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      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman"><strong>UNITED
        STATES</strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman"><strong>SECURITIES
        AND EXCHANGE COMMISSION</strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman"><strong>Washington,
        D.C. 20549</strong></font></div>
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    <div>&#160;</div>
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      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman"><strong>FORM
        8-K</strong></font></div><br>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman"><strong>CURRENT
        REPORT<br>Pursuant to Section 13 OR 15(d) of the Securities Exchange Act of
        1934</strong></font></div>
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            <td align="left" colspan="2" valign="top" width="55%">&#160;</td>
          </tr>
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            <td align="left" colspan="3" valign="top" width="33%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">Date
                of Report (Date of earliest event reported)</font></div>
            </td>
            <td align="left" colspan="2" valign="top" width="55%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">January
                23, 2006</font></div>
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              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center">&#160;</div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman"><strong>NexMed,
                Inc.</strong></font></div>
            </td>
          </tr>
          <tr>
            <td colspan="5" valign="top" width="88%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">(Exact
                name of registrant as specified in its
                charter)</font></div>
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    <div>&#160;</div>
    <div align="center">
      <table bgcolor="white" cellpadding="0" cellspacing="0" width="100%">

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              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">Nevada</font>&#160;</div>
            </td>
            <td width="33%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">0-22245</font>&#160;</div>
            </td>
            <td width="33%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">87-0449967</font>&#160;</div>
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              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font size="2">(State
                or other jurisdiction<br>of
                incorporation)</font>&#160;</div>
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              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font size="2">(Commission<br>File
                Number)</font>&#160;</div>
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            <td width="33%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">(I.R.S.
                Employer</font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">Identification
                No.)</font>&#160;</div>
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            <td width="33%">&#160;</td>
            <td width="33%">&#160;</td>
            <td width="33%">&#160;</td>
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    <div style="LINE-HEIGHT: 0">&#160;</div>
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            <td colspan="4" valign="top" width="57%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">350
                Corporate Boulevard, Robbinsville, New Jersey</font></div>
            </td>
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              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">08691</font></div>
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              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">(Address
                of principal executive offices)</font></div>
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            <td valign="top" width="32%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">(Zip
                Code)</font></div>
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            <td colspan="4" valign="top" width="57%">&#160;</td>
            <td valign="top" width="32%">&#160;</td>
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            <td align="left" colspan="5" valign="top" width="88%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">Registrant&#8217;s
                telephone number, including area code (609) 208-9688</font></div>
            </td>
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          <tr>
            <td colspan="5" valign="top" width="88%" style="border-bottom: black thin solid;">&#160;</td>
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            <td colspan="5" valign="top" width="88%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">(Former
                name or former address, if changed since last report.)</font></div>
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          <tr>
            <td colspan="5" valign="top" width="88%">&#160;</td>
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                the appropriate box below if the Form 8-K filing is intended to
                simultaneously satisfy the filing obligation of the registrant under
                any
                of the following provisions:</font></div>
            </td>
          </tr>
          <tr>
            <td align="left" colspan="5" valign="top" width="88%">&#160;</td>
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            <td align="left" colspan="4" valign="top" width="86%">
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                communications pursuant to Rule 425 under the Securities Act (17
                CFR
                230.425)</font></div>
