NovaDel Pharma Receives Commitment of Investment Fund to Purchase up to 13.0 Million Shares over the Next 12 Months

FLEMINGTON, N.J.--(BUSINESS WIRE)--NovaDel Pharma Inc. (NYSE AMEX: NVD) entered into an agreement with Seaside 88, LP (“Seaside”). Under the terms of the agreement and subject to the approval of the NYSE AMEX, Seaside has committed to purchase up to 13.0 million NovaDel common shares, in a series of closings every two weeks in the amount of 500,000 shares each for a total of up to 26 purchases. NovaDel and Seaside expect to close the first sale of 500,000 shares after the approval of the NYSE AMEX.