NovaDel Receives Payment From Velcera Towards Its License, Development Agreement

NovaDel Pharma has received a payment of approximately $150,000 from Velcera, relating to its License and Development Agreement with Velcera dated June 22, 2004. Reportedly, the agreement provides Velcera with a license to develop and commercialize animal health products using the company’s buccal spray delivery technology.

Steve Ratoff, CEO of NovaDel Pharma, said: “I am very pleased to see one of our partners, Velcera continue to move forward on development efforts utilizing NovaDel’s proprietary oral spray technology.”

Dennis Steadman, CEO of Velcera, said: “Pet health has been a growth market attracting increased attention thanks in part to its relative insulation from economic downturns and this delivery technology can create pet medicines that provide superior convenience and compliance.”

NovaDel Pharma is a specialty pharmaceutical company developing oral spray formulations for a broad range of marketed drugs.