NovaDel Pharma Inc has received a milestone payment of approximately $150,000 from Velcera, Inc relating to its License and Development Agreement with Velcera dated June 22, 2004. The agreement provides Velcera with a license to develop and commercialize animal health products using the company's buccal spray delivery technology.
Steve Ratoff, the company's CEO, said, "I am very pleased to see one of our partners, Velcera, Inc., continue to move forward on development efforts utilizing NovaDel's proprietary oral spray technology."
This milestone payment resulted from Velcera's recently announced global licensing agreement for the first canine pain management product delivered in a transmucosal mist form. According to Dennis Steadman, CEO of Velcera, "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.