NovaDel Announces Termination of Oral Spray License Agreements
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The company has announced the termination of certain license agreements with Talon Therapeutics, Inc. and Par Pharmaceutical Companies, Inc., relating to the development and commercialization of the Company's ondansetron HCl oral spray product.
Pursuant to the agreements terminating the Talon and Par license agreements, all rights to develop and commercialize the product were returned to the Company in exchange for Talon's right to receive certain royalty payments in connection with the product. The Company believes the termination of these license agreements better positions the Company for a potential strategic transaction by returning control of the product within the United States and Canada to the Company. Further details regarding the terms of the termination agreements can be found in the Company's Current Report on Form 8-K filed in connection herewith.