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          <tr>
            <td align="left" valign="top" width="2%">
              <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: -18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Wingdings">&#168;</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 9pt">&#160;</font></div>
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            <td align="left" colspan="4" valign="top" width="86%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">Soliciting
                material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
                240.14a-12)</font></div>
            </td>
          </tr>
          <tr>
            <td align="left" valign="top" width="2%">
              <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: -18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Wingdings">&#168;</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 9pt">&#160;</font></div>
            </td>
            <td align="left" colspan="4" valign="top" width="86%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">Pre-commencement
                communications pursuant to Rule 14d-2(b) under the Exchange Act (17
                CFR
                240.14d-2(b))</font></div>
            </td>
          </tr>
          <tr>
            <td align="left" valign="top" width="2%">
              <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: -18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Wingdings">&#168;</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 9pt">&#160;</font></div>
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            <td align="left" colspan="4" valign="top" width="86%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">Pre-commencement
                communications pursuant to Rule 13e-4(c) under the Exchange Act (17
                CFR
                240.13a-4(c))</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="left">
        </div>
      </div>
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        <div style="WIDTH: 100%; TEXT-ALIGN: center">
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        <div style="WIDTH: 100%; TEXT-ALIGN: center">
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    <div style="DISPLAY: block; MARGIN-LEFT: 72pt; TEXT-INDENT: -72pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman"><strong>ITEM
      1.01</strong></font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman"><strong>ENTRY
      INTO A MATERIAL DEFINITIVE AGREEMENT</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 72pt; TEXT-INDENT: -72pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">Pursuant
      to a Common Stock and Warrant Purchase Agreement, dated January 23, 2006 (the
      &#8220;Purchase Agreement&#8221;) between the Company and the purchasers listed on Schedule
      1 thereto (the &#8220;Purchasers&#8221;), the Company has raised $8.3 million in gross
      proceeds from a private placement of 9,347,191 shares of its common stock,
      par
      value $0.001 (the &#8220;Common Stock&#8221;) and four-year warrants (the &#8220;Warrants&#8221;) to
      purchase an aggregate of 3,738,876 shares of Common Stock to 36 institutional
      and other accredited investors. The Company and the Purchasers also entered
      into
      an Registration Rights Agreement (the &#8220;Registration Rights Agreement&#8221;) on such
      date, pursuant to which the Company agreed to register for resale by the
      Purchasers the shares of Common Stock and the shares of Common Stock underlying
      the Warrants. </font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">The
      Warrants will be redeemable by the Company at $0.01 per share if the closing
      sales price of its common stock is above $5 for ten consecutive trading days
      as
      reported on the Nasdaq National Market or other principal exchange, subject
      to
      exercise of the Warrants by the Purchasers prior to the effective date of such
      redemption.</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 72pt; TEXT-INDENT: -72pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman"><strong>ITEM
      3.02</strong></font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman"><strong>UNREGISTERED
      SALES OF EQUITY SECURITIES</strong></font></div>
    <div>&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">Pursuant
      to the Purchase Agreement, the Company sold 9,347,191 shares of Common Stock
      at
      a price of $0.89 per share and Warrants to purchase an aggregate of 3,738,876
      shares of Common Stock with an exercise price of $1.11 per share, as more fully
      described in Item 1.01 of this Form 8-K, which description is hereby
      incorporated by reference herein. The Common Stock and Warrants were issued
      pursuant to an exemption provided by Section 4(2) of the Securities Act of
      1933,
      as amended. The Company received $8.3 million in gross cash proceeds, which
      will
      be used to fund general corporate overhead expenses and ongoing clinical
      studies. In connection with the private offering, the Company paid a finders
      fee
      in the amount of </font><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">$335,000.</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 72pt; TEXT-INDENT: -72pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman"><strong>ITEM
      9.01.</strong></font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman"><strong>FINANCIAL
      STATEMENTS AND EXHIBITS</strong></font></div>
    <div align="center">
      <table bgcolor="white" cellpadding="0" cellspacing="0" width="100%">

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            <td width="5%">&#160;</td>
            <td width="90%">&#160;</td>
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          <tr bgcolor="white">
            <td width="5%">&#160;</td>
