such Person, as such terms are used and construed under Rule 144 of the
      Securities Act.

     

    “Agreement”
      has the meaning set forth in the Introduction.

    

    “Closing”
      has
      the
      meaning set forth in Section
      2.2(a).

    

    “Company”
      means NexMed, Inc., a Nevada corporation.

    

    “Common
      Stock” has
      the
      meaning set forth in Section
      2.1(a).

    

    “Debt”
      means, for any Person the sum of the following (without duplication): (i) all
      obligations of such Person for borrowed money or evidenced by bonds, debentures,
      notes or other similar instruments (including principal, interest, fees and
      charges); (ii) all obligations of such Person (whether contingent or otherwise)
      in respect of bankers’ acceptances, letters of credit, surety or other bonds and
      similar instruments; (iii) all obligations of such Person to pay the deferred
      purchase price of Property or services (other than for borrowed money); (iv)
      all
      obligations under leases which shall have been, or should have been, in
      accordance with GAAP, recorded as capital leases in respect of which such Person
      is liable (whether contingent or otherwise); (v) all obligations under operating
      leases which require such Person or its Affiliate to make payments over the
      term
      of such lease, including payments at termination, based on the purchase price
      or
      appraisal value of the Property subject to such lease plus a marginal interest
      rate, and used primarily as a financing vehicle for, or to monetize, such
      Property; (vi) all Debt (as described in the other clauses of this definition)
      and other obligations of others secured by a Lien on any asset of such Person,
      whether or not such Debt is assumed by such Person; (vii) all Debt (as described
      in the other clauses of this definition) and other obligations of others
      guaranteed by such Person or in which such Person otherwise assures a creditor
      against loss of the debtor or obligations of others; (viii) all obligations
      or
      undertakings of such Person to maintain or cause to be maintained the financial
      position or covenants of others or to purchase the Debt or Property of others;
      (ix) obligations to deliver goods or services; (x) obligations to pay for goods
      or services whether or not such goods or services are actually received or
      utilized by such Person; and (xi) any capital stock of such Person in which
      such
      Person has a mandatory obligation to redeem such stock. 

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    “Direct
      Claim” has
      the
      meaning set forth in Section
      12.14.

     

    “East
      Windsor Property” means the real property located at 89 Twin Rivers Drive, East
      Windsor, New Jersey 08520.

     

    “Excepted
      Liens” means: (i) Liens for taxes, assessments or other governmental charges or
      levies not yet due or which are being contested in good faith by appropriate
      action and for which adequate reserves have been maintained; (ii) Liens in
      connection with workmen’s compensation, unemployment insurance or other social
      security, old age pension or public liability obligations not yet due or which
      are being contested in good faith by appropriate action and for which adequate
      reserves have been maintained in accordance with GAAP; (iii) operators’,
      vendors’, carriers’, warehousemen’s, repairmen’s, mechanics’, workmen’s,
      materialmen’s, construction or other like Liens arising by operation of law in
      the ordinary course of business or statutory landlord’s liens, each of which is
      in respect of obligations that have not been outstanding more than 90 days
      or
      which are being contested in good faith by appropriate proceedings and for
      which
      adequate reserves have been maintained in accordance with GAAP; (iv) any Liens
      reserved in leases for rent and for compliance with the terms of the leases
      in
      the case of leasehold estates, to the extent that any such Lien referred to
      in
      this clause does not materially impair the use of the Property covered by such
      Lien for the purposes for which such Property is held by the Company or
      materially impair the value of such Property subject thereto; (v) encumbrances
      (other than to secure the payment of borrowed money or the deferred purchase
      price of Property or services), easements, restrictions, servitudes, permits,
      conditions, covenants, exceptions or reservations in any rights of way or other
      Property of the Company for the purpose of roads, pipelines, transmission lines,
      transportation lines, distribution lines for the removal of gas, oil, coal
      or
      other minerals or timber, and other like purposes, or for the joint or common
      use of real estate, rights of way, facilities and equipment, and defects,
      irregularities, zoning restrictions and deficiencies in title of any rights
      of
      way or other Property which in the aggregate do not materially impair the use
      of
      such rights of way or other Property for the purposes of which such rights
      of
      way and other Property are held by the Company or materially impair the value
      of
      such Property subject thereto; (vi) deposits of cash or securities to secure
      the
      performance of bids, trade contracts, leases, statutory obligations and other
      obligations of a like nature incurred in the ordinary course of business; and
      (vii) Liens permitted by the Mortgage.

     

    “Exchange
      Act” means the Securities Exchange Act of 1934, as amended. 

     

    “GAAP”
      means generally accepted accounting principles in the United States of America
      in effect from time to time. 

     

    “Governmental
      Authority” shall include the country, the state, county, city and political
      subdivisions in which any Person or such Person’s Property is located or which
      exercises valid jurisdiction over any such Person or such Person’s Property, and
      any court, agency, department, commission, board, bureau or instrumentality
      of
      any of them including monetary authorities which exercises valid jurisdiction
      over any such Person or such Person’s Property. Unless otherwise specified, all
      references to Governmental Authority herein shall mean a Governmental Authority
      having jurisdiction over, where applicable, the Company or any of its Property
      or the Purchaser. 

    

    
      
         

      

      
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    “Indebtedness”
      means any and all amounts owing or to be owing by the Company to the Purchaser
      in connection with the Senior Secured Note and all renewals, extensions and/or
      rearrangements of any of the above. 

    

    “Indemnified
      Persons” has the meaning set forth in Section
      12.14.

    

    “Lien”
      means any interest in Property securing an obligation owed to, or a claim by,
      a
      Person other than the owner of the Property, whether such interest is based
      on
      the common law, statute or contract, and whether such obligation or claim is
      fixed or contingent, and including but not limited to (i) the lien or security
      interest arising from a mortgage, encumbrance, pledge, security agreement,
      conditional sale or trust receipt or a lease, consignment or bailment for
      security purposes. The term “Lien” shall include reservations, exceptions,
      encroachments, easements, rights of way, covenants, conditions, restrictions,
      leases and other title exceptions and encumbrances affecting Property. For
      the
      purposes of this Agreement, the Company shall be deemed to be the owner of
      any
      Property which it has acquired or holds subject to a conditional sale agreement,
      or leases under a financing lease or other arrangement pursuant to which title
      to the Property has been retained by or vested in some other Person in a
      transaction intended to create a financing. 

    

    “Losses”
      has the meaning set forth in Section
      12.14.

     

    “Material
      Adverse Effect” means any
      material and adverse effect on (i) the assets, liabilities, financial condition,
      business, operations or affairs of the Company from the facts represented or
      warranted in this Agreement, taken as a whole, (ii) the ability of the Company
      to carry out its business as at the Closing or as proposed as of the Closing
      to
      be conducted or meet its obligations under this Agreement or the Related
      Agreements on a timely basis, or (iii) the Purchaser’s interests in the
      collateral securing the Indebtedness, taken as a whole, or the Purchaser’s
      ability to enforce its rights and remedies under this Agreement or the Related
      Agreements, at law or in equity.

     

    “Mortgage”
      has the meaning set forth in Section
      8.1.

    

    “Permitted
      Indebtedness” means (i) any Debt which is not secured by Property of the Company
      (other than as set forth in the below proviso) and which is junior in ranking
      to
      the Senior Secured Note,
      (ii)
      obligations incurred as the deferred purchase price of property or services,
      (iii) Debt incurred solely in connection with the purchase of equipment which
      indebtedness is secured by a lien on such equipment, (iv) equipment financing
      leases, (v) trade payables entered into in the ordinary course of business;
      (vi)
      Debt secured by Excepted Liens, or (vii) Debt up to an aggregate principal
      amount of $3,000,000 plus applicable interest incurred in connection with a
      refinancing of the Tailwind Debt; provided, that, if the Purchaser is granted
      a
      first lien security interest in the East Windsor Property, “Permitted
      Indebtedness” shall also include Debt secured by a second lien security interest
      on the East Windsor Property.

     

    
      
         

      

      
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    “Person”
      means any individual, corporation, company, voluntary association, partnership,
      joint venture, trust, unincorporated organization or government or any agency,
      instrumentality or political subdivision thereof, or any other form of
      entity. 

    

    “Property”
      means any interest in any kind of property or asset, whether real, personal
      or
      mixed, or tangible or intangible.

    

    “Purchase
      Price” has the meaning set forth in Section
      2.1(a).

    

    “Purchaser”
      means Metronome
      LPC 1, Inc., a Delaware corporation.

    

    “Related
      Agreements” means the Senior Secured Note, the Warrant and the
      Mortgage.

    

    “Responsible
      Officer” means, as to any Person, the Chief Executive Officer, the President,
      any Vice President, member, or manager of such Person and, with respect to
      financial matters, the term “Responsible Officer” shall include the Chief
      Financial Officer or equivalent member of such Person. Unless otherwise
      specified, all references to a Responsible Officer herein shall mean a
      Responsible Officer of the Company. 

    

    “Restricted
      Payments” has the meaning set forth in Section
      9.9.

    

    “SEC”
      means the Securities and Exchange Commission.

    

    “SEC
      Filings” means the Company’s Annual Report on Form 10-K for the fiscal year
      ended December 31, 2003 and all other reports filed by the Company pursuant
      to
      the Securities Exchange Act of 1934 since December 31, 2003.

