Bridgewater-based NovaDel Pharma Inc. announced today the completion of the sale of substantially all its assets to Suda Ltd., an Australian company.
The transaction includes the sale of NovaDel's patents and trademarks relating to its NovaMist technology. According to the announcement, NovaDel received $400,000 in cash, 50 million shares of Suda common stock and 10 million options for the purchase of Suda common shares at 5 cents per share. NovaDel said it intends to use part of the proceeds from this transaction, after expenses, to reduce its outstanding liabilities.
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