NovaDel Announces Preliminary Agreement to Sell its NovaMist™ Technology

  NovaDel Announces Preliminary Agreement to Sell its NovaMist™ Technology

Business Wire

BRIDGEWATER, N.J. -- December 26, 2012

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. 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. To find out more about NovaDel Pharma Inc. (NVDL.PK),
visit our website at www.novadel.com.

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.

Contact:

NovaDel Pharma Inc.
Steven Ratoff, 520-245-6905
 
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