    

    “Securities”
      has the meaning set forth in Section
      2.1(a).

    

    “Securities
      Act” means the Securities Act of 1933, as amended.

    

    “Senior
      Secured Note” has the meaning set forth in Section
      2.1(a).

    

    “Subsidiary”
      means NexMed (U.S.A.), Inc., a Delaware corporation and a wholly-owned
      subsidiary of the Company.

    

    “Tailwind
      Debt” means the Company’s Debt obligations due May 31, 2007 pursuant to the
      Convertible Notes in favor of The Tail Wind Fund Ltd. and Solomon Strategic
      Holdings, Inc.

    

    “Tailwind
      Mortgage” means the Mortgage, Security Agreement and Assignment of Leases and
      Rents by NexMed (U.S.A.), Inc., in favor of The Tail Wind Fund Ltd. and Solomon
      Strategic Holdings, Inc. dated June 11, 2002, as amended.

    

    “Warrant”
      has the meaning set forth in Section
      2.1(a).

    

    “Warrant
      Shares” have the meaning set forth in Section
      2.1(a).

    

    
      
         

      

      
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      ARTICLE
        II

       

      Purchase
        and Sale of Senior Secured Note,

      Common
        Stock Units and Redeemable Warrants

       

      Section
        2.1  Initial
        Purchase and Sale.

       

      (a) The
        Company has authorized the sale and issuance to the Purchaser of (i) the
        Senior
        Secured Note due December 31, 2007, in an aggregate original principal amount
        of
        $2,000,000 (the “Senior
        Secured Note”)
        and
        (ii) warrants (the “Warrant”)
        to
        purchase up to 500,000 shares (the “Warrant
        Shares”)
        of the
        Company’s common stock, par value $.001 per share (the “Common
        Stock”).
        The
        Senior Secured Note, the Warrants and the Warrant Shares are hereinafter
        called,
        collectively the “Securities.”
The
        aggregate purchase price (the “Purchase
        Price”)
        for
        the Securities shall be $2,000,000. The Senior Secured Note and the Warrant
        shall be in the forms attached hereto, respectively as Exhibits
        A
        and
B.

       

      (b) Subject
        to the terms and conditions of this Agreement, the Purchaser agrees to purchase
        at the Closing (as defined below), and the Company agrees to sell and issue
        to
        the Purchaser at the Closing the Securities at the aggregate purchase price
        equal to the Purchase Price. Each of the Company and the Purchaser shall
        become
        a party to this Agreement and shall have the respective rights and obligations
        hereunder. 

       

      Section
        2.2 Closing.

       

      (a) The
        closing of the purchase and sale of the Securities shall take place at the
        offices of Andrews Kurth LLP, 450 Lexington Avenue, 15th Floor, New York,
        New
        York 10017, contemporaneously with the execution and delivery hereof by the
        Company and Purchaser of the executed definitive documents and cash (which
        time
        and place are designated as the “Closing”).

       

      (b) At
        the
        Closing, the Company shall deliver to the Purchaser the Senior Secured Note
        and
        the Warrant against payment of the Purchase Price therefor by wire transfer
        of
        immediately available funds to an account designated by the Company.

       

      ARTICLE
        III

       

      Representations
        and Warranties of the Company 

       

      In
        order
        to induce the Purchaser to enter into this Agreement and the Related Agreements
        and to consummate the transactions contemplated hereby and thereby, the Company
        hereby represents and warrants to the Purchaser as of date of the Closing
        as
        follows:

       

      Section
        3.1 Organization;
        Good Standing; Qualification.
        The
        Company is a corporation duly organized and validly existing and in good
        standing under the laws of the State of Nevada. The Company is duly qualified
        and is authorized to transact business and is in good standing as a foreign
        corporation in each jurisdiction in which the failure to so qualify (either
        singly or taken together) could reasonably be expected to have a Material
        Adverse Effect on the Company’s business. The Company is the sole shareholder of
        the Subsidiary.

       

      
        
           

        

        
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      Section
        3.2 Corporate
        Power.
        The
        Company has all requisite corporate power and authority (i) to own and operate
        its properties and assets and to carry on its business as presently conducted
        and as presently proposed to be conducted, (ii) to execute and deliver this
        Agreement and each of the Related Agreements, (iii) to issue upon exercise
        of
        the Warrant, the Warrant Shares and (iv) to carry out and perform the provisions
        of this Agreement and the Related Agreements.

       

      Section
        3.3 Authorization.
        All
        corporate action on the part of the Company necessary for the authorization
        of
        and its execution and delivery of this Agreement and the Related Agreements,
        the
        performance of all obligations of the Company hereunder and thereunder, and
        the
        authorization, issuance (or reservation for issuance), sale and delivery
        of the
        Senior Secured Note and the Warrant Shares has been taken or will be taken
        prior
        to the Closing. This Agreement and the Related Agreements, when executed
        and
        delivered by the Company, will constitute valid and binding obligations of
        the
        Company, enforceable in accordance with their respective terms, except only
        (i)
        as limited by applicable bankruptcy, insolvency, reorganization, moratorium
        and
        other laws of general application affecting enforcement of creditors’ rights
        generally, (ii) as limited by laws relating to the availability of specific
        performance, injunctive relief or other equitable remedies and (iii) to the
        extent the indemnification provisions contained in this Agreement and the
        Warrant may be limited by applicable securities laws and principles of public
        policy.

       

      Section
        3.4 Conflicts.
        The
        execution and performance of the transactions contemplated by this Agreement
        and
        the Related Agreements by the Company and the compliance with their respective
        provisions by the Company will not (a) conflict with or violate the certificate
        of incorporation or by-laws of the Company or (b) require on the part of
        the
        Company any filing with, or any permit, authorization, consent or approval
        of
        any agency, bureau, commission, court, authority, department, official,
        political subdivision, tribunal or other instrumentality of any Governmental
        Authority except as would not have a Material Adverse Effect on the ability
        of
        the Company to complete the transactions contemplated by this Agreement or
        (c)
        result in any violation or be in conflict with or constitute, with or without
        the passage of time or giving of notice, either a default under any mortgage,
        indenture, agreement, instrument, judgment, order, writ, decree or contract
        or
        an event that would have a Material Adverse Effect on the ability of the
        Company
        to complete the transactions contemplated by this Agreement. The parties
        acknowledge and agree that if any provision of this Agreement is interpreted
        to
        violate the Tailwind Mortgage, then such provision shall be interpreted in
        a
        manner favorable to the Tailwind Mortgage.

       

      Section
        3.5 Valid
        Issuance of the Warrant Shares.
        The
        Warrant Shares have been duly authorized and validly reserved for issuance
        and
        upon issuance after payment of the exercise price in accordance with the
        Warrants, will be validly issued, fully paid and non-assessable, and will
        be
        free of restrictions on transfer other than restrictions on transfer under
        this
        Agreement and under applicable state and federal securities laws.

       

      
        
           

        

        
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      Section
        3.6 Capitalization
        and Voting Rights.

       

      (a) The
        authorized capital stock of the Company consists of 120,000,000 shares of
        common
        stock, par value $.001 and 10,000,000 shares of preferred stock, par value
        $.001. 66,919,589 shares of common stock are issued and outstanding as of
        the
        date of this Agreement and prior to giving effect to the transactions
        contemplated hereby, and no shares of preferred stock are outstanding.

       

      (b) Except
        as
        disclosed in Schedule
        3.6,
        there
        are no subscriptions, warrants, options, convertible securities or other
        rights
        (contingent or otherwise) to purchase or acquire any shares of any class
        of
        stock of the Company. Except as set forth in Schedule
        3.6,
        there
        is no future commitment by Company to issue any shares, warrants, options
        or
        other such rights or to distribute to holders of any class of its Common
        Stock
        any evidences of indebtedness or assets, nor is there any obligation on the
        part
        of the Company (contingent or otherwise) to purchase, redeem or otherwise
        acquire any shares of its Common Stock thereof. 

       

      Section
        3.7 Compliance
        with Other Instruments.
        The
        Company is not in violation or default (i) of any provision of its certificate
        of incorporation or by-laws (both as amended to date) or (ii) of any provision
        of any mortgage, indenture, agreement, instrument, judgment, order, writ,
        decree
        or contract to which it is a party or by which it is bound or (iii) of any
        federal or state statute, rule or regulation applicable to the Company which,
        with respect to clauses (ii) and (iii), could reasonably be expected to result
        in a Material Adverse Effect. The execution, delivery and performance by
        the
        Company of this Agreement and the Related Agreements, the consummation of
        the
        transactions contemplated hereby and thereby, and the offer, sale and issuance
        of the Senior Secured Note and the issuance of the Warrant Shares upon exercise
        of the Warrant, will not result in any such violation or be in conflict with
        or
        constitute, with or without the passage of time or giving of notice, either
        a
        default under any mortgage, indenture, agreement, instrument, judgment, order,
        writ, decree or contract or an event that results in the creation of any
        material lien, charge or encumbrance upon any assets of the Company (other
        than
        pursuant to the Mortgage) or the suspension, revocation, impairment, forfeiture
        or non-renewal of any material permit, license, authorization or approval
        applicable to the Company, its business or operations or any of its assets
        or
        properties.

