NovaDel, Suda deal

NovaDel will sell its NovaMist sublingual delivery technology along with other assets to Suda for an upfront payment of $400,000 plus 50 million shares of Suda stock and an option to purchase 10 million shares at $0.05. The shares are valued at $500,000 based on NovaDel's close of $0.01 on April 5, the day before the deal was announced. The deal includes IP related to NovaMist, plus NVD-201, a serotonin (5-HT) receptor agonist in Phase II/III testing for migraines, and Duromist sildenafil, which is in Phase I/II testing for erectile dysfunction. Suda will also acquire NovaDel's preclinical pipeline, which consists of Zensana ondansetron lingual spray for nausea/vomiting, sildenafil ( NVD-101) for pulmonary arterial hypertension (PAH) and midazolam (NV-301) for pre-procedure anxiety. It is subject to shareholder approval. NovaDel announced it granted Suda an option to NovaMist last December (see BioCentury, Jan. 7).

The deal includes NovaDel's entire IP portfolio except NovaDel's NitroMist nitroglycerin lingual spray, which is approved in the U.S. to treat angina pectoris due to coronary artery disease (CAD), and ZolphiMist zolpidem oral spray, which is a non-benzodiazepine GABA A receptor agonist approved in the U.S. for the short-term treatment of insomnia characterized by difficulties with sleep initiation. NovaDel said it continues to seek a purchaser for the two products and that it is in the process of disassembling the company. ...