NovaDel Announces Stockholder Approval of Sale of Substantially All Assets to Suda Ltd.

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NovaDel Announces Stockholder Approval of Sale of Substantially All Assets to Suda Ltd.

BRIDGEWATER, N.J.--(BUSINESS WIRE)-- NovaDel Pharma Inc. ("NovaDel" or the "Company") (OTC Pink: NVDL) announced today that, during the Special Meeting of the Company's Stockholders held on July 19, 2013, its stockholders approved the sale of substantially all of the Company's assets to Suda Ltd. (the "Suda Transaction"). However, approval for the liquidation and dissolution of the Company was not received by the requisite number of stockholders and therefore the proposal did not pass. Therefore, NovaDel will not file for dissolution at this time and will continue to pursue alternative avenues in order to maximize stockholder value.

As previously disclosed, the Suda Transaction includes the sale of NovaDel's patents and trademarks relating to its NovaMist technology. The Suda Transaction, as contemplated, does not include the NitroMist® or ZolpiMist™ intellectual property or licenses. At closing, 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 a purchase price of $0.05 per share. It is the Company's intention to use part of the proceeds from the Suda Transaction, after transaction expenses, to reduce its outstanding liabilities. The closing of the Suda Transaction remains subject to certain closing conditions, which NovaDel believes have been met or will be met in the near future. Further information regarding the closing of the Suda Transaction will be provided in a subsequent press release as such information becomes available.


ABOUT NOVADEL PHARMA

NovaDel Pharma Inc. is a specialty pharmaceutical company that develops oral spray formulations of marketed pharmaceutical products. The Company's patented oral spray drug delivery technology seeks to improve the efficacy, safety, patient compliance, and patient convenience for a broad range of prescription pharmaceuticals. NovaDel has two marketed products that have been approved by the FDA: NitroMist® for the treatment of angina, and ZolpiMist™ for the treatment of insomnia. To find out more about NovaDel Pharma Inc. (OTC Pink: NVDL), visit our website at www.novadel.com.

FORWARD-LOOKING STATEMENTS:

Except for historical information contained herein, this document may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements involve known and unknown risks and uncertainties that may cause the Company's actual results or outcomes to be materially different from those anticipated and discussed herein including, but not limited to, the Company's ability to obtain additional required financing or achieve other strategic alternatives (the lack of which would cause the Company to file for bankruptcy), the ability of third parties to successfully commercialize the Company's products, the successful completion of its clinical trials, including pilot pharmacokinetic feasibility studies, the successful completion of its preclinical studies, the ability to develop products (independently and through collaborative arrangements), the ability to commercialize and obtain FDA and other regulatory approvals for products under development, and the acceptance in the marketplace for oral spray products. The Company operates in industries where securities may be volatile and may be influenced by regulatory and other factors beyond the Company's control.

In addition, our inability to maintain or enter into, and the risks resulting from our dependence upon, collaboration or contractual arrangements necessary for the development, manufacture, commercialization, marketing, sales and distribution of any of our products could materially impact the Company's actual results. Important factors that the Company believes might cause such differences are discussed in the risk factors detailed in the Company's Quarterly Report on Form 10-Q for the period ended September 30, 2011 filed with the Securities and Exchange Commission. In assessing forward-looking statements contained herein, if any, the reader is urged to carefully read all cautionary statements contained in such filings. We do not intend to update any of these factors or to publicly announce the results of any revisions to these forward-looking statements.



NovaDel Pharma Inc.
Steven B. Ratoff, 520-245-6905

KEYWORDS:   United States  North America  New Jersey

INDUSTRY KEYWORDS:

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