(Exhibit 99)

For Immediate Release

Contacts:

Kevin Theiss                                                    Vivian Liu
Rubenstein Investor Relations                                   NexMed, Inc.
212-843-8096                                                    609-208-9688
ktheis@rir1.com                                                 nexmedla@aol.com

             NEXMED RAISED $8.5 MILLION IN PRIVATE EQUITY PLACEMENT

                 -Planned U.S. Phase II Clinical Trials For Male
                  and Female Sexual Dysfunction Moving Forward-

      Robbinsville, NJ, October 4, 1999 -- NexMed, Inc. (OTC BB: NEXM) announced
today that the Company raised $8.5 million in gross proceeds from a private
placement of its securities at $3.00 per unit (the "Unit"). The Unit price was
based on the market price of the Company's common stock when the terms were
finalized in early September.

      Each Unit consisted of two shares of the Company's common stock, par value
$0.001 per share (the "Common Stock"), and a three-year warrant to purchase one
share of the Company's stock at $2.25 per share (the "Warrant"). Each Warrant is
redeemable by the Company if the closing price per share of the Common Stock
should reach $4.00 for fifteen consecutive trading days. Under the terms of the
Unit Purchase Agreement, the Company has agreed to file a registration statement
on Form S-3 with the SEC for the Common Stock that were sold and that are
issuable upon exercise of the Warrants.

      The private placement included individual investors and institutional
investors such as Paramount Capital Asset Management and Pequot Capital
Management Inc. AmeriCal Securities, Inc., of San Francisco acted as the
placement agent.

      Dr. Y. Joseph Mo, President and C.E.O., commented, "The successful closing
of this placement is an acknowledgement of the potential of our technologies and
products. The infusion should meet the Company's capital requirements for the
next 12 months, including the funding of the U.S. Phase II clinical studies on
the Alprox-TD and Femprox topical treatments for male and female sexual
dysfunction."

      NexMed, Inc., an emerging international pharmaceutical and medical
company, is developing 1) innovative topical formulations based on the NexACT
transdermal drug delivery system, including the Alprox-TD and Femprox creams for
treating male and female


sexual dysfunction; and 2) Viratrol, a non-invasive, hand-held device for
treating oral and genital herpes.

       Alprox-TD, Femprox, Viratrol, NexACT are trademarks of NexMed, Inc.

Statements under the Private Securities Litigation Reform Act: with the
exception of the historical information contained in this release, the matters
described herein contain forward-looking statements that involve risk and
uncertainties that may individually or mutually impact the matters herein
described, including but not limited to product development and acceptance,
manufacturing, competition, regulatory and/or other factors, which are outside
the control of the Company.


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