       

      Section
        3.8 Environmental
        and Safety Laws.
        The
        Company is not currently in violation of any applicable statute, law or
        regulation relating to the environment or occupational health and safety,
        and
        reasonably believes that no material expenditures are or will be required
        in
        order to comply with any such existing statute, law or regulation.

       

      Section
        3.9 Litigation.
        Except
        as set forth on Schedule
        3.9,
        there
        is no action, suit, proceeding or investigation pending or, to the Company’s
        knowledge, currently threatened against the Company that questions the validity
        of this Agreement or the Related Agreements, or the right of the Company
        to
        enter into such agreements, or to consummate the transactions contemplated
        hereby or thereby or that could be reasonably expected to have a Material
        Adverse Effect. 

       

      
        
           

        

        
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      Section
        3.10 Permits.
        The
        Company has all franchises, permits, licenses and any similar authority
        necessary for the conduct of its business as presently conducted by it, the
        lack
        of which would have a Material Adverse Effect, and the Company believes it
        can
        obtain, without undue burden or expense, any similar authority for the conduct
        of its business as presently proposed to be conducted. The Company is not
        in
        default under any of such franchises, permits, licenses or other similar
        authority.

       

      Section
        3.11 Tax
        Returns, Payments and Elections.
        The
        Company has no tax liabilities other than tax liabilities that have arisen
        in
        the ordinary course of business and which are not past due or
        delinquent.

       

      Section
        3.12 Registration
        Rights.
        Except
        as set forth in Schedule
        3.12,
        the
        Company is presently not under any obligation and has not granted any rights
        to
        register under the Securities Act any of its presently outstanding securities
        or
        any of its securities that may hereafter be issued.

       

      Section
        3.13 Insurance.
        The
        Company carries insurance with respect to the East Windsor Property, and
        the
        Company has (i) not received notice from any insurer or agent of such insurer
        that capital improvements or other expenditures are required or necessary
        to be
        made in order to continue such insurance or (ii) no reason to believe that
        it
        will not be able to renew its existing insurance coverage as and when such
        coverage expires or to obtain similar coverage at reasonable cost from similar
        insurers as may be necessary to continue its business.

       

      Section
        3.14 Sponsors,
        Brokers or Finders; Other Offers.
        The
        Company has not incurred, and will not incur, directly or indirectly, as
        a
        result of any action taken by the Company, any liability for sponsor, brokerage
        or finders’ fees or agents’ commissions or any similar charges in connection
        with this Agreement.

       

      Section
        3.15 Absence
        of certain changes; Action.
        Except
        as disclosed in the SEC Filings, since December 31, 2004, the Company has
        not:
        (1) declared or paid any dividends, or authorized or made any distribution
        upon
        or with respect to any class or series of its capital stock; (2) incurred
        any
        indebtedness for money borrowed or incurred any other material liabilities,
        (3)
        made any loans or advances to any person, other than ordinary advances for
        travel expenses or deferred salary; or (4) sold, exchanged or otherwise disposed
        of any of its material assets or rights, other than the sale of its inventory
        in
        the ordinary course of business. The Company is not a party to and is not
        bound
        by any contract, agreement or instrument, or subject to any restriction under
        its certificate of incorporation or by-laws, that materially adversely affects
        its business as now conducted or as proposed to be conducted, its properties
        or
        its financial condition.

       

      Section
        3.16 Disclosure.
        Neither
        this Agreement, the Related Agreements, nor any other written statements
        or
        certificates made or delivered by the Company herewith, when taken as a whole,
        contains any untrue statement of a material fact relating to the Company
        or
        omits to state a material fact which is necessary to make the statements
        relating to the Company contained herein or therein not misleading in light
        of
        the circumstances under which they were made. 

       

      
        
           

        

        
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      ARTICLE
        IV 

       

      Representations,
        Warranties and Covenants of the Subsidiary

       

      In
        order
        to induce the Purchaser to enter into this Agreement and the Related Agreements
        and to consummate the transactions contemplated hereby and thereby, the
        Subsidiary hereby represents and warrants to the Purchaser as of date of
        the
        Closing as follows:

       

      Section
        4.1 Organization;
        Good Standing; Qualification.
        The
        Subsidiary is a corporation duly organized and validly existing and in good
        standing under the laws of the State of Delaware and is a wholly-owned
        subsidiary of the Company. The Subsidiary is duly qualified and is authorized
        to
        transact business and is in good standing as a foreign corporation in each
        jurisdiction in which the failure to so qualify (either singly or taken
        together) could reasonably be expected to have a Material Adverse Effect
        on the
        Subsidiary’s business.

       

      Section
        4.2 Corporate
        Power.
        The
        Subsidiary has all requisite corporate power and authority (i) to own and
        operate its properties and assets and to carry on its business as presently
        conducted and as presently proposed to be conducted, (ii) to execute and
        deliver
        this Agreement and each of the Related Agreements and (iii) to carry out
        and
        perform the provisions of this Agreement and the Related
        Agreements.

       

      Section
        4.3 Authorization.
        All
        corporate action on the part of the Subsidiary necessary for the authorization
        of and its execution and delivery of this Agreement and the Related Agreements,
        the performance of all obligations of the Company hereunder and thereunder
        has
        been taken or will be taken prior to the Closing. This Agreement and the
        Related
        Agreements, when executed and delivered by the Subsidiary, will constitute
        valid
        and binding obligations of the Subsidiary, enforceable in accordance with
        their
        respective terms, except only (i) as limited by applicable bankruptcy,
        insolvency, reorganization, moratorium and other laws of general application
        affecting enforcement of creditors’ rights generally, (ii) as limited by laws
        relating to the availability of specific performance, injunctive relief or
        other
        equitable remedies and (iii) to the extent the indemnification provisions
        contained in this Agreement may be limited by applicable securities laws
        and
        principles of public policy.

       

      Section
        4.4 Conflicts.
        The
        execution and performance of the transactions contemplated by this Agreement
        and
        the Related Agreements by the Subsidiary and the compliance with their
        respective provisions by the Subsidiary will not (a) conflict with or violate
        the certificate of incorporation or by-laws of the Subsidiary or (b) require
        on
        the part of the Subsidiary any filing with, or any permit, authorization,
        consent or approval of any agency, bureau, commission, court, authority,
        department, official, political subdivision, tribunal or other instrumentality
        of any Governmental Authority except as would not have a Material Adverse
        Effect
        on the ability of the Subsidiary to complete the transactions contemplated
        by
        this Agreement or (c) result in any violation or be in conflict with or
        constitute, with or without the passage of time or giving of notice, either
        a
        default under any mortgage, indenture, agreement, instrument, judgment, order,
        writ, decree or contract or an event that would have a Material Adverse Effect
        on the ability of the Subsidiary to complete the transactions contemplated
        by
        this Agreement. The parties acknowledge and agree that if any provision of
        this
        Agreement is interpreted to violate the Tailwind Mortgage, then such provision
        shall be interpreted in a manner favorable to the Tailwind
        Mortgage.

       

      
        
           

        

        
          9

          
            

          

        

        
           

        

      

      Section
        4.5 Title
        to Properties and Assets; Liens.
        The
        Subsidiary owns the East Windsor Property free and clear of all Liens other
        than
        Excepted Liens and those created by the Tailwind Mortgage.

       

      Section
        4.6 Compliance
        with Other Instruments.
        The
        Subsidiary is not in violation or default (i) of any provision of its
        certificate of incorporation or by-laws (both as amended to date) or (ii) of any
        provision of any mortgage, indenture, agreement, instrument, judgment, order,
        writ, decree or contract to which it is a party or by which it is bound or
        (iii)
        of any federal or state statute, rule or regulation applicable to the Subsidiary
        which, with respect to clauses (ii) and (iii), could reasonably be expected
        to
        result in a Material Adverse Effect. The execution, delivery and performance
        by
        the Subsidiary of this Agreement and the Related Agreements, the consummation
        of
        the transactions contemplated hereby and thereby, will not result in any
        such
        violation or be in conflict with or constitute, with or without the passage
        of
        time or giving of notice, either a default under any mortgage, indenture,
        agreement, instrument, judgment, order, writ, decree or contract or an event
        that results in the creation of any material lien, charge or encumbrance
        upon
        any assets of the Subsidiary (other than pursuant to the Mortgage) or the
        suspension, revocation, impairment, forfeiture or non-renewal of any material
        permit, license, authorization or approval applicable to the Subsidiary,
        its
        business or operations or any of its assets or properties.

       

      Section
        4.7 Environmental
        and Safety Laws.
        The
        Subsidiary is not currently in violation of any applicable statute, law or
        regulation relating to the environment or occupational health and safety,
        and
        reasonably believes that no material expenditures are or will be required
        in
        order to comply with any such existing statute, law or regulation.

       

      Section
        4.8 Insurance.
        The
        Subsidiary carries insurance with respect to the East Windsor Property, and
        the
        Subsidiary has (i) not received notice from any insurer or agent of such
        insurer
        that capital improvements or other expenditures are required or necessary
        to be
        made in order to continue such insurance or (ii) no reason to believe that
        it
        will not be able to renew its existing insurance coverage as and when such
        coverage expires or to obtain similar coverage at reasonable cost from similar
        insurers as may be necessary to continue its business.

