NovaDel reports net loss of $2.1 million for third fiscal quarter

By Lisa Kerner

Charlotte, N.C., June 15 - NovaDel Pharma Inc. reported a net loss of $2.1 million, or $0.05 per share, for its third fiscal quarter ended April 30, compared with a net loss of $2.6 million, or $0.08 per share, for the same period last year.

For the nine months ended April 30, NovaDel reported a net loss of $7.5 million, or $0.18 per share, varying slightly from the $7.5 million net loss, or $0.22 loss per share, for the same period in 2005.

The company had cash, cash equivalents and short-term investments of $12 million as of April 30.

A private placement of NovaDel's common stock raising gross proceeds of about $11.8 million should help accelerate the company's proprietary oral spray products toward pivotal trials and New Drug Application submissions, according to a news release.

The Food and Drug Administration has already accepted NovaDel's NDA submission for NitroMist, a nitroglycerin lingual aerosol drug candidate for relief or prevention of angina pectoris in coronary artery disease.

NovaDel is an emerging specialty pharmaceutical company located in Flemington, N.J.

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