NovaDel Pharma Reports Unaudited Financial Results for the Nine Months Ended September 30, 2012

BRIDGEWATER, N.J.--(BUSINESS WIRE)--NovaDel Pharma Inc. (NVDL.PK) reported unaudited financial results for the nine months ended September 30, 2012. As previously reported, the Company continues to seek financing or a strategic partner. The Company, at the end of March 2012, deregistered its common stock and exited the Securities and Exchange Commission reporting system. The Company recorded a loss of $1,302,000 or $(0.01) per share for the nine months ended September 30, 2012 compared to a net loss of $6,425,000 or $(0.05) per share in the nine months ended September 30, 2011. During the nine months of 2012, the Company earned royalties from the license of NitroMist and Zolpimist in the amount of $345,000. The Company also received $200,000 from the sale of NitroMist rights outside the US, Canada and Mexico. Also included in revenue is the recognition of previously received payments under various license agreements.