NovaDel to sell NovaMist technology and other assets

USA-based NovaDel Pharma (NVDL.PK) has signed a definitive agreement to sell its NovaMist technology and certain other assets to Suda Ltd (ASK: SUD), an Australian publicly held pharmaceutical company.

The transaction includes the sale of NovaDel’s patents and trade marks relating to its NovaMist technology, which enables rapid delivery of drugs into the bloodstream. The sale, as contemplated, does not include the NitroMist (nitroglycerin lingual aerosol) or ZolpiMist (zolpidem oral spray) intellectual property or licenses.

Subject to shareholder approval, NovaDel will receive at closing $400,000 in cash, 50,000,000 shares of Suda common stock and 10,000,000 options for the purchase of SUDA common shares at $0.05 per share. It is the company’s intention to use part of the proceeds from this sale, after transaction expenses, to reduce its outstanding liabilities.