FLEMINGTON, N.J.--(BUSINESS WIRE)--NovaDel Pharma Inc. (AMEX: NVD) announced today that it has completed the previously announced sale of 9,823,983 shares of the Company’s common stock to new and existing investors to raise approximately $14 million in gross proceeds in a common stock private equity offering. Participants in the financing included Heights Capital, Henderson Global Management, ProQuest Investments, William Harris Investors and other select institutional investors. NovaDel disclosed the entry into the Agreement on its Current Report on Form 8-K filed on December 15, 2006. As of the current date, NovaDel has received approximately $12.6 million of the gross proceeds from investors, with the remaining $1.4 million expected to be received in the first week of January 2007.
