UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
SCHEDULE 13G
UNDER THE SECURITIES EXCHANGE ACT OF 1934(1)
NovaDel Pharma Inc.
(Name of Issuer)
Common Stock, $.001 par value
(Title of Class of Securities)
66986X 10 6
(CUSIP Number)
May 26, 2005
(Date of Event Which Requires Filing of this Statement)
Check the appropriate box to designate the rule pursuant to which this
Schedule is filed:
|_| Rule 13d-1(b)
|X| Rule 13d-1(c)
|_| Rule 13d-1(d)
(1) The remainder of this cover page shall be filled out for a
reporting person's initial filing on this form with respect to the subject class
of securities, and for any subsequent amendment containing information which
would alter the disclosures provided in a prior cover page.
The information required in the remainder of this cover page shall not
be deemed to be "filed" for the purpose of Section 18 of the Securities Exchange
Act of 1934 or otherwise subject to the liabilities of that section of the Act
but shall be subject to all other provisions of the Act (however, see the
Notes).
CUSIP No. 66986X 10 6 13G Page 2 of 14 Pages
--------- ----------------------------------------------------------------------
1. NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY)
ProQuest Investments II, L.P. 22-3764772
--------- ----------------------------------------------------------------------
2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP** (a) |_|
(b) |X|
--------- ----------------------------------------------------------------------
3. SEC USE ONLY
--------- ----------------------------------------------------------------------
4. CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
--------- ----------------------------------------------------------------------
5. SOLE VOTING POWER
NUMBER OF
-0-
SHARES -------- -------------------------------------------------
6. SHARED VOTING POWER
BENEFICIALLY
1,255,500
OWNED BY -------- -------------------------------------------------
7. SOLE DISPOSITIVE POWER
EACH
-0-
REPORTING -------- -------------------------------------------------
8. SHARED DISPOSITIVE POWER
PERSON WITH
1,255,500
--------- ----------------------------------------------------------------------
9. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
1,255,500
--------- ----------------------------------------------------------------------
10. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW 9 EXCLUDES
CERTAIN SHARES** |_|
--------- ----------------------------------------------------------------------
11. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
3.1%
--------- ----------------------------------------------------------------------
12. TYPE OF REPORTING PERSON**
PN
--------- ----------------------------------------------------------------------
** SEE INSTRUCTIONS BEFORE FILLING OUT
CUSIP No. 66986X 10 6 13G Page 3 of 14 Pages
--------- ----------------------------------------------------------------------
1. NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY)
ProQuest Investments III, L.P. 20-0992411
--------- ----------------------------------------------------------------------
2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP** (a)
(b) |X|
--------- ----------------------------------------------------------------------
3. SEC USE ONLY
--------- ----------------------------------------------------------------------
4. CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
--------- ----------------------------------------------------------------------
5. SOLE VOTING POWER
NUMBER OF
-0-
SHARES -------- -------------------------------------------------
6. SHARED VOTING POWER
BENEFICIALLY
4,945,876
OWNED BY -------- -------------------------------------------------
7. SOLE DISPOSITIVE POWER
EACH
-0-
REPORTING -------- -------------------------------------------------
8. SHARED DISPOSITIVE POWER
PERSON WITH
4,945,876
--------- ----------------------------------------------------------------------
9. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
4,945,876
--------- ----------------------------------------------------------------------
10. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW 9 EXCLUDES
CERTAIN SHARES** |_|
--------- ----------------------------------------------------------------------
11. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
11.8%
--------- ----------------------------------------------------------------------
12. TYPE OF REPORTING PERSON**
PN
--------- ----------------------------------------------------------------------
** SEE INSTRUCTIONS BEFORE FILLING OUT
CUSIP No. 66986X 10 6 13G Page 4 of 14 Pages
--------- ----------------------------------------------------------------------
1. NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY)
ProQuest Investments II Advisors Fund, L.P. 22-3784567
--------- ----------------------------------------------------------------------
2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP** (a) |_|
(b) |X|
--------- ----------------------------------------------------------------------
3. SEC USE ONLY
