[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 ]
|