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NovaDel Pharma (NVD) Announces Proposed Actions To Complete Liquidation Of Assets And Cash Distribution To Shareholders



3/26/2014 9:18:40 AM

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BRIDGEWATER, N.J.--(BUSINESS WIRE)--As previously reported, NovaDel Pharma Inc. (NVDL.PK) is in the process of selling its assets in anticipation of liquidating the company and distributing its remaining cash to shareholders. Previously, Novadel has (i) sold its NovaMistâ„¢ patents and trademarks to SUDA LTD in exchange for cash and SUDA Common Stock and Options, (ii) sold its NitroMistâ„¢ patents and Trademarks and the NitroMist license to Akrimax, and (iii) entered into an agreement to sell the intellectual property and license to ECR for ZolpiMistâ„¢ for the assumption of the amount due to the FDA relating to ZolpiMist. This agreement is subject to the buyer obtaining financing. If financing is obtained, this sale should close by the end of April 2014.

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