As previously reported, NovaDel Pharma Inc. (NVDL.PK) is in the process of selling its assets in anticipation of liquidating the company and distributing its remaining cash to shareholders. Previously, Novadel has (i) sold its NovaMist™ patents and trademarks to SUDA LTD in exchange for cash and SUDA Common Stock and Options, (ii) sold its NitroMist™ patents and Trademarks and the NitroMist license to Akrimax, and (iii) entered into an agreement to sell the intellectual property and license to ECR for ZolpiMist™ for the assumption of the amount due to the FDA relating to ZolpiMist. This agreement is subject to the buyer obtaining financing. If financing is obtained, this sale should close by the end of April 2014.

Over the past six months, the Company has sold its SUDA Common Stock and Options to settle a substantial portion of its outstanding liabilities. Recently, NovaDel has sold its remaining equity interest in SUDA for approximately $1.9 million.

The Company intends to submit to shareholders a recommendation to dissolve the Company and distribute the remaining assets to shareholders. It is estimated that, upon liquidation, the shareholders will receive a cash distribution of approximately $0.01 per share.

It is anticipated, subject to the sale of the ZolpiMist assets and shareholder approval, the liquidation and distribution should occur by May 31, 2014.

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 and is currently disposing of its remaining assets.

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.