NovaDel reports fourth-quarter net loss of $2.5 million, loss of $10.1 million for fiscal year

By Lisa Kerner

Charlotte, N.C., Oct. 30 - NovaDel Pharma Inc. reported a net loss for the three months ended July 31 of $2.5 million, or $0.05 cents per share, compared to a net loss of $2.0 million, or $0.05 cents per share, in the prior-year period.

For fiscal 2006, NovaDel had a net loss of $10.1 million, or $0.23 loss per share, an increase from the net loss of $9.5 million, or $0.27 loss per share, reported for fiscal 2005. NovaDel attributed the difference to higher research and development expenses in fiscal 2006 to develop its product pipeline.

The company ended its fiscal year on July 31 with cash, cash equivalents and short-term investments of $10.1 million.

"We look forward to two potential product approvals and launches in the coming year with our partnered products, NitroMist and Zensana, as well as pivotal trial results for our oral spray formulations of zolpidem and sumatriptan, for which NovaDel retains 100% commercialization rights," president and chief executive officer Jan Egberts said in a company news release.

"Additionally, we are on track to hit our goal of New Drug Application submissions in 2007 for both of these candidates."

NovaDel is a specialty pharmaceutical company based in Flemington, N.J.

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