NovaDel Announces Adjournment of Special Stockholder Meeting
Special Meeting to be Rescheduled for Friday, July 19, 2013
NovaDel Stockholders Are Urged To Vote FOR the Proposals
BRIDGEWATER, N.J.--(BUSINESS WIRE)-- NovaDel Pharma Inc. (the "Company") (OTC Pink: NVDL) announced today that the Special Meeting of the Company's Stockholders scheduled for today for the purpose of obtaining stockholder approval of the sale of substantially all of the Company's assets to Suda Ltd. and the liquidation and dissolution of the Company, was adjourned due to the lack of the requisite quorum. A majority of the Company's outstanding common stock must be present at the Special Meeting, either in person or by proxy, to establish a quorum, but only approximately 45% of the outstanding shares have been voted. However, of the votes that have been cast to date, over 75% of such votes have been cast in favor of the proposals.
The Special Meeting of the Company's Stockholders has been adjourned to 9:00 a.m. Eastern Time on July 19, 2013, and will be held at the offices of Morgan, Lewis & Bockius LLP, located at 101 Park Avenue, New York, New York 10178. The meeting is being adjourned to provide the Company with additional time to solicit proxies from its stockholders to establish the requisite quorum for the conduct of business at the Special Meeting of Stockholders.
"I urge the stockholders to vote for the proposals for the reasons set forth in the proxy statement," stated Steven B. Ratoff, Chief Executive Officer and Sole Director of the Company. "We believe that the Suda transaction and the subsequent liquidation and dissolution of the Company provide stockholders with the best opportunity to potentially monetize their investment in the Company and will allow the Company to distribute the maximum amount of cash or other assets to the Company's stockholders. In the event the proposals are not approved by the Company's stockholders, we will likely be forced to file for bankruptcy."
The Company's proxy materials, including its Notice of the Special Meeting, which were previously filed and mailed to the Company's stockholders on or about May 24, 2013, as well as the agenda for the meeting set out therein, remain unchanged. The record date for the stockholders entitled to vote at the special meeting remains the close of business on May 9, 2013.
Stockholders who have not voted as of yet are encouraged to submit their votes. Votes can be submitted via the internet at www.proxyvote.com, via telephone by calling 1-800-690-6903, or via mail by marking, signing and dating your proxy card and returning it to Vote Processing, c/o Broadridge, 51 Mercedes Way, Edgewood, NY 11717. Additional proxies for the adjourned meeting will be accepted until 11:59 PM Eastern Time on July 18, 2013. Proxies previously submitted for the Special Meeting will be voted at the adjourned meeting unless revoked. Stockholders who have already voted on the proposal do not need to take any further action.
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. NovaDel's leading product candidate, Duromist™, is being developed for the treatment of erectile dysfunction. The Company also has product candidates that target nausea, migraine headache and disorders of the central nervous system. NovaDel plans to develop these and other products independently and through collaborative arrangements with pharmaceutical and biotechnology companies. To find out more about NovaDel Pharma Inc. (OTC Pink: NVDL), visit our website at www.novadel.com.
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
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