NovaDel Announces Voluntary Delisting from NYSE Amex LLC and Pending Transfer to the Over-the-Counter Bulletin Board
December 03 2009 - 4:05PM
Business Wire
On December 2, 2009, NovaDel Pharma Inc. (the “Company”) (NYSE
AMEX: NVD) notified NYSE Amex LLC (“Exchange”) of its intent of
voluntarily delist its common stock from the Exchange. The Company
anticipates that the delisting will be effective 10 days after
filing of the Form 25, “Notification of Removal from Listing.” The
Company intends to file Form 25 on or after December 14, 2009. The
Board of Directors of the Company approved the voluntary delisting
of the Company’s common stock on October 15, 2009. Upon delisting
from the Exchange, the Company intends to have its common stock
quoted on the OTC Bulletin Board (“OTCBB”).
The Company previously received notice that it was not in
compliance with certain NYSE Exchange continued listing standards.
Specifically, the Company is not in compliance with Section
1003(a)(i) of the Exchange Guide with stockholders’ equity of less
than $2,000,000 and losses from continuing operations and net
losses in two of its three most recent fiscal years, Section
1003(a)(ii) of the Exchange Guide with stockholders’ equity of less
than $4,000,000 and losses from continuing operations and net
losses in three of its four most recent fiscal years, Section
1003(a)(iii) of the Exchange Guide with stockholders’ equity of
less than $6,000,000 and losses from continuing operations and net
losses in its five most recent fiscal years and Section 1003(a)(iv)
of the Exchange Guide in that it has sustained losses which are so
substantial in relation to its overall operations or its existing
financial resources, or its financial condition has become so
impaired that it appears questionable, in the opinion of the
Exchange, as to whether the Company will be able to continue
operations and/or meet its obligations as they mature. The Exchange
provided the Company a deadline of November 16, 2009 to regain
compliance with Sections 1003(a) (i), (ii), (iii) and (iv). NovaDel
has provided the Exchange updates and forecasts on the Company’s
progress and plan to regain compliance.
As of the date hereof, the Company has not been able to regain
compliance of the Sections previously noted. Even though the
Company has made significant progress towards compliance, our
ability to quickly cure the stockholders’ equity requirement of
$6,000,000 or more is not readily attainable.
Management believes that the price of the Company’s common stock
will continue to be determined by investors based on its progress
in licensing activities and further development of its product
pipeline.
ABOUT NOVADEL PHARMA
NovaDel Pharma Inc. is a specialty pharmaceutical company
developing oral spray formulations for a broad range of marketed
drugs. The Company’s proprietary technology offers, in comparison
to conventional oral dosage forms, the potential for faster
absorption of drugs into the bloodstream leading to quicker onset
of therapeutic effects and possibly reduced first pass liver
metabolism, which may result in lower doses. Oral sprays eliminate
the requirement for water or the need to swallow, potentially
improving patient convenience and adherence.
NovaDel’s oral spray technology is focused on addressing unmet
medical needs for a broad array of existing and future
pharmaceutical products. The Company’s most advanced oral spray
candidates target angina, nausea, insomnia, migraine headaches and
disorders of the central nervous system. NovaDel plans to develop
these and other products independently and through collaborative
arrangements with pharmaceutical and biotechnology companies. To
find out more about NovaDel Pharma Inc. (NYSE AMEX: NVD), visit our
website at www.novadel.com.
FORWARD-LOOKING STATEMENTS:
Except for historical information contained herein, this
document may contain forward-looking statements within the meaning
of the Private Securities Litigation Reform Act of 1995. These
statements involve known and unknown risks and uncertainties that
may cause the Company’s actual results or outcomes to be materially
different from those anticipated and discussed herein including,
but not limited to, the successful transition of the Company’s
common stock from NYSE Amex, LLC to the Over-the-Counter Bulletin
Board, the ability of third parties to commercialize the Company’s
products, the successful completion of its pilot pharmacokinetic
feasibility studies, the ability to develop products (independently
and through collaborative arrangements), the Company’s ability to
obtain additional required financing to fund its research programs,
the ability to commercialize and obtain FDA and other regulatory
approvals for products under development, and the acceptance in the
marketplace for oral spray products. The filing of an NDA with the
FDA is an important step in the approval process in the United
States. Acceptance for filing by the FDA does not mean that the NDA
has been or will be approved, nor does it represent an evaluation
of the adequacy of the data submitted. Further, the Company
operates in industries where securities may be volatile and may be
influenced by regulatory and other factors beyond the Company’s
control. In addition, our inability to maintain or enter into, and
the risks resulting from our dependence upon, collaboration or
contractual arrangements necessary for the development,
manufacture, commercialization, marketing, sales and distribution
of any of our products could materially impact the Company's actual
results. Important factors that the Company believes might cause
such differences are discussed in the risk factors detailed in the
Company’s most recent Annual Report on Form 10-K and Registration
Statements, filed with the Securities and Exchange
Commission. In assessing forward-looking statements contained
herein, if any, the reader is urged to carefully read all
cautionary statements contained in such filings.
For more detailed information regarding NovaDel’s 2009 financial
results and its product pipeline, please review the Company’s SEC
filings on Form 10-Q at the Investor Relations section of
www.novadel.com.
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