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| 8-K - CURRENT REPORT - NOVADEL PHARMA INC | form8k120309.htm |
Exhibit
99.1
NovaDel
Announces Voluntary Delisting from NYSE Amex LLC and Pending Transfer to the
Over-the-Counter Bulletin Board
Flemington,
NJ – December 3, 2009
On
December 2, 2009, NovaDel Pharma Inc. (the “Company”) (NYSE AMEX: NVD) notified
NYSE Amex LLC (“Exchange”) of its intent of voluntarily delist its common stock
from the Exchange. The Company anticipates that the delisting will be
effective 10 days after filing of the Form 25, “Notification of Removal from
Listing.” The Company intends to file Form 25 on or after December
14, 2009. The Board of Directors of the Company approved the
voluntary delisting of the Company’s common stock on October 15,
2009. Upon delisting from the Exchange, the Company intends to have
its common stock quoted on the OTC Bulletin Board (“OTCBB”).
The
Company previously received notice that it was not in compliance with certain
NYSE Exchange continued listing standards. Specifically, the Company
is not in compliance with Section 1003(a)(i) of the Exchange Guide with
stockholders’ equity of less than $2,000,000 and losses from continuing
operations and net losses in two of its three most recent fiscal years, Section
1003(a)(ii) of the Exchange Guide with stockholders’ equity of less than
$4,000,000 and losses from continuing operations and net losses in three of its
four most recent fiscal years, Section 1003(a)(iii) of the Exchange Guide with
stockholders’ equity of less than $6,000,000 and losses from continuing
operations and net losses in its five most recent fiscal years and Section
1003(a)(iv)of the Exchange Guide in that it has sustained losses which are so
substantial in relation to its overall operations or its existing financial
resources, or its financial condition has become so impaired that it appears
questionable, in the opinion of the Exchange, as to whether the Company will be
able to continue operations and/or meet its obligations as they
mature. The Exchange provided the Company a deadline of November 16,
2009 to regain compliance with Sections 1003(a) (i), (ii), (iii) and
(iv). NovaDel has provided the Exchange updates and forecasts on the
Company’s progress and plan to regain compliance.
As of the
date hereof, the Company has not been able to regain compliance of the Sections
previously noted. Even though the Company has made significant
progress towards compliance, our ability to quickly cure the stockholders’
equity requirement of $6,000,000 or more is not readily attainable.
Management
believes that the price of the Company’s common stock will continue to be
determined by investors based on its progress in licensing activities and
further development of its product pipeline.
About
NovaDel Pharma
NovaDel
Pharma Inc. is a specialty pharmaceutical company developing oral spray
formulations for a broad range of marketed drugs. The Company’s proprietary
technology offers, in comparison to conventional oral dosage forms, the
potential for faster absorption of drugs into the bloodstream leading to quicker
onset of therapeutic effects and possibly reduced first pass liver metabolism,
which may result in lower doses. Oral sprays eliminate the requirement for water
or the need to swallow, potentially improving patient convenience and
adherence.
NovaDel’s
oral spray technology is focused on addressing unmet medical needs for a broad
array of existing and future pharmaceutical products. The Company’s most
advanced oral spray candidates target angina, nausea, insomnia, migraine
headaches and disorders of the central nervous system. NovaDel plans to develop
these and other products independently and through collaborative arrangements
with pharmaceutical and biotechnology companies. To find out more about NovaDel
Pharma Inc. (NYSE AMEX: NVD), visit our website at www.novadel.com.
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 successful transition of the Company's common stock from
NYSE Amex, LLC to the Over-the-Counter Bulletin Board, the ability of third
parties to commercialize the Company's products, the successful completion of
its pilot pharmacokinetic feasibility studies, the ability to develop products
(independently and through collaborative arrangements), the Company’s ability to
obtain additional required financing to fund its research programs, the ability
to commercialize and obtain FDA and other regulatory approvals for products
under development, and the acceptance in the marketplace for oral spray
products. The filing of an NDA with the FDA is an important step in the approval
process in the United States. Acceptance for filing by the FDA does not mean
that the NDA has been or will be approved, nor does it represent an evaluation
of the adequacy of the data submitted. Further, the Company operates in
industries where securities may be volatile and may be influenced by regulatory
and other factors beyond the Company’s control. In addition, our inability to
maintain or enter into, and the risks resulting from our dependence upon,
collaboration or contractual arrangements necessary for the development,
manufacture, commercialization, marketing, sales and distribution of any of our
products could materially impact the Company's actual results. Important factors
that the Company believes might cause such differences are discussed in the risk
factors detailed in the Company’s most recent Annual Report on Form 10-K and
Registration Statements, filed with the Securities and Exchange
Commission. In assessing forward-looking statements contained herein, if
any, the reader is urged to carefully read all cautionary statements contained
in such filings.
For more
detailed information regarding NovaDel’s 2009 financial results and its product
pipeline, please review the Company’s SEC filings on Form 10-Q at the Investor
Relations section of www.novadel.com.
Contacts:
Steven B.
Ratoff
(908)
782-3431 ext. 2650
Chairman
and Interim Chief Executive Officer
NovaDel
Pharma Inc.
sratoff@novadel.com