NovaDel receives $500,000 milestone payment from Akrimax in connection with NitroMist agreement

NovaDel Pharma Inc. (OTC BB: NVDL) today announced that it has received a $500,000 milestone payment from Akrimax Pharmaceuticals. The milestone payment was received in connection with the license and distribution agreement, dated October 27, 2009, between NovaDel Pharma Inc. and Mist Acquisition, LLC, an affiliate of Akrimax Pharmaceuticals. The agreement provides Akrimax with a license to manufacture and commercialize NitroMist® in North America. NitroMist is NovaDel's oral spray formulation of nitroglycerin, which has been approved by the FDA for acute relief of an attack of angina pectoris, or acute prophylaxis of angina pectoris, due to coronary artery disease.

Akrimax Pharmaceuticals also advised us that it has successfully launched NitroMist in the United States.