NovaDel Pharma Inc. (NVDL.PK) has sold its NitroMist® New Drug Application to Mist Pharmaceuticals, LLC.
The transaction also includes the NovaDel patents and trademarks covered by NovaDel’s license agreement with Akrimax Pharmaceuticals, LLC for US rights to NitroMist® as well as the license agreement itself. The consideration for the sale was the assumption of the FDA fees, interest and penalties relating to NitroMist® owed by NovaDel up to the closing of the transaction. These fees, interest and penalties approximate $2,400,000.
ABOUT NOVADEL PHARMA
NovaDel Pharma Inc. is a specialty pharmaceutical company that previously developed oral spray formulations of marketed pharmaceutical products. The Company has discontinued its operations and is currently disposing of its remaining assets.
FORWARD-LOOKING STATEMENTS:
Except for historical information contained herein, this document may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements involve known and unknown risks and uncertainties that may cause the Company’s actual results or outcomes to be materially different from those anticipated and discussed herein.
Important factors that the Company believes might cause such differences are discussed in the risk factors detailed in the Company’s Quarterly Report on Form 10-Q for the period ended September 30, 2011, filed with the Securities and Exchange Commission. In assessing forward-looking statements contained herein, if any, the reader is urged to carefully read all cautionary statements contained in such filings. We do not intend to update any of these factors or to publicly announce the results of any revisions to these forward-looking statements.
NovaDel Pharma Inc.
Steven B. Ratoff, 520-245-6905
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