NovaDel Pharma Announces Completion of the Sale of Substantially All Assets to Suda Ltd.

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BRIDGEWATER, N.J.--(BUSINESS WIRE)--NovaDel Pharma Inc. (“NovaDel” or “the Company”) (OTC Pink: NVDL) announced today the completion of the sale of substantially all of the Company’s assets to Suda Ltd. (the “Suda Transaction”). As previously disclosed, the Suda Transaction includes the sale of NovaDel’s patents and trademarks relating to its NovaMist technology. The Suda Transaction, as contemplated, does not include the NitroMist® or ZolpiMist™ intellectual property or licenses. NovaDel received $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 a purchase price of $0.05 per share. It is the Company’s intention to use part of the proceeds from the Suda Transaction, after transaction expenses, to reduce its outstanding liabilities.

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