Shares of Novadel Pharma Inc. (AMEX: NVD) steadily rose throughout the day, climbing 5 cents, nearly 8 percent, to 68 cents by the market’s close. The activity reflects of the pharmaceutical company’s announcement that Par Pharmaceuticals has been granted a sublicense agreement for the commercialization of Zensana.
The company said it expects Zensana, to be one of the first in its class to prevent nausea and vomiting related to chemotherapy, radiation and surgery, available in an oral spray. In the announcement, the company said it will work with Par to further develop Zesana and push to commercialize the product throughout North America.
“I am very pleased to have entered into such a strategic arrangement with Par. Over the past year, Par has demonstrated a strong commitment to branded pharmaceutical products targeting the AIDS and oncology supportive care markets, which includes a series of product acquisitions over the past few months. The combination of NovaDel’s proven expertise in oral spray formulations along with Par’s extensive product development and commercialization capabilities provides an excellent path forward for an important drug such as, Zensana,” said Steven B. Ratoff, chairman and interim president and CEO of NovaDel, in a statement.
John A. MacPhee, president of Par’s branded division, said Zesana “aligns well with Par’s strategy to expand its presence in supportive care for oncology and AIDS patients.”
“We’re fortunate to be able to call upon NovaDel’s and our own scientific team’s expertise to help bring this unique dosage form to market. For Par, this agreement provides an opportunity to take advantage of our core scientific competencies in formulation and bioequivalence while expanding our product pipeline. We expect Zensana to be an excellent alternative for patients having difficulty tolerating tablets and other forms of ondansetron,” MacPhee stated.
The company said the anti-emetic therapies market is expected to rake in $2 billion in sales annually.
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