NovaDel Pharma Inc. (NVDL.PK) has signed a preliminary agreement to sell
its NovaMist™ technology to SUDA LTD, an Australian publicly held
pharmaceutical company.
The proposed transaction includes the sale of NovaDel’s patents and
trademarks relating to its NovaMist technology. Buy Furadantin (Nitrofurantoin) pills online without prescription The sale, as
contemplated, does not include the NitroMist® or ZolpiMist™ intellectual
property or licenses.
The commercial terms of the preliminary agreement are subject to
confidentiality at this time and subject to satisfactory completion of
due diligence by both parties, as well as the execution of a definitive
agreement and subject to NovaDel board and stockholder approval, if
required.
SUDA LTD is listed on the Australian Securities Exchange (ASX) and is
engaged in developing and marketing pharmaceutical products. Its
principal activity is the development of a sublingual aerosol and pump
formulation of artemisinin derivatives for the treatment of malaria.
ArTiMist™, its artemisinin product, is administered sub-lingually and
enters the bloodstream where the parasite lives, attacking at a far
greater speed than conventional tablets and reducing the need for
continued hospitalization while presenting significant cost savings to
governments and relief organizations. ArTiMist is particularly effective
in the treatment of children and young infants who are experiencing
malaria-related and gastro-intestinal problems and cannot tolerate
tablet treatments. The company has completed the required Phase 3 trials
for this product and is expected to release the final trial report
within the next 30 days.
ABOUT NOVADEL PHARMA
NovaDel Pharma Inc. is a specialty pharmaceutical company that develops
oral spray formulations of marketed pharmaceutical products. The
Company’s patented oral spray drug delivery technology seeks to improve
the efficacy, safety, patient compliance, and patient convenience for a
broad range of prescription pharmaceuticals. NovaDel has two marketed
products that have been approved by the FDA: NitroMist® for the
treatment of angina, and ZolpiMist™ for the treatment of insomnia.
NovaDel’s leading product candidate, DuroMist™, is being developed for
the treatment of erectile dysfunction. The Company also has product
candidates that target nausea, migraine headache and disorders of the
central nervous system. NovaDel plans to develop these and other
products independently and through collaborative arrangements with
pharmaceutical and biotechnology companies.
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 including, but not limited to, the Company’s
ability to obtain additional required financing or achieve other
strategic alternatives (the lack of which would cause the Company to
file for bankruptcy), the ability of third parties to successfully
commercialize the Company’s products, the successful completion of its
clinical trials, including pilot pharmacokinetic feasibility studies,
the successful completion of its preclinical studies, the ability to
develop products (independently and through collaborative arrangements),
the ability to commercialize and obtain FDA and other regulatory
approvals for products under development, and the acceptance in the
marketplace for oral spray products. The Company operates in industries
where securities may be volatile and may be influenced by regulatory and
other factors beyond the Company’s control.
In addition, our inability to maintain or enter into, and the risks
resulting from our dependence upon, collaboration or contractual
arrangements necessary for the development, manufacture,
commercialization, marketing, sales and distribution of any of our
products could materially impact the Company's actual results. 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.
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