NovaDel Pharma Inc has sold its Zolpimist new drug application to Amherst Pharmaceuticals LLC. Zolpimist (zolpidem tartrate) is a patented, FDA approved bioequivalent version of sleep aid Ambien in an oral spray formulation. The transaction also includes the NovaDel patents and trademarks covered by NovaDel’s license agreement with ECR Pharmaceuticals Co Inc for US rights to Zolpimist as well as the license agreement itself. Also included in the transaction are the international patents and trademarks for Zolpimist.
The consideration for the sale was the assumption of the FDA fees, interest, and penalties relating to Zolpimist owed by NovaDel up to the closing of the transaction. These fees, interest, and penalties approximate $2,200,000. In addition, Amherst will pay NovaDel a 10% royalty on the sales of Zolpimist aggregating a maximum payment of $500,000 with an annual minimum of $150,000.
With this sale, NovaDel has completed the sale of all of its pharmaceutical assets. It is the intention of the company to liquidate the company or seek another business opportunity. The company, as of the closing of the Zolpimist sale, has assets consisting of approximately $2,000,000 in cash.