--------- ----------------------------------------------------------------------
4. CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
--------- ----------------------------------------------------------------------
5. SOLE VOTING POWER
NUMBER OF
-0-
SHARES -------- -------------------------------------------------
6. SHARED VOTING POWER
BENEFICIALLY
30,214
OWNED BY -------- -------------------------------------------------
7. SOLE DISPOSITIVE POWER
EACH
-0-
REPORTING -------- -------------------------------------------------
8. SHARED DISPOSITIVE POWER
PERSON WITH
30,214
--------- ----------------------------------------------------------------------
9. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
30,214
--------- ----------------------------------------------------------------------
10. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW 9 EXCLUDES
CERTAIN SHARES** |_|
--------- ----------------------------------------------------------------------
11. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
0.1%
--------- ----------------------------------------------------------------------
12. TYPE OF REPORTING PERSON**
PN
--------- ----------------------------------------------------------------------
** SEE INSTRUCTIONS BEFORE FILLING OUT
CUSIP No. 66986X 10 6 13G Page 5 of 14 Pages
--------- ----------------------------------------------------------------------
1. NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY)
ProQuest Associates II LLC 22-3764735
--------- ----------------------------------------------------------------------
2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP** (a) |_|
(b) |X|
--------- ----------------------------------------------------------------------
3. SEC USE ONLY
--------- ----------------------------------------------------------------------
4. CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
--------- ----------------------------------------------------------------------
5. SOLE VOTING POWER
NUMBER OF
-0-
SHARES -------- -------------------------------------------------
6. SHARED VOTING POWER
BENEFICIALLY
1,285,714
OWNED BY -------- -------------------------------------------------
7. SOLE DISPOSITIVE POWER
EACH
-0-
REPORTING -------- -------------------------------------------------
8. SHARED DISPOSITIVE POWER
PERSON WITH
1,285,714
--------- ----------------------------------------------------------------------
9. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
1,285,714
--------- ----------------------------------------------------------------------
10. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW 9 EXCLUDES
CERTAIN SHARES** |_|
--------- ----------------------------------------------------------------------
11. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
3.1%
--------- ----------------------------------------------------------------------
12. TYPE OF REPORTING PERSON**
OO
--------- ----------------------------------------------------------------------
** SEE INSTRUCTIONS BEFORE FILLING OUT
CUSIP No. 66986X 10 6 13G Page 6 of 14 Pages
--------- ----------------------------------------------------------------------
1. NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY)
ProQuest Associates III LLC 20-0992451
--------- ----------------------------------------------------------------------
2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP** (a) |_|
(b) |X|
--------- ----------------------------------------------------------------------
3. SEC USE ONLY
--------- ----------------------------------------------------------------------
4. CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
--------- ----------------------------------------------------------------------
5. SOLE VOTING POWER
NUMBER OF
-0-
SHARES -------- -------------------------------------------------
6. SHARED VOTING POWER
BENEFICIALLY
4,945,876
OWNED BY -------- -------------------------------------------------
7. SOLE DISPOSITIVE POWER
EACH
-0-
REPORTING -------- -------------------------------------------------
8. SHARED DISPOSITIVE POWER
PERSON WITH
4,945,876
-------- -----------------------------------------------------------------------
9. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
4,945,876
--------- ----------------------------------------------------------------------
10. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW 9 EXCLUDES
CERTAIN SHARES |_|
--------- ----------------------------------------------------------------------
11. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
11.8%
--------- ----------------------------------------------------------------------
12. TYPE OF REPORTING PERSON**
OO
--------- ----------------------------------------------------------------------
** SEE INSTRUCTIONS BEFORE FILLING OU
CUSIP No. 66986X 10 6 13G Page 7 of 14 Pages
--------- ----------------------------------------------------------------------
1. NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY)
Jay Moorin
--------- ----------------------------------------------------------------------
