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news.As previously reported, NovaDel Pharma has sold its remaining assets, which consisted of the ZolpiMist NDA, a license agreement and related global intellectual property to Amherst Pharmaceuticals in exchange for assumption of approximately $2.2m in fees owed to the FDA in relation to ZolpiMist.
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As of this date, Amherst has not paid or entered into an agreement to pay the FDA the amount owed.
Under the terms of our agreement with Amherst, they have until December 31, 2015, to pay the amount owed to the FDA. Amherst has informed us that they are in the process of discussing this obligation with the FDA. Until Amherst settles this liability, NovaDel will remain contingently liable for these fees.
As of December 31, 2014, NovaDel’s assets, net of current liabilities, consisted of approximately $1.8 million in cash. In addition, the Company has approximately $60 million of U.S. Federal tax loss carry forwards.
These carry forwards may be used to offset future income of the Company, under certain conditions, and therefore have some economic value. The Company is currently evaluating alternatives ranging from acquiring operating assets, in order to take advantage of the carry forwards, to liquidating the Company.
It is expected that a course of action will be defined and, if required, will be presented to shareholders within the first half of this year.