NovaDel (NVD) Enters Possible $2M Agreement with Mist Acquisition to Manufacture and Commercialize NitroMist
NovaDel Pharma Inc., (AMEX: NVD) has entered into a licensing agreement with privately-held Mist Acquisition, LLC to manufacture and commercialize the NitroMist lingual spray version of nitroglycerine, a widely-prescribed and leading short-acting nitrate for the treatment of angina pectoris.
Under terms of the agreement, Mist will pay NovaDel a $1 million licensing fee upon execution of the agreement, milestone payments totaling an additional $1 million over the next twelve months and ongoing performance payments of 17% of net sales.
Through a separate license agreement with Mist, Akrimax Pharmaceuticals, LLC will receive the exclusive right to manufacture, distribute, market and sell NitroMist in North America. NitroMist provides acute relief of an attack or acute prophylaxis of angina pectoris due to coronary artery disease. The lingual spray form of the drug is conveniently administered and is rapidly absorbed into the bloodstream via the oral mucosa, providing patients a fast and tolerable treatment option for the prevention or relief of pain associated with such attacks.
Under terms of the agreement, Mist will pay NovaDel a $1 million licensing fee upon execution of the agreement, milestone payments totaling an additional $1 million over the next twelve months and ongoing performance payments of 17% of net sales.
Through a separate license agreement with Mist, Akrimax Pharmaceuticals, LLC will receive the exclusive right to manufacture, distribute, market and sell NitroMist in North America. NitroMist provides acute relief of an attack or acute prophylaxis of angina pectoris due to coronary artery disease. The lingual spray form of the drug is conveniently administered and is rapidly absorbed into the bloodstream via the oral mucosa, providing patients a fast and tolerable treatment option for the prevention or relief of pain associated with such attacks.
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