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NovaDel Licenses NitroMist Lingual Spray

Wednesday, October 28, 2009 5:01:00 AM PDT | VentureDeal Staff
Flemington, New Jersey  --  Pharmaceutical company NovaDel Pharma announced that it has licensed its lingual spray version of nitroglycerin to privately held Mist Acquisition, LLC.

Under the terms of the license, Mist will pay a $1 million licensing fee upon execution, milestone payments totaling an additional $1 million over the next 12 months, and ongoing performance payments of 17% of net sales.

Also announced was a separate license agreement between Mist and Akrimax Pharmaceuticals.  Akrimax will receive exclusive rights to manufacture and market NitroMist in North America.

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