FLEMINGTON, N.J.--(BUSINESS WIRE)--NovaDel Pharma Inc. (AMEX: NVD) announced today that it has entered into definitive agreements for the private placement with certain accredited investors (the “Purchasers”) for an aggregate of up to $4 million in gross proceeds, in the form of secured convertible promissory notes with an interest rate of 10% and warrants to purchase shares of the Company’s common stock. The Company intends to close on approximately $1.5 million immediately upon AMEX approval and customary closing conditions (the “Initial Closing”), with the balance at the Company’s option and subject to stockholder approval (the “Subsequent Closing”).
