NovaDel Pharma has signed a preliminary agreement to sell its NovaMist technology to SUDA, Australia-based pharmaceutical company.

The acquisition, which includes the sale of NovaDel’s patents and trademarks relating to NovaMist technology excludes the NitroMist or ZolpiMist intellectual property or licenses.

The commercial terms of the preliminary agreement are subject to satisfactory completion of due diligence by both companies, as well as the execution of a definitive agreement.

In addition to execution of a definitive agreement, the deal is also subject to approval NovaDel board and stockholder approval.

SUDA develops sublingual aerosol and pump formulation of artemisinin derivatives to treat malaria.

ArTiMist, SUDA’s artemisinin product, is administered sub-lingually into the bloodstream where the malaria parasite lives to decrease the need for continued hospitalization.