TMCnet News

NovaDel Announces Update to Agreement with Amherst Pharmaceuticals
[January 30, 2015]

NovaDel Announces Update to Agreement with Amherst Pharmaceuticals


As previously reported, NovaDel Pharma, Inc. (NVDL.PK) has sold its remaining assets, which consisted of the ZolpiMist® NDA, a license agreement and related global intellectual property to Amherst Pharmaceuticals, LLC, in exchange for assumption of approximately $2.2 million in fees owed to the FDA in relation to ZolpiMist. As of this date, Amherst has not paid or entered into an agreement to pay the FDA the amount owed.

Under the terms of our agreement with Amherst, they have until December 31, 2015, to pay the amount owed to the FDA. Amherst has informed us that they are in the process of discussing this obligation with the FDA. Until Amherst settles this liability, NovaDel will remain contingently liable for these fees.

As of December 31, 2014, NovaDel's assets, net of current liabilities, consisted of approximately $1.8 million in cash. In addition, the Company has approximately $60 millio of U.S. Federal tax loss carry forwards. These carry forwards may be used to offset future income of the Company, under certain conditions, and therefore have some economic value. The Company is currently evaluating alternatives ranging from acquiring operating assets, in order to take advantage of the carry forwards, to liquidating the Company.



It is expected that a course of action will be defined and, if required, will be presented to shareholders within the first half of this year.

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.

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.


[ Back To TMCnet.com's Homepage ]