       

      Section
        4.9 Disclosure.
        Neither
        this Agreement, the Related Agreements, nor any other written statements
        or
        certificates made or delivered by the Subsidiary herewith, when taken as
        a
        whole, contains any untrue statement of a material fact relating to the
        Subsidiary or omits to state a material fact which is necessary to make the
        statements relating to the Subsidiary contained herein or therein not misleading
        in light of the circumstances under which they were made. 

       

      ARTICLE
        V

       

      Representations,
        Warranties and Covenants of the Purchaser

       

      Purchaser
        hereby represents, warrants and covenants to the Company as of the Closing
        as
        follows:

       

      
        
           

        

        
          10

          
            

          

        

        
           

        

      

      Section
        5.1 Organization;
        Good Standing; Power; Authorization.
        The
        Purchaser is a corporation duly organized and validly existing and in good
        standing under the laws of the State of Delaware. Purchaser has all requisite
        power and authority (i) to execute and deliver this Agreement and the Related
        Agreements to which it is a party, and (ii) carry out and perform the provisions
        of this Agreement and the Related Agreements. This Agreement and the Related
        Agreements to which Purchaser is a party, when executed and delivered by
        Purchaser, will constitute valid and legally binding obligations of Purchaser,
        enforceable in accordance with their respective terms, except only (i) as
        limited by applicable bankruptcy, insolvency, reorganization, moratorium
        and
        other laws of general application affecting enforcement of creditors’ rights
        generally, (ii) as limited by laws relating to the availability of specific
        performance, injunctive relief or other equitable remedies and (iii) to the
        extent the indemnification provisions contained in this Agreement and the
        Warrant may be limited by applicable securities laws and principles of public
        policy.

       

      Section
        5.2 Conflicts.
        The
        execution and performance of the transactions contemplated by this Agreement
        and
        the Related Agreements by the Purchaser and the compliance with their respective
        provisions by the Purchaser will not (a) conflict with or violate the
        certificate of incorporation or by-laws of the Purchaser, or (b) require
        on the
        part of the Purchaser any filing with, or any permit, authorization, consent
        or
        approval of any agency, bureau, commission, court, authority, department,
        official, political subdivision, tribunal or other instrumentality of any
        government so as to not have a Material Adverse Effect on the ability of
        the
        Purchaser to complete the transactions contemplated by this Agreement, or
        (c)
        result in any violation or be in conflict with or constitute, with or without
        the passage of time or giving of notice, either a default under any mortgage,
        indenture, agreement, instrument, judgment, order, writ, decree or contract
        or
        an event that would have a Material Adverse Effect on the ability of the
        Purchaser to complete the transactions contemplated by this
        Agreement.

       

      Section
        5.3 Reliance
        upon Purchaser’s Representations.
        Purchaser understands that the Securities, at the time of issuance, may not
        be
        registered under the Securities Act on the ground that the sale provided
        for in
        this Agreement, and the issuance of such Securities hereunder, is exempt
        from
        registration under the Securities Act pursuant to Section 4(2) thereof and
        Regulation D thereunder, and that the Company’s reliance on such exemption is
        predicated on the Purchaser’s representations set forth herein.

       

      Section
        5.4 Disclosure
        of Information.
        Purchaser has had an opportunity to ask questions and receive answers from
        the
        Company regarding the terms and conditions of the offering of the Securities
        and
        the Company’s business, financial condition, properties and prospects. The
        foregoing, however, does not limit or modify the representations and warranties
        of the Company and the Subsidiary in Articles
        III and IV
        of this
        Agreement or the right of such Purchaser to rely thereon.

       

      Section
        5.5 Investment
        Experience; Economic Risk.
        Purchaser understands that an investment in the Securities involves substantial
        risks. Purchaser is experienced in evaluating and investing in private placement
        transactions of securities of similar companies and acknowledges that Purchaser
        is able to fend for itself. Purchaser has such knowledge and experience in
        financial and business matters that Purchaser is capable of evaluating the
        merits and risks of the investment in the Securities. Purchaser can bear
        the
        economic risk of Purchaser’s investment and 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.

       

      
        
           

        

        
          11

          
            

          

        

        
           

        

      

      Section
        5.6 Accredited
        Investor.
        Purchaser is an “accredited investor” as defined in Rule 501 (a) of Regulation D
        promulgated under the Securities Act.

       

      Section
        5.7 Residence.
        Purchaser represents and warrants that its principal place of business is
        61
        Broadway, 24th Floor, New York, NY 10006.

       

      Section
        5.8 Restricted
        Securities.
        Purchaser understands and agrees that the Securities are characterized as
        “restricted securities” under the federal securities laws inasmuch as they are
        being acquired from the Company in a transaction not involving a public offering
        and that under such federal securities laws and applicable regulations such
        Securities may be resold without registration under the Securities Act only
        in
        certain limited circumstances. In this connection, Purchaser represents that
        it
        is aware of the current provisions of Rule 144 promulgated under the Securities
        Act which permit limited resale of securities purchased in a private placement
        subject to the satisfaction of certain conditions, including, among other
        things, the existence of a public market for the securities, the availability
        of
        certain current public information about the Company, the resale occurring
        not
        less than one year after a party has purchased and paid for the security
        to be
        sold, the sale being effected through a “broker’s transaction” or in
        transactions directly with a “market maker” and the number of shares being sold
        during any three month period not exceeding specified limitations. The Purchaser
        understands that the Senior Secured Note, the Warrant and any Warrant Shares
        or
        securities issued in respect of or exchange for the Senior Secured Note or
        Warrant Shares, may bear a legend substantially to the following
        effect:

       

      “THE
        SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER
        THE
        SECURITIES ACT OF 1933, AS AMENDED, OR APPLICABLE STATE SECURITIES LAWS AND
        MAY
        NOT BE SOLD OR TRANSFERRED UNLESS THE REGISTRATION PROVISIONS OF THE SAID
        ACT
        AND APPLICABLE STATE SECURITIES LAWS HAVE BEEN COMPLIED WITH OR UNLESS
        COMPLIANCE WITH SUCH PROVISIONS IS NOT REQUIRED”

       

      The
        Securities may not be transferred by Purchaser unless either (i) they have
        been
        registered under the Securities Act or (ii) registration is not required
        under
        the Securities Act for the transfer of such Securities.

       

      Section
        5.9 Brokers
        or Finders.
        The
        Purchaser has not, and will not, incur, directly or indirectly, as a result
        of
        any action taken by Purchaser, any liability for brokerage or finders’ fees or
        agents’ commissions or any similar charges in connection with this
        Agreement.

       

      ARTICLE
        VI

       

      Conditions
        to Closing of Purchaser

       

      The
        obligations of the Purchaser under Section
        1.1(b)
        of this
        Agreement are subject to the fulfillment or waiver on or before the Closing
        of
        each of the following conditions:

       

      Section
        6.1 Representations,
        Warranties and Covenants.
        All
        representations, warranties, covenants, agreements and conditions contained
        in
        this Agreement to be true and correct, or to be performed by the Company
        and/or
        the Subsidiary, on or prior to the Closing, shall be true and correct, or
        shall
        have been performed by the Company and/or the Subsidiary prior to Closing,
        in
        all material respects.

       

      
        
           

        

        
          12

          
            

          

        

        
           

        

      

      Section
        6.2 Proceedings
        and Documents.
        All
        corporate and other proceedings in connection with the transactions contemplated
        at the Closing and all documents incident thereto shall be reasonably
        satisfactory in form and substance to counsel for the Purchaser, which shall
        have received all such counterpart original and certified or other copies
        of
        such documents as it may reasonably request.

       

      Section
        6.3 Senior
        Secured Note.
        The
        Company shall have executed and delivered to Purchaser the Senior Secured
        Note.

       

      Section
        6.4 Warrant.
        The
        Company shall have executed and delivered to Purchaser signature pages to
        the
        Warrant.

       

      Section
        6.5 Other
        Closing Deliverables.
        

       

      (a) The
        Company shall have delivered to Purchaser the following: 

       

      (i) a
        certificate executed by the Company’s Chief Financial Officer or President on
        behalf of the Company certifying that the conditions specified in Section
        6.1
        have
        been satisfied; and

       

      (ii) a
        certificate of the Secretary of State of Nevada with respect to the good
        standing of the Company.

       

      (b) The
        Subsidiary shall have delivered to Purchaser a certificate executed by the
        Company’s Chief Financial Officer or President on behalf of the Company
        certifying that the conditions specified in Section
        6.1
        have
        been satisfied.

       

      ARTICLE
        VII

       

      Conditions
        to Closing of
        Company

       

      The
        obligations of the Company to Purchaser under this Agreement are subject
        to
        fulfillment or waiver on or before the closing of each of the following
        conditions by Purchaser:

       

      Section
        7.1 Representations,
        Warranties and Covenants.
        All
        representations and warranties of Purchaser contained in this Agreement shall
        be
        true and correct as of the Closing.

       

      Section
        7.2 Payment
        of Purchase Price.
        The
        Company shall have received payment of the Purchase Price from the Purchaser,
        less any fees pursuant to Section
        12.9.

