SUD 0.00% 0.5¢ suda pharmaceuticals ltd

update Amherst agreement

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    Hi All

    31/01/2015 Business Wire

    NovaDel Announces Update to Agreement with Amherst Pharmaceuticals.

    NovaDel Pharmaceuticals has sold its remaining assets, which consisted of ZolpiMist NDA, a licence agreement and related global intellectual property to Amherst Pharmaceuticals LIC, in exchange for assumption of approximately $2.2M in fees owed to FDA in relation to Zolpimist. As of this date, Amherst has not paid or entered into an agreement to pay the FDA the amount owed.
    Under the terms of the agreement with Amherst, they have until 31st December 2015 to pay the amount owed to the FDA. Until Amherst settles the liability, NovaDel will remain contingently liable for these fees.
    As of 31/12/2014 NovaDel has assets of approx $1.8m in cash and in addition has approx $60M of US Fed tax loss to carry forward, which may be used to offset future income of the Company and therefore under certain conditions have some economic value. NovaDel is evaluating alternatives to take advantage of these losses.
    It is expected that a course of action will be defined and presented to shareholders within the first half of the year.

    No mention of the 10M options held by NovaDel..5c conversion date 31/12/15. I guess that NovaDel have though of converting when SUD share price is above 5c so that they can make use of their tax for thought.

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