Novadel Pharma Inc. (fka NVDL)

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previously disclosed in a Form 8-K filed with the Commission on June 30, 2009,
NovaDel Pharma Inc. (the “Company”) entered into a Common Stock Purchase
Agreement (the “Agreement”) with Seaside 88, LP (“Seaside”) whereby the Company
agreed to issue and sell to Seaside, and Seaside agreed to purchase from the
Company, 500,000 shares (the “Shares”) of the Company’s common stock, $0.001 par
value per share (the “Common Stock”), once every two (2) weeks for twenty-six
(26) closings over a fifty-two (52) week period (the “Offering”). Pursuant to
the terms of the Agreement, at the initial closing, the offering price of the
Common Stock equaled 87% of the volume weighted average trading price of the
Common Stock during the trading day immediately prior to the initial closing
date. At each subsequent closing, on each 14th day thereafter, the offering
price of the Company’s Common Stock will equal 87% of the volume weighted
average trading price of the Common Stock for the ten-day trading period
immediately preceding each subsequent closing date. If, with respect to any
subsequent closing, the volume weighted average trading price of the
Company’s Common Stock for the three trading days immediately prior to such
closing is below $0.25 per share, then the particular subsequent closing
will not occur and the aggregate number of Shares to be purchased shall be
reduced by 500,000 shares of Common Stock.

Accordingly, on October 23, 2009, the Company had its seventh
closing of the Offering pursuant to which Seaside purchased 500,000 shares of
the Company’s Common Stock at a price per share of $0.22 having an aggregate
value of approximately $110,515, and, the Company received net
proceeds of approximately $107,155 after deducting commissions and $1,500 in
non-accountable expenses, pursuant to the terms of the Agreement.