NovaDel announces end of licence deals with Talon, Par for ondansetron oral spray product.
M2 PHARMA-January 23, 2012-NovaDel announces end of licence deals with Talon, Par for ondansetron oral spray product(C)2012 M2 COMMUNICATIONS
23 January 2012 - NovaDel Pharma Inc (OTCBB:NVDL), a US company developing oral spray formulations for a range of marketed pharmaceuticals, on Friday announced the termination of certain licence agreements with Par Pharmaceutical Companies Inc (NYSE:PRX) and Talon Therapeutics Inc (OTCBB:TLON) related to the development and commercialisation of the company's ondansetron HCl oral spray product.
The termination of the accords has come into effect since 16 January 2012. As a result, all rights to develop and commercialise the product were returned to NovaDel Pharma in exchange for Talon's right to receive certain royalty payments related to the product.
With the termination of the agreements, NovaDel Pharma regains control of the product within US and Canada, a step the company estimates would better position it for a potential strategic transaction.
NovaDel Pharma has two FDA-approved marketed products. These are NitroMist for the treatment of angina and Zolpimist for the treatment of insomnia. Its lead product candidate, Duromist, is being developed for the treatment of erectile dysfunction.
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|Date:||Jan 23, 2012|
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