By Sheri Kasprzak
New York, Dec. 15 - NovaDel Pharma Inc. secured $14,244,775 from a private placement of stock.
The company plans to sell 9,823,983 shares at $1.45 each.
The investors will receive warrants for 3,929,593 shares, exercisable at $1.70 each through Dec. 14, 2011.
The deal is scheduled to close Dec. 29.
Proceeds will be used for the development of the company's pipeline of oral spray drug candidates.
NovaDel, based in Flemington, N.J., develops novel drug delivery systems for prescription and over-the-counter drugs.
| Issuer: | NovaDel Pharma Inc.
|
| Issue: | Stock
|
| Amount: | $14,244,775
|
| Shares: | 9,823,983
|
| Price: | $1.45
|
| Warrants: | For 3,929,593 shares
|
| Warrant expiration: | Dec. 14, 2011
|
| Warrant strike price: | $1.70
|
| Announcement date: | Dec. 15
|
| Settlement date: | Dec. 29
|
| Stock symbol: | Amex: NVD
|
| Stock price: | $1.52 at close Dec. 15
|
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