2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP** (a) |_|
(b) |X|
--------- ----------------------------------------------------------------------
3. SEC USE ONLY
--------- ----------------------------------------------------------------------
4. CITIZENSHIP OR PLACE OF ORGANIZATION
United States
--------- ----------------------------------------------------------------------
5. SOLE VOTING POWER
NUMBER OF
-0-
SHARES -------- -------------------------------------------------
6. SHARED VOTING POWER
BENEFICIALLY
6,231,590
OWNED BY -------- -------------------------------------------------
7. SOLE DISPOSITIVE POWER
EACH
-0-
REPORTING -------- -------------------------------------------------
8. SHARED DISPOSITIVE POWER
PERSON WITH
6,231,590
-------- -----------------------------------------------------------------------
9. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
6,231,590
--------- ----------------------------------------------------------------------
10. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW 9 EXCLUDES
CERTAIN SHARES** |_|
--------- ----------------------------------------------------------------------
11. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
14.8%
--------- ----------------------------------------------------------------------
12. TYPE OF REPORTING PERSON**
IN
--------- ----------------------------------------------------------------------
** SEE INSTRUCTIONS BEFORE FILLING OUT
CUSIP No. 66986X 10 6 13G Page 8 of 14 Pages
--------- ----------------------------------------------------------------------
1. NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY)
Alain Schreiber
--------- ----------------------------------------------------------------------
2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP** (a) |_|
(b) |X|
--------- ----------------------------------------------------------------------
3. SEC USE ONLY
--------- ----------------------------------------------------------------------
4. CITIZENSHIP OR PLACE OF ORGANIZATION
United States Resident Alien
--------- ----------------------------------------------------------------------
5. SOLE VOTING POWER
NUMBER OF
-0-
SHARES -------- -------------------------------------------------
6. SHARED VOTING POWER
BENEFICIALLY
6,231,590
OWNED BY -------- -------------------------------------------------
7. SOLE DISPOSITIVE POWER
EACH
-0-
REPORTING -------- -------------------------------------------------
8. SHARED DISPOSITIVE POWER
PERSON WITH
6,231,590
-------- -----------------------------------------------------------------------
9. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
6,231,590
--------- ----------------------------------------------------------------------
10. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW 9 EXCLUDES
CERTAIN SHARES** |_|
--------- ----------------------------------------------------------------------
11. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
14.8%
--------- ----------------------------------------------------------------------
12. TYPE OF REPORTING PERSON**
IN
--------- ----------------------------------------------------------------------
** SEE INSTRUCTIONS BEFORE FILLING OUT
CUSIP No. 66986X 10 6 13G Page 9 of 14 Pages
ITEM 1(A). NAME OF ISSUER.
NovaDel Pharma Inc. (the "Company").
ITEM 1(B). ADDRESS OF ISSUER'S PRINCIPAL EXECUTIVE OFFICES.
The Company's principal executive offices are located at 25
Minneakoning Road, Flemington, New Jersey 08822.
ITEMS 2(A). NAME OF PERSON FILING.
This statement is filed on behalf of the following persons with
respect to shares of common stock of the Company and stock warrants to purchase
shares of common stock of the Company purchased by such persons (collectively,
the "Shares") in connection with a private placement of the Company's
securities.
(i) ProQuest Investments II, L.P., a Delaware limited partnership
("Investments II"), with respect to Shares beneficially owned by it;
(ii) ProQuest Investments III, L.P. a Delaware limited partnership
("Investments III"), with respect to Shares beneficially owned by it;
(iii) ProQuest Investments II Advisors Fund, L.P., a Delaware limited
partnership ("Advisors Fund"), with respect to Shares beneficially owned by it;
(iv) ProQuest Associates II LLC, a Delaware limited liability company
("Associates II"), as General Partner of Investments II and Advisors Fund, with
respect to Shares beneficially owned by Investments II and Advisors Fund;
(v) ProQuest Associates III LLC, a Delaware limited liability company
("Associates III"), as General Partner of Investments III, with respect to
Shares beneficially owned by Investments III;
(vi) Jay Moorin, an individual and a member of Associates II and
Associates III ("Moorin"), with respect to Shares beneficially owned by
Investments II, Advisors Fund, and Investments III; and
(vii) Alain Schreiber, an individual and a member of Associates II and
Associates III ("Schreiber"), with respect to Shares beneficially owned by
Investments II, Advisors Fund, and Investments III.