       

      

      
        
           

        

        
          13

          
            

          

        

        
           

        

      

       

      ARTICLE
        VIII

       

      Affirmative
        Covenants

       

      The
        Company covenants and agrees that:

       

      Section
        8.1 Mortgage. The
        Company shall cause the Subsidiary, concurrently with its full satisfaction
        of
        its obligations pursuant to the Tailwind Mortgage, to enter into a mortgage
        with
        Purchaser, on commercially reasonably terms and in form and substance reasonably
        satisfactory to Purchaser (the “Mortgage”),
        which
        Mortgage shall grant to Purchaser the security interest described in
Section
        10.1
        of this
        Agreement.

       

      Section
        8.2 Reporting
        Requirements.
        The
        Company shall deliver, or shall cause to be delivered, to the Purchaser,
        in each
        case to the extent not publicly disclosed by the Company in a report or filing
        available via the SEC’s EDGAR system:

       

      (a) Notice
        of Default, Etc.
        Promptly after the Company knows that any Event of Default or any Material
        Adverse Effect has occurred, a notice of such Event of Default or Material
        Adverse Effect, describing the same in reasonable detail and the action the
        Company proposes to take with respect thereto; and

       

      (b) SEC
        Filings, Etc.
        If the
        Company is required by law to make such reports or filings, promptly upon
        its
        becoming available, each financial statement, report, notice or proxy statement
        sent by the Company to stockholders generally and each regular or periodic
        report and any registration statement, prospectus or written communication
        (other than transmittal letters) in respect thereof filed by the Company
        with or
        received by the Company in connection therewith from any securities exchange
        or
        the SEC or any successor agency.

       

      Section
        8.3 Litigation.
        To the
        extent not publicly disclosed by the Company in a filing available via the
        SEC’s
        EDGAR system, the Company shall promptly give to the Purchaser notice of
        any
        material litigation or proceeding against or adversely affecting the Company.
        The Company will promptly notify the Purchaser of any claim, judgment, Lien
        or
        other encumbrance affecting any Property of the Company if the value of the
        claim, judgment, Lien, or other encumbrance affecting such Property shall
        exceed
        $50,000.

       

      Section
        8.4 Maintenance,
        Etc. The
        Company shall preserve and maintain its existence and all of its material
        rights, privileges and franchises; keep books of record and account in which
        full, true and correct entries will be made of all dealings or transactions
        in
        relation to its business and activities; comply with all Governmental
        Requirements if failure to comply with such requirements will have a Material
        Adverse Effect; pay and discharge all taxes, assessments and governmental
        charges or levies imposed on it or on its income or profits or on any of
        its
        Property prior to the date on which penalties attach thereto, except for
        any
        such tax, assessment, charge or levy the payment of which is being contested
        in
        good faith and by proper proceedings and against which adequate reserves
        are
        being maintained; upon reasonable notice, permit representatives of the
        Purchaser, during normal business hours, to examine, copy and make extracts
        from
        its books and records, to inspect its Properties, and to discuss its business
        and affairs with its officers, all to the extent reasonably requested by
        the
        Purchaser; and keep, or cause to be kept, insured by financially sound and
        reputable insurers all Property of a character usually insured by Persons
        engaged in the same or similar business against loss or damage of the kinds
        and
        in the amounts customarily insured against by such Persons and carry such
        other
        insurance as is usually carried by such Persons including, without limitation,
        environmental risk insurance to the extent reasonably available.

       

      
        
           

        

        
          14

          
            

          

        

        
           

        

      

      Section
        8.5 Performance
        of Obligations.
        The
        Company will pay the Senior Secured Note according to the reading, tenor
        and
        effect thereof; and the Company will do and perform every act and discharge
        all
        of the obligations provided to be performed and discharged by them under
        the
        this Agreement and the Related Agreements, at the time or times and in the
        manner specified.

       

      Section
        8.6 Use
        of Proceeds.
        The
        Company shall use the proceeds of this Agreement to fund the Company’s
        obligations pursuant to the Tailwind Mortgage.

       

      ARTICLE
        IX

       

      Negative
        Covenants

       

      The
        Company covenants and agrees that:

      

      Section
        9.1 For
        so
        long as any amount of Indebtedness remains unpaid and outstanding, the Company
        will not incur, create, assume or permit to exist any Debt, except the
        following:

       

      (a) the
        Indebtedness;

       

      (b) Debt
        secured by the Tailwind Mortgage up to an aggregate principal amount of
        $3,000,000 plus applicable interest; 

       

      (c) Permitted
        Indebtedness; and

       

      (d) Debt
        of
        the Company existing on the Closing which is disclosed in Schedule
        9.1. 

       

      Section
        9.2 Liens.
        For so
        long as any amount of Indebtedness remains unpaid and outstanding, the Company
        will not create, incur, assume or permit to exist any Lien on the East Windsor
        Property, except:

       

      (a) Liens
        securing the Tailwind Mortgage; 

       

      (b) Liens
        securing the payment of the Indebtedness; 

       

      (c) Excepted
        Liens;

       

      (d) Liens
        with respect to a first lien security interest in connection the incurrence
        of
        Debt related to a refinancing of the Tailwind Debt as contemplated by Section
        9.1 below; and

       

      (e) A
        security interest subordinated to any first lien security interest granted
        to
        Purchaser in the East Windsor Property.

       

      Section
        9.3 Investments,
        Loans and Advances.
        For so
        long as any amount of Indebtedness remains unpaid and outstanding, the Company
        will not make or permit to remain outstanding any loans or advances to any
        Person, except that the foregoing restriction shall not apply to accounts
        receivable arising in the ordinary course of business.

       

      
        
           

        

        
          15

          
            

          

        

        
           

        

      

      Section
        9.4 Dividends,
        Distributions and Redemptions.
        For so
        long as any amount of Indebtedness remains unpaid and outstanding, the Company
        shall not purchase, redeem or otherwise acquire for value any of its equity
        interests now or hereafter outstanding, nor pay any dividends, return any
        capital or make any distribution of its assets (including cash) to its
        shareholders or other equity interest holders or (ii) repay, prepay, purchase,
        repurchase, or redeem any other subordinate Debt other than payments in
        accordance with the terms of the Debt obligations permitted per Section
        9.1.
        The
        foregoing sentence shall not be interpreted as permitting any Debt not otherwise
        expressly permitted by the terms of this Agreement or as consented to in
        writing
        by the Purchaser.

       

      Section
        9.5 Sale
        of Interests in Subsidiary. For
        so
        long as any amount of Indebtedness remains unpaid and outstanding, the Company
        shall not sell, dispose, assign or grant any interest in the Subsidiary.
        For
        purposes of clarification, the Subsidiary shall remain wholly-owned by the
        Company.

       

      Section
        9.6 Mergers,
        Etc.
        For so
        long as any amount of Indebtedness remains unpaid and outstanding, the Company
        may enter into certain joint ventures and mergers, and may form new affiliated
        entities, but the Company will not merge into or with or consolidate with
        any
        other Person, or sell, lease or otherwise dispose of (whether in one transaction
        or in a series of transactions) all or substantially all of its Property
        in
        existence at the time of Closing or assets to any other Person unless this
        Agreement and the Related Agreements are assumed by the surviving entity
        or
        purchaser.

       

      Section
        9.7 Senior
        Secured Note.
        The
        Company will not permit the proceeds of the Senior Secured Note to be used
        for
        any purpose other than those permitted by this Agreement. Neither the Company
        nor any Person acting on behalf of the Company has taken or will take any
        action
        which might cause the Senior Secured Note to violate Regulation T, U or X
        or any
        other regulation of the Board of Governors of the Federal Reserve System
        or to
        violate Section 7 of the Securities Exchange Act of 1934 or any rule or
        regulation thereunder, in each case as now in effect or as the
        same.

       

      Section
        9.8 Transactions
        with Affiliates.
        For so
        long as any amount of Indebtedness remains unpaid and outstanding, the Company
        will not enter into any transaction, including, without limitation, any
        purchase, sale, lease or exchange of Property or the rendering of any service,
        with any Affiliate unless such transactions are otherwise permitted under
        this
        Agreement, and are upon fair and reasonable terms no less favorable to it
        than
        it would obtain in a comparable arm’s length transaction with a Person not an
        Affiliate. 

       

      Section
        9.9 Restricted
        Payments. For
        so
        long as any amount of Indebtedness remains unpaid and outstanding, the Company
        shall not: (i) declare or pay any dividend on, or make any payment on account
        of, or set apart assets for a sinking or another analogous fund for, the
        purchase, redemption, defeasance, retirement or other acquisition of common
        stock of the Company or any of its subsidiaries, whether now or hereafter
        outstanding; or (ii) make any other distribution in respect of its common
        stock,
        either directly or indirectly, whether in cash or property or in obligations
        of
        the Company or any of its subsidiaries (collectively, the “Restricted
        Payments”).

       

      
        
           

        

        
          16

          
            

          

        

        
           

        

      

      Section
        9.10 Negative
        Pledge Agreements.
        Except
        as set forth on Schedule
        9.10
        or as
        otherwise permitted by this Agreement, for so long as the Senior Secured
        Note,
        together with accrued interest and any other amounts payable in respect thereof,
        remains unpaid, the Company will not create, incur, assume or permit to exist
        any contract, agreement or understanding (other than pursuant to this Agreement
        and the Related Agreements) which in any way prohibits or restricts the
        granting, conveying, creation or imposition of any Lien on the East Windsor
        Property. 