            <td width="5%">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">(c)</font>&#160;</div>
            </td>
            <td width="90%">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">Exhibits:</font>&#160;</div>
            </td>
          </tr>

      </table>
    </div>
    <div style="LINE-HEIGHT: 0">&#160;</div>
    <div align="center">
      <table bgcolor="white" cellpadding="0" cellspacing="0" width="100%">

          <tr bgcolor="white">
            <td width="5%">&#160;</td>
            <td width="5%">&#160;</td>
            <td width="5%">&#160;</td>
            <td width="85%">
            </td>
          </tr>
          <tr bgcolor="#ccffcc">
            <td width="5%">&#160;</td>
            <td width="5%">&#160;</td>
            <td width="5%">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">4.1</font>&#160;</div>
            </td>
            <td width="85%">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">Form
                of Warrant</font></div>
            </td>
          </tr>
          <tr bgcolor="white">
            <td width="5%">&#160;</td>
            <td width="5%">&#160;</td>
            <td width="5%">&#160;</td>
            <td width="85%">
            </td>
          </tr>
          <tr bgcolor="#ccffcc">
            <td width="5%">&#160;</td>
            <td width="5%">&#160;</td>
            <td width="5%">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">10.1</font>&#160;</div>
            </td>
            <td width="85%">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">Form
                of Common Stock and Warrant Purchase Agreement</font></div>
            </td>
          </tr>
          <tr bgcolor="white">
            <td width="5%">&#160;</td>
            <td width="5%">&#160;</td>
            <td width="5%">&#160;</td>
            <td width="85%">
            </td>
          </tr>
          <tr bgcolor="#ccffcc">
            <td width="5%">&#160;</td>
            <td width="5%">&#160;</td>
            <td width="5%">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">10.2</font>&#160;</div>
            </td>
            <td width="85%">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">Form
                of Registration Rights Agreement</font></div>
            </td>
          </tr>
          <tr bgcolor="white">
            <td width="5%">&#160;</td>
            <td width="5%">&#160;</td>
            <td width="5%">&#160;</td>
            <td width="85%">
            </td>
          </tr>
          <tr bgcolor="white">
            <td width="5%">&#160;</td>
            <td width="5%">&#160;</td>
            <td width="5%">&#160;</td>
            <td width="85%">&#160;</td>
          </tr>

      </table>
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    <div style="DISPLAY: block; MARGIN-LEFT: 72pt; TEXT-INDENT: -72pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">SIGNATURES</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">Pursuant
      to the requirements of the Securities Exchange Act of 1934, the registrant
      has
      duly caused this report to be signed on its behalf by the undersigned hereunto
      duly authorized.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">
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          <tr valign="top" bgcolor="#ffffff">
            <td width="50%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: ">&#160;</font></td>
            <td width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: ">&#160;</font></td>
            <td width="49%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: ">&#160;</font></td>
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            <td colspan="2"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: ">NEXMED,
              INC.</font></td>
          </tr>
          <tr valign="top" bgcolor="#ffffff">
            <td><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: ">&#160;<br>&#160;</font></td>
            <td><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: ">&#160;<br>&#160;</font></td>
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                January 26, 2006</font></div>
            </td>
            <td><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: ">By:&#160;&#160;</font></td>
            <td><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: ">/s/
              Mark
              Westgate</font></td>
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              <hr style="COLOR: black" align="left" noshade size="2" width="80%"><font size="2">Name:</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">Mark
              Westgate</font></td>
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              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">Title:&#160;
                <font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">Vice
                President and</font></font>&#160;<font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">Chief
                Financial Officer</font></div>
            </td>
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{"company-data": {"conformed-name": "NEXMED INC", "cik": "0001017491", "assigned-sic": "2834", "irs-number": "870449967", "state-of-incorporation": "NV", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "000-22245", "film-number": "06556630"}, "business-address": {"street1": "350 CORPORATE BLVD", "city": "ROBBINSVILLE", "state": "NJ", "zip": "08691", "phone": "6092089688"}, "mail-address": {"street1": "350 CORPORATE BLVD", "city": "ROBBINSVILLE", "state": "NJ", "zip": "08691"}}
UNITED
        STATES
SECURITIES
        AND EXCHANGE COMMISSION
Washington,
        D.C. 20549
FORM
        8-K
CURRENT
        REPORT
Pursuant to Section 13 OR 15(d) of the Securities Exchange Act of
        1934
Date
                of Report (Date of earliest event reported)
January
                23, 2006
NexMed,
                Inc.
