Healthcare Industry News: SUDA LTD
News Release - April 8, 2013
NovaDel Announces the Signing of a Definitive Agreement to Sell its NovaMist(TM) Technology and Certain Other AssetsBRIDGEWATER, N.J.--(Healthcare Sales & Marketing Network)--NovaDel Pharma Inc. (NVDL.PK) has signed a definitive agreement to sell its NovaMist™ technology and certain other assets to SUDA LTD, an Australian publicly held pharmaceutical company.
The transaction includes the sale of NovaDel’s patents and trademarks relating to its NovaMist technology. The sale, as contemplated, does not include the NitroMist® or ZolpiMist™ intellectual property or licenses.
Subject to shareholder approval, NovaDel will receive at closing $400,000 in cash, 50,000,000 shares of SUDA Common stock and 10,000,000 options for the purchase of SUDA Common shares at $0.05 per share. It is the Company’s intention to use part of the proceeds from this sale, after transaction expenses, to reduce its outstanding liabilities.
NovaDel continues to seek a purchaser for its remaining assets, the NitroMist and ZolpiMist intellectual property and licenses. As previously reported, the Company has appealed to the FDA for a reduction or elimination of the annual fees relating to our licensed marketed products. The amount currently owed to the FDA and the burden of the continuation of these fees has and continues to inhibit our ability to find a purchaser for these assets.
ABOUT SUDA LTD
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.
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. The Company has product candidates that target erectile dysfunction, nausea, migraine headache and disorders of the central nervous system.
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.
Source: NovaDel Pharma
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