       

      ARTICLE
        X

       

      Section
        10.1 Security
        Interest.
        Subject
        to the terms of the Tailwind Mortgage and only after the Company’s satisfaction
        of its obligations thereunder, as security for the payment and performance
        under
        the Senior Secured Note, the Company shall cause the Subsidiary to grant
        the
        Purchaser a first lien security interest in the East Windsor Property pursuant
        to the terms of the Mortgage, it being understood by Purchaser that the
        Subsidiary cannot enter into the Mortgage with the Purchaser until the Tailwind
        Mortgage is fully satisfied, at which time the first lien security interest
        can
        be perfected by the Purchaser; provided; however, that if the Company incurs
        Debt in a refinancing of the Tailwind Debt, the Company shall instead cause
        the
        Subsidiary to grant the Purchaser a second lien security interest in the
        East
        Windsor Property which security interest shall be subordinated to a first
        lien
        security interest of such other third party lender(s) up to an aggregate
        principal amount of $3,000,000 plus applicable interest.

       

      Section
        10.2 Ranking.
        The
        Senior Secured Note will rank senior to all existing and future Debt of the
        Company; provided, however, the Senior Secured Note shall rank junior to
        (i) the
        Tailwind Mortgage and (ii) a first lien security interest granted to third
        party
        lender(s) as contemplated by Section
        10.1
        above,
        in either case up to an aggregate principal amount of $3,000,000 plus applicable
        interest.

       

      Section
        10.3 Optional
        Prepayments.
        The
        Senior Secured Note shall be subject to prepayment in whole or in part at
        any
        time or from time to time, at the option of the Company, at the unpaid principal
        amount thereof plus accrued interest thereon through the date fixed for
        prepayment, without penalty or premium.

       

      Section
        10.4 Notice
        of Prepayments.
        Any
        call for prepayment of the Senior Secured Note pursuant to Section
        10.3
        shall be
        made by giving written notice to the holder of such Senior Secured Note not
        less
        than five (5) nor more than twenty (20) days prior to the date fixed for
        prepayment, which notice shall specify the principal amount to be prepaid.
        If
        all of the outstanding Senior Secured Note is to be prepaid, the notice of
        prepayment shall so state. In case the Senior Secured Note is to be prepaid
        in
        part only, the same notice of prepayment shall state the portion of the
        principal amount thereof to be prepaid and refer to the option available
        under
Section
        10.5
        hereof
        to the holder of the Senior Secured Note. If notice of call for prepayment
        has
        been given as aforesaid, the principal amount to be prepaid, together with
        interest thereon to the date of prepayment, shall on the date designated
        in such
        notice become due and payable. From and after the date fixed for prepayment,
        unless the Company shall default in payment of such principal amount when
        so due
        and payable, together with interest as aforesaid, interest on such principal
        amount shall cease to accrue.

       

      
        
           

        

        
          17

          
            

          

        

        
           

        

      

      Section
        10.5 Notation
        of Partial Payments.
        Upon
        any partial prepayment of the Senior Secured Note, the Senior Secured Note
        shall
        be, at the option of the holder, either (i) surrendered to the Company in
        exchange for a new Senior Secured Note in a principal amount equal to the
        principal amount remaining unpaid on the Senior Secured Note surrendered
        and
        otherwise having the same terms and provisions as the Senior Secured Note
        surrendered or (ii) made available to the Company at its office designated
        as
        herein provided, for notation thereon of the portion of the principal so
        prepaid.

       

      ARTICLE
        XI

       

      Events
        of Default

       

      Section
        11.1 Events
        of Default.
        If any
        of the following events (herein called “Events
        of Default”)
        shall
        occur:

       

      (a) the
        Company shall default in the payment of any installment of interest or any
        other
        amount payable on or under the Senior Secured Note for more than five (5)
        business days after the same shall become due and payable and is
        continuing;

       

      (b) the
        Company shall default in any material respect in the performance of or
        compliance with any provision of Article
        VIII
        hereof
        and such default shall not have been cured within ten (10) business days
        after
        written notice thereof by the holder of the Senior Secured Note;

       

      (c) the
        Company shall default in any material respect in the performance of or
        compliance with any provision of Article
        IX
        hereof
        and such default shall not have been cured within ten (10) business days
        after
        written notice thereof by the holder of the Senior Secured Note;

       

      (d) the
        Company shall default in any material respect the performance of or compliance
        with any other agreement, condition or term contained herein (other than
        those
        referred to above) or in any of the Related Agreements, and such default
        shall
        not have been cured within twenty (20) days after written notice thereof
        by the
        holder of the Senior Secured Note;

       

      (e) any
        representation or warranty made to the Purchaser by or on behalf of the Company
        and/or the Subsidiary in or pursuant to this Agreement or the Mortgage shall
        prove to have been false or incorrect in any material respect on the date
        on
        which it was made;

       

      (f) the
        Company shall default in the performance of or compliance with any other
        agreement or document evidencing indebtedness of greater than
        $150,000.

       

      (g) the
        Company pursuant to or within the meaning of any Bankruptcy Law: (i) commences
        a
        voluntary case; (ii) consents to the entry of an order for relief against
        it in
        an involuntary case; (iii) consents to the appointment of a Receiver of it
        or
        for any substantial part of its property; (iv) makes a general assignment
        for
        the benefit of its creditors; or (v) or takes any comparable action under
        any
        foreign laws relating to insolvency and fails to file a bankruptcy plan of
        reorganization within 180 days;

       

      
        
           

        

        
          18

          
            

          

        

        
           

        

      

      (h) a
        court
        of competent jurisdiction enters an order or decree under any bankruptcy
        law
        that: (i) is for relief against the Company in an involuntary case; (ii)
        appoints a receiver or administrator of the Company or for any substantial
        part
        of its property or any subsidiary; or (iii) orders the winding up or liquidation
        of the Company; or any similar relief is granted under any foreign laws and
        the
        order or decree remains unstayed and in effect for sixty (60) days;

       

      (i) any
        final
        judgment for the payment of money shall be rendered against the Company and
        the
        same shall remain undischarged for a period of thirty (30) consecutive days
        during which (A) execution shall not be stayed or (B) such liability shall
        not
        be bonded and the aggregate amount of such final judgment for the payment
        of
        money shall exceed $150,000; 

       

      then
        and
        in any such event the holder of the Senior Secured Note may at any time (unless
        all defaults theretofore or thereupon shall have been remedied) at its option,
        by written notice to the Company, declare the Senior Secured Notes to be
        due and
        payable, whereupon the same shall forthwith mature and become due and payable
        without presentment, demand, protest or other notice, all of which are hereby
        waived. In the case of an Event of Default under Section
        11.1(g)
        or
11.1(h),
        no
        written notice is required and the Senior Secured Note shall become
        automatically due and payable.

       

      Section
        11.2 Remedies
        on and Notices of Default.
        In case
        any one or more Events of Default shall occur, the holder of the Senior Secured
        Note at the time outstanding may proceed to protect and enforce the rights
        of
        such holder by a suit in equity, action at law or other appropriate proceeding,
        whether for the specific performance of any agreement contained herein or
        in
        such Senior Secured Note, or for an injunction against a violation of any
        of the
        terms or provisions hereof or thereof, or in aid of the exercise of any power
        granted hereby or thereby or by law. In case of a default under this Agreement
        or the Mortgage, the Company shall pay to the holder of the Senior Secured
        Note
        such further amount as shall be sufficient to cover the reasonable cost and
        expense of enforcement, including, without limitation, reasonable attorneys
        fees. If the holder of the Senior Secured Note shall give any notice or take
        any
        other action in respect of a claimed default, the Company shall forthwith
        give
        written notice thereof to all other holders of the Senior Secured Note at
        the
        time outstanding, describing the notice or action and the nature of the claimed
        default. No course of dealing and no delay on the part of any holder of the
        Senior Secured Note in exercising any right shall operate as a waiver thereof
        or
        otherwise prejudice such holder’s rights or the rights of the holder of the
        Senior Secured Note. No remedy conferred hereby or by the Senior Secured
        Note
        upon any holder thereof shall be exclusive of any other remedy referred to
        herein or therein or now or hereafter available at law, in equity, by statute
        or
        otherwise. 

       

      
        
           

        

        
          19

          
            

          

        

        
           

        

      

      ARTICLE
        XII

       

      Miscellaneous
        

       

      Section
        12.1 Governing
        Law.
        THIS
        AGREEMENT SHALL BE GOVERNED IN ALL RESPECTS BY THE INTERNAL LAWS OF THE STATE
        OF
        NEW YORK. THE PARTIES AGREE THAT EXCLUSIVE JURISDICTION AND VENUE FOR RESOLUTION
        OF ANY DISPUTES ARISING PURSUANT TO OR RELATING TO THIS AGREEMENT SHALL BE
        IN
        THE UNITED STATES FEDERAL DISTRICT COURT FOR THE SOUTHERN DISTRICT OF NEW
        YORK.

       

      Section
        12.2 Survival
        of Warranties.
        The
        representations, warranties and covenants of the Company and the Purchaser
        contained herein or made pursuant to this Agreement shall survive the execution
        and delivery of this Agreement and the Closing.

