NovaDel has received a milestone payment of approximately $150,000 from Velcera relating to its License and Development Agreement with the latter.
The agreement provides Velcera with a license to develop and commercialize animal health products using the company’s buccal spray delivery technology.
The milestone payment resulted from Velcera’s recently signed global licensing agreement for the first canine pain management product delivered in a transmucosal mist form.
Steve Ratoff, CEO of NovaDel, 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.”
NovaDel develops oral spray formulations of a broad range of marketed therapeutics. The company’s proprietary NovaMist technology enables rapid delivery of drugs into the bloodstream, which results in faster onset of action and potential patient benefits in compliance, convenience and safety. NovaDel’s candidates target angina, insomnia, and nausea.