The foregoing persons are hereinafter are referred to collectively as
the "Reporting Persons." Any disclosures herein with respect to persons other
than the Reporting Persons are made on information and belief after making
inquiry to the appropriate party.
CUSIP No. 66986X 10 6 13G Page 10 of 14 Pages
ITEM 2(B). ADDRESS OF PRINCIPAL BUSINESS OFFICE OR, IF NONE, RESIDENCE.
The address of the principal business office of each of the Reporting
Persons is 90 Nassau Street, 5th Floor, Princeton, NJ 08542.
ITEM 2(C). CITIZENSHIP.
Mr. Moorin is a United States citizen. Mr. Schreiber is a United
States resident alien. Investments II, Investments III, and Advisors Fund are
Delaware limited partnerships organized under the laws of the State of Delaware.
Associates II and Associates III are Delaware limited liability companies
organized under the laws of the State of Delaware.
ITEM 2(D). TITLE OF CLASS OF SECURITIES.
Common stock, par value $0.001 per share.
ITEM 2(E). CUSIP NUMBER.
66986X 10 6
ITEM 3.
If this statement is filed pursuant to Rules 13d-1(b) or 13d- 2(b) or
(c), check whether the person filing is a:
(a) |_| Broker or dealer registered under Section 15 of the Act,
(b) |_| Bank as defined in Section 3(a)(6) of the Act,
(c) |_| Insurance Company as defined in Section 3(a)(19) of the
Act,
(d) |_| Investment Company registered under Section 8 of the
Investment Company Act of 1940,
(e) |_| Investment Adviser in accordance with Rule 13d-1(b)
(1)(ii)(E),
(f) |_| Employee Benefit Plan or Endowment Fund in accordance with
13d-1 (b)(1)(ii)(F),
(g) |_| Parent Holding Company or control person in accordance
with Rule 13d-1 (b)(1)(ii)(G),
(h) |_| Savings Association as defined in Section 3(b) of the
Federal Deposit Insurance Act,
(i) |_| Church Plan that is excluded from the definition of an
investment company under Section 3(c)(14) of the
Investment Company Act of 1940,
(j) |_| Group, in accordance with Rule 13d-1(b)(1)(ii)(J).
CUSIP No. 66986X 10 6 13G Page 11 of 14 Pages
If this statement is filed pursuant to 13d-1(c), check this box: |X|
ITEM 4. OWNERSHIP.
The percentages used herein are calculated based upon 40,597,318 shares
issued and outstanding, as of October 1, 2005, based upon the Company's Form
10-KSB for the fiscal year ended July 31, 2005. As of the close of business on
November 21, 2005, the Reporting Persons beneficially owned shares of the
Company's common stock in the amounts and percentages listed below:
A. PROQUEST INVESTMENTS II, L.P.
(a) Amount beneficially owned: 1,255,500
(b) Percent of class: 3.1%
(c) (i) Sole power to vote or direct the vote: -0-
(ii) Shared power to vote or direct the vote: 1,255,500
(iii) Sole power to dispose or direct the disposition: -0-
(iv) Shared power to dispose or direct the disposition:
1,255,500
B. PROQUEST INVESTMENTS III, L.P.
(a) Amount beneficially owned: 4,945,876
(b) Percent of class: 11.8%
(c) (i) Sole power to vote or direct the vote: -0-
(ii) Shared power to vote or direct the vote: 4,945,876
(iii) Sole power to dispose or direct the disposition: -0-
(iv) Shared power to dispose or direct the disposition:
