Australian-based SUDA has entered into a definitive agreement to buy NovaDel Pharma's NovaMist technology and certain other assets.
The transaction, as contemplated, does not include intellectual property or licenses of NovaDel's NitroMist or ZolpiMist technologies.
NitroMist is used for the treatment of angina, while ZolpiMist for the treatment of insomnia.
At the closing, NovaDel will receive $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 $0.05 per share.
NovaDel, which is continuing to seek a purchaser for its remaining assets including the NitroMist and ZolpiMist, has appealed to the FDA for a reduction or elimination of the annual fees relating to the licensed marketed products.