       

      Section
        12.3 Successors
        and Assigns.
        Except
        as otherwise provided herein, the provisions of this Agreement shall inure
        to
        the benefit of, and be binding upon, the respective successors, assigns,
        heirs,
        executors and administrators of the parties to this Agreement. Purchaser
        may,
        subject to the provisions of Section 4.8, sell participations in the Senior
        Secured Note and sell the Senior Secured Note and/or the Securities in whole
        or
        in part; provided that no such participation shall be in an amount less than
        $100,000. If the Purchaser sells or transfers all or any portion of the Senior
        Secured Note or Warrant, the Company shall promptly issue a new Senior Secured
        Note or Warrant at the Company’s sole cost and expense, provided that the new
        purchaser represents in writing the representations contained in Sections
        5.5,
        5.6,
        and
5.8
        of this
        Agreement to the extent applicable. Nothing in this Agreement, express or
        implied, is intended to confer upon any party other than the parties to this
        Agreement or their respective successors and assigns any rights, remedies,
        obligations or liabilities under or by reason of this Agreement, except as
        expressly provided in this Agreement. The Company cannot assign or delegate
        its
        rights or duties under this Agreement. 

       

      Section
        12.4 Conflicts.
        In the
        event of any substantive conflict between this Agreement and the schedules
        appended hereto, the terms of the Agreement shall govern.

       

      Section
        12.5 Entire
        Agreement.
        This
        Agreement, including the exhibits and schedules attached to this Agreement,
        the
        Related Agreements and any other documents delivered pursuant to this Agreement
        constitute the full and entire understanding and agreement among the parties
        with regard to the subject matter hereof and thereof, and no party shall
        be
        liable or bound to any other party in any manner by any warranties,
        representations or covenants except as specifically set forth herein or
        therein.

       

      Section
        12.6 Amendment.
        Except
        as expressly provided herein, neither this Agreement nor any term of this
        Agreement may be amended, waived, discharged or terminated. Any amendment
        to
        this Agreement must be accomplished by a written instrument and signed by
        holders of a majority in principal amount of the outstanding Senior Secured
        Notes outstanding at the time of such Amendment. Amendments made in accordance
        with this Section
        12.6
        shall be
        binding upon each holder of any securities purchased under this Agreement
        at the
        time outstanding (including securities into which such securities have been
        converted or exchanged or for which such securities have been exercised),
        and
        each future holder of all such securities and the Company. 

       

      
        
           

        

        
          20

          
            

          

        

        
           

        

      

      Section
        12.7 Notices.
        All
        notices and other communications required or permitted under this Agreement
        shall be in writing and shall be delivered personally by hand or by courier,
        mailed by United States first-class mail, postage prepaid, or sent by facsimile
        directed (a) if to the Purchaser, c/o Jonathan Levine, Esq., Andrews Kurth
        LLP,
        450 Lexington Avenue, 15th
        Floor,
        New York, New York, 10017, facsimile: (212) 850-2929 (b) if to the Company
        or
        Subsidiary, to its address or facsimile number set forth on its signature
        page
        to this Agreement and directed to the attention of the Chief Executive Officer,
        or at such other address or facsimile number as the Company or the Subsidiary
        may designate by ten days’ advance written notice to Purchaser, with a required
        copy to be delivered to Katten Muchin Rosenman LLP, 575 Madison Avenue, New
        York, NY 10022, Attn: Robert L. Kohl, Esq. All such notices and other
        communications shall be effective or deemed given upon personal delivery,
        on the
        date of mailing or upon confirmation of facsimile transfer.

       

      Section
        12.8 Delays
        or Omissions.
        Except
        as expressly provided herein, no delay or omission to exercise any right,
        power
        or remedy accruing to Purchaser, upon any breach or default of the Company
        under
        this Agreement, shall impair any such right, power or remedy of Purchaser
        nor
        shall it be construed to be a waiver of any such breach or default, or an
        acquiescence therein, or of any similar breach or default thereafter occurring;
        nor shall any waiver of any single breach or default be deemed a waiver of
        any
        other breach or default theretofore or thereafter occurring. Any waiver,
        permit,
        consent or approval of any kind or character on the part of Purchaser of
        any
        breach or default under this Agreement, or any waiver on the part of Purchaser
        of any provisions or conditions of this Agreement, must be in writing and
        shall
        be effective only to the extent specifically set forth in such writing. All
        remedies, either under this Agreement or by law or otherwise afforded to
        any
        Purchaser, shall be cumulative and not alternative.

       

      Section
        12.9 Expenses.
        The
        Company shall pay, at the Closing, the reasonable fees and expenses of
        Purchaser’s counsel related to the transactions contemplated herein and in the
        Related Agreements. Such fees and expenses shall be paid from the Purchase
        Price
        at Closing and shall not exceed $25,000. 

       

      Section
        12.10 Attorneys’
        Fees.
        If any
        action at law or in equity is necessary to enforce or interpret the terms
        of
        this Agreement or the Related Agreements, the prevailing party shall be entitled
        to reasonable attorney’s fees, costs and necessary disbursements in addition to
        any other relief to which such party may be entitled.

       

      Section
        12.11 Severability.
        If any
        provision of this Agreement becomes or is declared by a court of competent
        jurisdiction to be illegal, unenforceable or void, portions of such provision,
        or such provision in its entirety, to the extent necessary, shall be severed
        from this Agreement, and such court will replace such illegal, void or
        unenforceable provision of this Agreement with a valid and enforceable provision
        that will achieve, to the extent possible, the same economic, business and
        other
        purposes of the illegal, void or unenforceable provision. The balance of
        this
        Agreement shall be enforceable in accordance with its terms.

       

      
        
           

        

        
          21

          
            

          

        

        
           

        

      

      Section
        12.12 Interpretation.
        The
        words “include,” “includes” and “including” when used herein shall be deemed in
        each case to be followed by the words “without limitation.” The titles and
        subtitles used in this Agreement are used for convenience only and are not
        considered in construing or interpreting this Agreement.

       

      Section
        12.13 Counterparts.
        This
        Agreement may be executed in any number of counterparts, each of which shall
        be
        enforceable, and all of which together shall constitute one
        instrument.

       

      Section
        12.14 Indemnification.
        

       

      (a) The
        Company, without limitation as to time, assumes liability for and agrees
        to
        indemnify, defend and hold harmless the Purchaser, or any other holder of
        the
        Senior Secured Note, and its officers, directors, stockholders, partners,
        employees, agents and affiliates (collectively, “Indemnified
        Persons”)
        from
        and against, all losses, claims, damages, liabilities, obligations, fines,
        penalties, judgments, settlements, costs, expenses and disbursements (including
        attorneys’ fees and expenses) (collectively, “Losses”)
        (i)
        arising out of or related to any breach or inaccuracy of any representation
        or
        warranty of the Company contained in this Agreement, which shall survive
        for the
        applicable statute of limitations; (ii) any non-fulfillment or breach of
        any
        covenant or agreement of the Company contained in this Agreement or the Related
        Agreements; or (iii) incurred in connection with any suit, action, proceeding,
        claim, investigation, liability or obligation (an “Action
        or Proceeding”)
        against any Indemnified Person arising out of or in connection with this
        Agreement or the Related Agreements (or any other document or instrument
        executed pursuant hereto or thereto), or the transactions contemplated herein
        or
        therein, other than (a) Losses that are finally determined in such Action
        or
        Proceeding to be primarily and directly a result of (1) the gross negligence
        or
        willful misconduct of such Indemnified Person, (2) a breach of a fiduciary
        duty,
        if any, owed by such Indemnified Person to the Company, (3) the knowing
        violation of applicable law by such Indemnified Person, or (4) a transaction
        from which such Indemnified Person received an improper personal benefit,
        or (b)
        Losses arising from or relating to any claim by the Company against the
        Purchaser for breach of any representation or covenant of Purchaser contained
        in
        this Agreement or any Related Agreement to which the Purchaser is a party
        (a
“Direct
        Claim”).
        The
        Company agrees to reimburse each Indemnified Person promptly for all such
        Losses, other than Losses by Purchaser arising from or relating to a Direct
        Claim, which shall be reimbursed to such Indemnified Person as they are incurred
        by such Indemnified Person after the Company receives a written undertaking
        by
        or on behalf of such Indemnified Person to reimburse the Company for any
        payments made by the Company to such Indemnified Person if it is finally
        determined in such Action or Proceeding that such Indemnified Person is not
        entitled to indemnification pursuant to clause (iii) above. The obligations
        of
        the Company to each Indemnified Person under this Section
        12.14
        will be
        separate and distinct obligations and will survive any transfer of securities
        by
        Purchaser and the expiration or termination of this Agreement or the Related
        Agreements. 

