On May 16 Novadel Pharma Inc. (OTC:NVDL) filed it’s quarterly report, which seemed to trigger a rather negative response. Yesterday NVDL managed to pull some of the losses back.
While NVDL couldn’t close at the HOD, it did manage a close at $0.0921 for a 24.46% gain. The stock was traded throughout the day and at the end the volume was approximately 1.9 million shares.
The apparent reason for that performance was a press release from the company. It announced NVDL had opened an original Investigational New Drug (IND) application with the FDA for its Duromist program.[BANNER]
While this is a step in the right direction, it didn’t seem good enough to break back above the $0.10 mark. Possibly because opening an IND application in no way guarantees it will result in approval from the FDA.
Another potential reason is the questionable financial situation of NVDL. At any rate, yesterday’s performance seems to have caught the eyes of some newsletters. This will bring extra attention to NVDL, which doesn’t necessarily mean more volume or a positive price move.
With or without the IND application, the company still has to find financing to fund its operations and that could very well be at the expense of the shareholders.
