NovaDel Licenses Lingual Spray Version of Leading Anti-emetic,
Ondansetron, to Hana Biosciences, Inc.
FLEMINGTON, N.J., Oct. 27 /PRNewswire-FirstCall/ -- NovaDel Pharma Inc. (AMEX:NVD) said it entered into a licensing agreement with Hana Biosciences,
Inc. of South San Francisco (OTC:HNAB) (BULLETIN BOARD: HNAB) to develop and
market NovaDel's lingual spray version of ondansetron, the most widely
prescribed anti-emetic for preventing chemotherapy-induced nausea and vomiting.
Zofran(R), the currently marketed brand of the product, is sold by
GlaxoSmithKline and generates US revenue of approximately $1.0 billion
annually.
The nausea and vomiting that often occurs during or after chemotherapy
treatments may make it difficult for patients to take ondansetron in tablet
form. A lingual spray form of the drug that is rapidly absorbed into the
bloodstream via the oral mucosa may offer those patients a fast and tolerable
method for relief from such side effects.
Under terms of the agreement, Hana purchased an undisclosed number of NovaDel
common shares and NovaDel received equity in Hana. Hana will pay all
development costs related to the product. Hana receives exclusive rights to
market, sell and distribute NovaDel's ondansetron lingual spray in the US and
Canada. NovaDel will receive milestone development payments and double-digit
royalties on sales of the product.
"Hana's oncology focus makes it an ideal partner to lead the development and
marketing of this innovative product," said Gary A. Shangold, MD, NovaDel's
president and chief executive officer. "We're delighted to welcome a partner
with such a deep and talented team of industry professionals," he added.
Upon successful completion of the clinical studies, Hana and NovaDel will file
a New Drug Application with the US FDA for marketing approval under Section
505(b)(2).
About NovaDel NovaDel Pharma Inc. is a specialty pharmaceutical company engaged in the
development of novel drug delivery systems for prescription and over-the-
counter drugs. The Company's proprietary lingual spray technology delivery
system offers the patient the potential for (i) fast onset of action; (ii)
improved drug safety by reducing the required drug dosage and reducing side
effects; (iii) improved patient convenience and compliance; and (iv) enhanced
dosage reliability. The Company plans to develop such products independently
and through collaborative arrangements with major pharmaceutical and biotech
companies. To find out more about NovaDel Pharma Inc. (AMEX:NVD), visit our
website at http://www.novadel.com/.
Except for historical information contained herein, this document contains
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 completion of its pilot pharmacokinetic
feasibility studies, the ability to develop products (independently and through
collaborative arrangements), the ability to commercialize and obtain FDA and
other regulatory approvals for products under development and the acceptance in
the marketplace for lingual spray products.. 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. 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 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.
About Hana Biosciences Hana Biosciences, Inc. (OTC:HNAB) (BULLETIN BOARD: HNAB) acquires, develops,
and commercializes innovative products for the treatment of important unmet
medical needs in cancer and immunological diseases. The company is committed to
creating value by building a world-class team, accelerating the development of
lead product candidates, expanding its pipeline by being the alliance partner
of choice, and nurturing a unique company culture. Additional information on
Hana Biosciences can be found at http://www.hanabiosciences.com/.
Contact: Barry C. Cohen
VP Business & New Product Development
NovaDel Pharma Inc. 908.782-3431 x 2160 Thomas Redington
Redington, Inc. 203.222.7399
212.926.1733
DATASOURCE: NovaDel Pharma Inc.
CONTACT: Barry C. Cohen, VP Business & New Product Development of NovaDel Pharma Inc., +1-908-782-3431 x 2160; or Thomas Redington of Redington, Inc., +1-203-222-7399, or +1-212-926-1733, , for NovaDel Pharma Inc. Web site: http://www.novadel.com/ http://www.hanabiosciences.com/
|