Exhibit 10.28 SUBSIDIARY GUARANTY SUBSIDIARY GUARANTY, dated as of December 12, 2003, made by NexMed (U.S.A), Inc., a Delaware corporation (the "GUARANTOR"), in favor of each of the Holders (as defined below). W I T N E S S E T H: WHEREAS, pursuant to...Subsidiary Guaranty • March 4th, 2004 • Nexmed Inc • Pharmaceutical preparations • New York