4,945,876
C. PROQUEST INVESTMENTS II ADVISORS FUND, L.P.
(a) Amount beneficially owned: 30,214
(b) Percent of class: 0.1%
(c) (i) Sole power to vote or direct the vote: -0-
(ii) Shared power to vote or direct the vote: 30,214
(iii) Sole power to dispose or direct the disposition: -0-
CUSIP No. 66986X 10 6 13G Page 12 of 14 Pages
(iv) Shared power to dispose or direct the disposition:
30,214
D. PROQUEST ASSOCIATES II LLC
(a) Amount beneficially owned: 1,285,714
(b) Percent of class: 3.1%
(c) (i) Sole power to vote or direct the vote: -0-
(ii) Shared power to vote or direct the vote: 1,285,714
(iii) Sole power to dispose or direct the disposition: -0-
(iv) Shared power to dispose or direct the disposition:
1,285,714
E. PROQUEST ASSOCIATES III LLC
(a) Amount beneficially owned: 4,945,876
(b) Percent of class: 11.8%
(c) (i) Sole power to vote or direct the vote: -0-
(ii) Shared power to vote or direct the vote: 4,945,876
(iii) Sole power to dispose or direct the disposition: -0-
(iv) Shared power to dispose or direct the disposition:
4,945,876
F. JAY MOORIN
(a) Amount beneficially owned: 6,231,590
(b) Percent of class: 14.8%
(c) (i) Sole power to vote or direct the vote: -0-
(ii) Shared power to vote or direct the vote: 6,231,590
(iii) Sole power to dispose or direct the disposition: -0-
(iv) Shared power to dispose or direct the disposition:
6,231,590
G. ALAIN SCHREIBER
(a) Amount beneficially owned: 6,231,590
(b) Percent of class: 14.8%
CUSIP No. 66986X 10 6 13G Page 13 of 14 Pages
(c) (i) Sole power to vote or direct the vote: -0-
(ii) Shared power to vote or direct the vote: 6,231,590
(iii) Sole power to dispose or direct the disposition: -0-
(iv) Shared power to dispose or direct the disposition:
6,231,590
ITEM 5. OWNERSHIP OF FIVE PERCENT OR LESS OF A CLASS.
If this statement is being filed to report the fact that as of the
date hereof the reporting person has ceased to be the beneficial owner of more
than five percent of the class of securities, check the following. |_|
ITEM 6. OWNERSHIP OF MORE THAN FIVE PERCENT ON BEHALF OF ANOTHER
PERSON.
To the knowledge of the Reporting Persons, no other person has the
right to receive or the power to direct the receipt of dividends from, or the
proceeds from the sale of, a number of the Shares which represents more than
five percent of the number of outstanding shares of the Shares.
ITEM 7. IDENTIFICATION AND CLASSIFICATION OF THE SUBSIDIARY WHICH
ACQUIRED THE SECURITY BEING REPORTED ON BY THE PARENT
HOLDING COMPANY.
Not Applicable.
ITEM 8. IDENTIFICATION AND CLASSIFICATION OF MEMBERS OF THE GROUP.
Not Applicable.
ITEM 9. NOTICE OF DISSOLUTION OF GROUP.
Not Applicable.
ITEM 10. CERTIFICATIONS.
Each of the Reporting Persons hereby makes the following certification:
By signing below I certify that, to the best of my knowledge and
belief, the securities referred to above were not acquired and are not held for
the purpose of or with the effect of changing or influencing the control of the
issuer of the securities and were not acquired and are not held in connection
with or as a participant in any transaction having that purpose or effect.
CUSIP No. 66986X 10 6 13G Page 14 of 14 Pages
SIGNATURE
After reasonable inquiry and to the best of my knowledge and belief, I
certify that the information set forth in this statement is true, complete and
correct.
DATED: November 30, 2005
/s/ Pasquale DeAngelis
-----------------------------------
Pasquale DeAngelis, as a member of
ProQuest Associates III LLC and on
behalf of ProQuest Investments III,
L.P., and as a member of ProQuest
Associates II LLC and on behalf of
ProQuest Investments II, L.P. and
ProQuest Investments II Advisors
Fund, L.P.
*
-----------------------------------
Jay Moorin, individually
*
-----------------------------------
Alain Schreiber, individually
*By: /s/ Pasquale DeAngelis
--------------------------------------------
Pasquale DeAngelis, Attorney-in-Fact
Power of attorney filed as an exhibit hereto
Index Exhibit
SCHEDULE 13G
Exhibit Number Exhibit Description
-------------- -------------------
99.1 Joint Filing Agreement
99.2 Power of Attorney