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Boenning & Scattergood initiates coverage of NovaDel Pharma Inc. (AMEX:NVD) with a Market Outperform rating and a 12-month price target of at least $4. NVD has developed a proprietary oral spray technology to rapidly deliver drugs, leading to faster onset of therapeutic effect. Boenning & Scattergood believes that NVD will outperform the market over the next 12 months for the following reasons: * NVD has a strong product pipeline and its top three product candidates Zensana™, Zolpidem™, Sumatriptan™ have billion dollar market opportunities. * NVD’s core technology has a strong patent position, covering the technology, specific compounds, and multiple therapeutic categories, giving them significant pricing power over generics. * NVD has an efficient and scalable business model and is significantly undervalued. About Boenning & Scattergood: Founded in 1914, Boenning & Scattergood, Inc. is the oldest independently owned investment securities firm in the Philadelphia region. The firm offers a full compliment of investment services to institutional, retail and corporate clients, including research, sales, trading, investment banking and public finance. This release is neither an offer to sell nor a solicitation to buy any securities mentioned herein. Please refer to the full report, which is available upon request, for additional details and disclosures.
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