BRIDGEWATER, N.J.--(BUSINESS WIRE)--NovaDel Pharma Inc. (OTCBB: NVDL) announced today that it has entered into a securities purchase agreement to raise approximately $1.5 million in gross proceeds through the sale of approximately 9 million shares of its common stock to selected institutional investors at a price of $0.165 per share. The investors will also receive five year warrants to purchase approximately 4.5 million shares of common stock at an exercise price of $0.25 per share. In addition, the investors will receive six month warrants to purchase an approximately 3.0 million additional shares of common stock at an exercise price of $0.25 per share. The shares and warrants are being offered as a registered direct offering under the Company’s effective shelf registration statement previously filed with the Securities and Exchange Commission (SEC). NovaDel Pharma Inc. expects to receive total proceeds, net of offering expenses and placement agency fees, of approximately $1.4 million. Such securities purchase agreement contained customary terms and conditions, including a representation and warranty as to NovaDel’s Form 10-K for the fiscal year ending December 31, 2009, which will be filed later today.