       

      
        
           

        

        
          22

          
            

          

        

        
           

        

      

      (b) Promptly
        after receipt by an Indemnified Person under this Section
        12.14
        of
        notice of the threat or commencement of any Action or Proceeding, such
        Indemnified Person will, if a claim in respect thereof is to be made against
        the
        Company or other indemnifying party under this Section
        12.14,
        notify
        the indemnifying party in writing of the claim; but the omission to so notify
        the indemnifying party will not relieve it from any liability which it may
        have
        to any Indemnified Person under the indemnity provisions contained in this
        Section
        12.14
        except
        to the extent it is materially prejudiced as a result of such failure. In
        case
        any such Action or Proceeding is brought against any Indemnified Person and
        such
        Indemnified Person seeks or intends to seek indemnity from an indemnifying
        party, the indemnifying party will be entitled to participate in, and, to
        the
        extent that it may wish, jointly with all other indemnifying parties similarly
        notified, to assume the defense thereof with counsel reasonably satisfactory
        to
        such Indemnified Person; provided, however, if the defendants in any such
        Action
        or Proceeding include both the Indemnified Person and the indemnifying party
        and
        the Indemnified Person shall have reasonably concluded based on the advice
        of
        counsel that a conflict exists between the positions of the indemnifying
        party
        and the Indemnified Person in conducting the defense of any such Action or
        Proceeding, or that there may be legal defenses available to it or other
        indemnified parties that are different from or additional to those available
        to
        the indemnifying party, in either case such that a single counsel would be
        prohibited by applicable principles of legal ethics from representing both
        the
        indemnifying party and the Indemnified Person, the Indemnified Person or
        parties
        subject to such conflict shall have the right to select separate one separate
        counsel to assume such legal defenses and to otherwise participate in the

        defense of such action on behalf of such Indemnified Person or parties. Upon
        receipt of notice from the indemnifying party to such Indemnified Person
        of its
        election so to assume the defense of such action and approval by the Indemnified
        Person of counsel, which approval shall not be unreasonably withheld, the
        indemnifying party will not be liable to such Indemnified Person under this
        Section
        12.14
        for any
        legal or other expenses subsequently incurred by such Indemnified Person
        in
        connection with the defense thereof unless: (i) the Indemnified Person shall
        have employed such counsel pursuant to the existence of a legal conflict
        of
        interest in accordance with the proviso to the preceding sentence (it being
        understood, however, that the indemnifying party shall not be liable for
        the
        expenses of more than one separate counsel representing all of the similarly
        situated indemnified parties who are parties to such action) or (ii) the
        indemnifying party shall not have employed counsel reasonably satisfactory
        to
        the Indemnified Person to represent the Indemnified Person within a reasonable
        time after notice of commencement of action, in each of which cases the
        reasonable fees and expenses of counsel shall be at the expense of the
        indemnifying party. 

       

      Section
        12.15 Telecopy
        Execution and Delivery.
        A
        facsimile, telecopy or other reproduction of this Agreement may be executed
        by
        one or more parties to this Agreement, and an executed copy of this Agreement
        may be delivered by one or more parties to this Agreement by facsimile or
        similar electronic transmission device pursuant to which the signature of
        or on
        behalf of such party can be seen, and such execution and delivery shall be
        considered valid, binding and effective for all purposes. At the request
        of any
        party to this Agreement, all parties to this Agreement agree to execute an
        original of this Agreement as well as any facsimile, telecopy or other
        reproduction of this Agreement.

       

      

      
        
           

        

        
          23

          
            

          

        

        
           

        

      

      IN
        WITNESS WHEREOF, the parties have executed this Agreement on the day, month
        and
        year first set forth above.

       

      

      
        	 	
                NEXMED,
                  INC.

                

                

                By:/s/
                  Mark
                  Westgate                                 
                  

                Name:
                  Mark Westgate

                Title:
                  Vice President and Chief Financial Officer

                

                89
                  Twin River Drive

                East
                  Windsor, New Jersey 08520

                

                

                

                NEXMED
                  (U.S.A.), INC.

                

                

                By:/s/
                  Mark
                  Westgate                                 
                  

                Name:
                  Mark Westgate

                Title:
                  Vice President and Chief Financial Officer 

                

                89
                  Twin River Drive

                East
                  Windsor, New Jersey 08520

                

                

                METRONOME
                  LPC 1, INC.

                

                

                By:/s/                                                               
                  

                Name:
                  

                Title:
                  

              

      

      
 

      
        
           

        

        
          24

          
            

          

        

        
           

        

      

       

      EXHIBIT
        A

       

      Form
        of
        Senior Secured Note

       

       

       

       

      
        
           

        

        
          
          

          
            

          

        

        
           

        

      

      EXHIBIT
        B

       

      Form
        of
        WarrantTHIS
      SECURITY HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED,
      OR APPLICABLE STATE SECURITIES LAWS AND MAY NOT BE SOLD OR TRANSFERRED UNLESS
      THE REGISTRATION PROVISIONS OF THE SAID ACT AND APPLICABLE STATE SECURITIES
      LAWS
      HAVE BEEN COMPLIED WITH OR UNLESS COMPLIANCE WITH SUCH PROVISIONS IS NOT
      REQUIRED.

    

     

    NEXMED,
      INC.

     

    7.5%
      Senior Secured Note

    Due
      December 31, 2007

     

    New
      York,
      NY

     

    November
      30, 2006

     

    FOR
      VALUE
      RECEIVED, the undersigned, NEXMED, INC., a Nevada corporation (the “Company”),
      hereby promises to pay to Metronome LPC 1, Inc., or its registered assigns,
      the
      principal sum of TWO
      MILLION DOLLARS AND ZERO CENTS
      ($2,000,000.00), or so much thereof as shall not have been prepaid, on the
      earlier of (i) December 31, 2007 or (ii) the closing by the Company on the
      sale
      of the East Windsor Property (as such term is defined in the Purchase Agreement;
      the earlier date of the preceding clauses (i) and (ii) being the “Maturity
      Date”),
      with
      interest (computed on the basis of a 360-day year of twelve 30-day months)
      on
      the principal amount hereof from time to time outstanding and unpaid (the
“Interest”),
      payable as provided in the next succeeding paragraph hereof, at the rate 7.5%
      per annum from the date of issuance hereof (being the date first written above,
      or the most recent date to which interest has been paid hereon, to but including
      the date on which said principal amount shall be paid in full; provided,
      however, if the Company has not entered into a contract for the sale of the
      East
      Windsor Property on or prior to May 31, 2007, and the amount owing hereunder
      (including all accrued interest and costs) is not repaid by such date, the
      rate
      of interest shall increase to 8.5% per annum

     

    The
      Company shall pay interest (a) quarterly, commencing on February 1, 2007, and
      until the date on which the principal of and all accrued and unpaid interest
      on
      this Note shall be paid in full, (b) on the Maturity Date, and (c) upon the
      payment or prepayment of any principal owing under this Note (but only on the
      principal amount so prepaid or paid). If the first day of the calendar month
      on
      which Interest is due is not a Business Day, then such day for payment of
      Interest shall be the next succeeding Business Day and interest shall accrue
      by
      reason of such extension. At the Company’s sole option, it may make an Interest
      payment in kind in the form of common stock of the Company (“Common
      Stock”).
      If
      Interest is paid in Common Stock, the value of the Common Stock shall be
      calculated as ninety percent (90%) of the volume weighted average trading price
      for five (5) trading days prior to the interest payment date with a floor
      valuation equal to $0.48 per share. 

     

    The
      principal of this Note may be prepaid, in whole or ratably in part, at any
      time
      upon not less than five (5) nor more than twenty (20) days’ prior written notice
      to the holder hereof, together with all interest then accrued and unpaid thereon
      (or on the portion thereof being so prepaid, as the case may be), but without
      premium or penalty. 

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    All
      cash
      payments shall be in such coin or currency of the United States of America
      as at
      the time of payment shall be legal tender for payment of public and private
      debts.

     

    This
      Note
      is issued pursuant to, is entitled to the benefits of, and is subject to the
      terms of the Securities Purchase Agreement, dated as of November 30, 2006 (the
      “Purchase
      Agreement”),
      between the Company, NexMed (U.S.A.), Inc. and Metronome LPC 1, Inc., providing
      for the issuance of the 7.5% Senior Secured Notes due December 31, 2007 of
      the
      Company, in the aggregate principal amount of $2,000,000.00. 

     

    This
      Note
      evidences senior indebtedness of the Company with the exception of Debt (as
      defined in the Purchase Agreement) secured by a mortgage on the East Windsor
      Property (as defined in the Purchase Agreement) which is senior to the
      indebtedness set forth herein. Pursuant to the terms set forth in the Purchase
      Agreement, this Note shall be secured by a security interest in the Company’s
      right, title and interest in and to certain property of the Company to the
      Security Agreement (as defined in the Purchase Agreement). 

     

    Upon
      the
      occurrence and during the continuation of any Event of Default (as defined
      in
      the Purchase Agreement), the outstanding principal amount of the Note, and
      to
      the extent permitted by applicable law, any interest payments thereon not paid
      when due, and any fees and other amounts then due and payable hereunder, shall
      thereafter bear interest (including post-petition interest in any bankruptcy
      proceeding under Title 11 of the United States Code or other applicable
      insolvency laws) payable in cash at a rate of 12% per annum (computed on the
      basis of a 360-day year of twelve 30-day months). Payment or acceptance of
      the
      increased rates of interest is not a permitted alternative to timely payment
      and
      shall not constitute a waiver of any Event of Default or otherwise prejudice
      or
      limit any rights or remedies under the Purchase Agreement. The maximum rate
      of
      interest, including default interest, charged hereunder shall not exceed the
      highest rate permitted by law.

     

    This
      Note
      shall be governed by and construed in accordance with the laws of the State
      of
      New York.

     

     

    
      
        	 	
                NEXMED,
                  INC.

                

                 

                By
                  /s/
                  Mark
                  Westgate                              
                  

                Name:
                  Mark Westgate

                Its:
                  Vice President and Chief Financial
                  Officer

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