NovaDel Reports Resolution of Contingent Liabilities

BRIDGEWATER, N.J.--(BUSINESS WIRE)-- As previously reported, NovaDel Pharma Inc. sold its ZolpiMist® assets to Amherst Pharmaceuticals, Inc. principally in exchange for the assumption of Novadel’s FDA liabilities of approximately $2.2 million.

Regrettably, it has taken over a year for Amherst to reach a payment plan agreement with the FDA for this liability. During this period, Novadel has been contingently liable for these outstanding liabilities. As a result of a February 1, 2016 agreed payment plan between the FDA and Amherst, Novadel’s contingent liability for these payments has been negated.

With this matter resolved, Novadel has the opportunity to merge with another company or liquidate. The Company has approximately $1.7 million in net assets, principally cash, and approximately $60 million in Federal Net Operating Loss Carryforwards.

The Company will pursue its options over the next few months and determine an appropriate course of action by mid-year.

About NovaDel Pharma

NovaDel Pharma Inc. is a specialty pharmaceutical company that previously developed oral spray formulations of marketed pharmaceutical products. The Company has discontinued its operations.

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 achieve other strategic alternatives (the lack of which would cause the Company to file for bankruptcy).

View source version on businesswire.com: http://www.businesswire.com/news/home/20160204006466/en/

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

Source: NovaDel Pharma Inc.

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