(Exact
                name of registrant as specified in its
                charter)
Nevada
0-22245
87-0449967
(State
                or other jurisdiction
of
                incorporation)
(Commission
File
                Number)
(I.R.S.
                Employer
Identification
                No.)
350
                Corporate Boulevard, Robbinsville, New Jersey
08691
(Address
                of principal executive offices)
(Zip
                Code)
Registrant's
                telephone number, including area code (609) 208-9688
(Former
                name or former address, if changed since last report.)
Check
                the appropriate box below if the Form 8-K filing is intended to
                simultaneously satisfy the filing obligation of the registrant under
                any
                of the following provisions:
¨
Written
                communications pursuant to Rule 425 under the Securities Act (17
                CFR
                230.425)
¨
Soliciting
                material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
                240.14a-12)
¨
Pre-commencement
                communications pursuant to Rule 14d-2(b) under the Exchange Act (17
                CFR
                240.14d-2(b))
¨
Pre-commencement
                communications pursuant to Rule 13e-4(c) under the Exchange Act (17
                CFR
                240.13a-4(c))
ITEM
      1.01
ENTRY
      INTO A MATERIAL DEFINITIVE AGREEMENT
Pursuant
      to a Common Stock and Warrant Purchase Agreement, dated January 23, 2006 (the
      "Purchase Agreement") between the Company and the purchasers listed on Schedule
      1 thereto (the "Purchasers"), the Company has raised $8.3 million in gross
      proceeds from a private placement of 9,347,191 shares of its common stock,
      par
      value $0.001 (the "Common Stock") and four-year warrants (the "Warrants") to
      purchase an aggregate of 3,738,876 shares of Common Stock to 36 institutional
      and other accredited investors. The Company and the Purchasers also entered
      into
      an Registration Rights Agreement (the "Registration Rights Agreement") on such
      date, pursuant to which the Company agreed to register for resale by the
      Purchasers the shares of Common Stock and the shares of Common Stock underlying
      the Warrants.
The
      Warrants will be redeemable by the Company at $0.01 per share if the closing
      sales price of its common stock is above $5 for ten consecutive trading days
      as
      reported on the Nasdaq National Market or other principal exchange, subject
      to
      exercise of the Warrants by the Purchasers prior to the effective date of such
      redemption.
ITEM
      3.02
UNREGISTERED
      SALES OF EQUITY SECURITIES
Pursuant
      to the Purchase Agreement, the Company sold 9,347,191 shares of Common Stock
      at
      a price of $0.89 per share and Warrants to purchase an aggregate of 3,738,876
      shares of Common Stock with an exercise price of $1.11 per share, as more fully
      described in Item 1.01 of this Form 8-K, which description is hereby
      incorporated by reference herein. The Common Stock and Warrants were issued
      pursuant to an exemption provided by Section 4(2) of the Securities Act of
      1933,
      as amended. The Company received $8.3 million in gross cash proceeds, which
      will
      be used to fund general corporate overhead expenses and ongoing clinical
      studies. In connection with the private offering, the Company paid a finders
      fee
      in the amount of
$335,000.
ITEM
      9.01.
FINANCIAL
      STATEMENTS AND EXHIBITS
(c)
Exhibits:
4.1
Form
                of Warrant
10.1
Form
                of Common Stock and Warrant Purchase Agreement
10.2
Form
                of Registration Rights Agreement
SIGNATURES
Pursuant
      to the requirements of the Securities Exchange Act of 1934, the registrant
      has
      duly caused this report to be signed on its behalf by the undersigned hereunto
      duly authorized.
NEXMED,
              INC.
Date:
                January 26, 2006
By:
/s/
              Mark
              Westgate
Name:
Mark
              Westgate
Title:
Vice
                President and
Chief
                Financial Officer