In the final transaction made by NovaDel Pharma, the company sold its ZolpiMist® New Drug Application to Amherst Pharmaceuticals. In March, NovaDel announced it was in the process of selling all assets with the intention of liquidating the company and distributing its remaining cash to shareholders.
This transaction includes the NovaDel patents and trademarks covered by its license agreement with ECR Pharmaceuticals for U.S. rights to ZolpiMist, the license agreement itself, and the international patents and trademarks.
The consideration for the sale was the assumption of approximately $2,200,000 in FDA fees, interest, and penalties relating to ZolpiMist owed by NovaDel up to the closing of the transaction. Amherst will pay NovaDel a 10% royalty on the sales of ZolpiMist aggregating a maximum payment of $500,000 with an annual minimum of $150,000.
According to the company, as of the closing of the ZolpiMist sale, NovDel has assets consisting of about $2,000,000 in cash.