31 Dec 2012, BioSpectrum Bureau , BioSpectrum
Singapore: NovaDel Pharma has signed a preliminary agreement to sell its NovaMist technology to Suda, an Australian publicly-held pharmaceutical company. The proposed transaction includes the sale of NovaDel's patents and trademarks relating to its NovaMist technology. The sale, as contemplated, does not include the NitroMist or ZolpiMist intellectual property or licenses.
The commercial terms of the preliminary agreement are subject to confidentiality at this time and subject to satisfactory completion of due diligence by both parties, as well as the execution of a definitive agreement and subject to NovaDel board and stockholder approval, if required.
Suda is listed on the Australian Securities Exchange and is engaged in developing and marketing pharmaceutical products. Its principal activity is the development of a sublingual aerosol and pump formulation of artemisinin derivatives for the treatment of malaria.
ArTiMist, its artemisinin product, is administered sub-lingually and enters the bloodstream where the parasite lives, attacking at a far greater speed than conventional tablets and reducing the need for continued hospitalization while presenting significant cost savings to governments and relief organizations.
ArTiMist is particularly effective in the treatment of children and young infants who are experiencing malaria-related and gastro-intestinal problems and cannot tolerate tablet treatments. The company has completed the required phase III trials for this product and is expected to release the final trial report within the next 30 days.