NovaDel files $16.52 million stock shelf

By Laura Lutz

Des Moines, July 20 - NovaDel Pharma Inc. filed a $16.52 million common stock shelf in an S-3 filing with the Securities and Exchange Commission.

The filing covers 14 million shares.

As of July 1, the company had 49,025,869 outstanding shares of common stock, according to the filing.

NovaDel plans to use the proceeds to clinical trials, research and development, sales and marketing and general and administrative expenses.

NovaDel is a Flemington, N.J.-based pharmaceutical company that develops an oral-spray drug delivery system.

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