AMEX Accepts NovaDel Pharma's Plan to Regain Compliance with Continued Listing Standards

FLEMINGTON, N.J.--(BUSINESS WIRE)--NovaDel Pharma Inc. (AMEX: NVD), a specialty pharmaceutical company developing oral spray formulations for a broad range of marketed treatments, today announced that the American Stock Exchange (AMEX) has accepted the Company’s plan to regain compliance with continued listing standards of the AMEX. The Company’s plan was submitted in response to a letter from AMEX received by the Company on May 14, 2008, which informed the Company that it was not in compliance with Section 1003(a)(iii) of the AMEX Company Guide with stockholders’ equity of less than $6,000,000 and losses from continuing operations and net losses in its five most recent fiscal years; and Section 1003(a)(iv) in that it has sustained losses which are so substantial in relation to its overall operations or its existing financial resources, or its financial condition has become so impaired that it appears questionable, in the opinion of the AMEX, as to whether such company will be able to continue operations and/or meet its obligations as they mature.