Published on 4/11/2006 in the Prospect News Biotech Daily and Prospect News PIPE Daily.
New Issue: NovaDel Pharma to settle $11.73 million PIPE
By Sheri Kasprzak
New York, April 11 - NovaDel Pharma, Inc. said it plans to complete an $11,734,554 private placement with a group of accredited investors.
The investors agreed to buy 8,092,796 shares at $1.45 each.
NovaDel will also issue warrants for 2,427,839 shares, exercisable at $1.60 each for five years.
The deal is slated to close April 13.
Based in Flemington, N.J., NovaDel is a pharmaceutical company that produces oral sprays and gelatin capsules.
| Issuer: | NovaDel Pharma, Inc.
|
| Issue: | Stock
|
| Amount: | $11,734,554
|
| Shares: | 8,092,796
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| Price: | $1.45
|
| Warrants: | For 2,427,839 shares
|
| Warrant expiration: | Five years
|
| Warrant strike price: | $1.60
|
| Announcement date: | April 11
|
| Settlement date: | April 13
|
| Stock symbol: | AMEX: NVD
|
| Stock price: | $1.62 at close April 11
|
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