NovaDel Pharma Inc. (NVDL.PK) has sold its ZolpiMist® New Drug Application to Amherst Pharmaceuticals, LLC. The transaction also includes the NovaDel patents and trademarks covered by NovaDel’s license agreement with ECR Pharmaceuticals Co., Inc. for US rights to ZolpiMist as well as the license agreement itself. Also included in the transaction are the international patents and trademarks for ZolpiMist.

The consideration for the sale was the assumption of the FDA fees, interest and penalties relating to ZolpiMist owed by NovaDel up to the closing of the transaction. These fees, interest and penalties approximate $2,200,000. In addition, Amherst will pay NovaDel a 10% royalty on the sales of ZolpiMist aggregating a maximum payment of $500,000 with an annual minimum of $150,000.

With this sale, NovaDel has completed the sale of all of its pharmaceutical assets. As previously announced, it is the intention of the Company to liquidate the Company or seek another business opportunity. The Company, as of the closing of the ZolpiMist sale, has assets consisting of approximately $2,000,000 in cash.

About NovaDel Pharma

NovaDel Pharma Inc. is a specialty pharmaceutical company that previously developed oral spray formulations of marketed pharmaceutical products. The Company has discontinued its operations.

About Amherst Pharmaceuticals

Amherst Pharmaceuticals is a specialty pharmaceutical company principally focused on launching high value, FDA approved products into the market. Amherst Pharmaceuticals intends to commercially develop ZolpiMist® by positioning it as the alternative to oral zolpidem tablets.

Forward-Looking Statements:

Except for historical information contained herein, this document may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements involve known and unknown risks and uncertainties that may cause the Company’s actual results or outcomes to be materially different from those anticipated and discussed herein.

Important factors that the Company believes might cause such differences are discussed in the risk factors detailed in the Company’s Quarterly Report on Form 10-Q for the period ended September 30, 2011 filed with the Securities and Exchange Commission. In assessing forward-looking statements contained herein, if any, the reader is urged to carefully read all cautionary statements contained in such filings. We do not intend to update any of these factors or to publicly announce the results of any revisions to these forward-looking statements.