NovaDel Pharma (NVD) Announces $14 Million in Financing From Equity Offering
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NovaDel Pharma Inc. (AMEX: NVD) has entered into an agreement for the issuance and sale of 9,823,983 shares of the Company's common stock to new and existing investors to raise approximately $14 million in gross proceeds in a common stock private equity offering.
"NovaDel plans to use the proceeds of this transaction to fund the development of our growing pipeline of oral spray drug candidates and build on the recent FDA approval of our first compound, NitroMist. We are very excited about our development pipeline which includes ondansetron Oral Spray that is currently under late stage FDA review through our partner Hana Biosciences, Inc., two candidates projected to be submitted with the FDA for approval next year and two additional compounds we expect will enter the clinic during 2007," said Jan H. Egberts, M.D., President and Chief Executive Officer of NovaDel.
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