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Nuvelo Reports First Quarter 2008 Financial Results and Updated Outlook for 2008
Date:5/8/2008

2008 net cash used in operating activities to be in the range of $43.0 to $48.0 million and operating expenses, including $4.0 million in restructuring and facility exit charges taken in the first quarter, to be in the range of $47.0 to $52.0 million.

Nuvelo anticipates accomplishing the following near-term milestones:

-- Initiation of a Phase 1b bolus plus infusion trial with NU172 in

healthy volunteers in the second quarter of 2008;

-- Trial completion and top-line data from the Phase 1b bolus plus

infusion trial with NU172 in the third quarter of 2008;

-- Initiation of a Phase 2 trial with NU172 in medical or surgical

procedures in the fourth quarter of 2008 or first quarter of 2009;

-- Initiation of a Phase 1 trial with NU206 in mucositis in the second

quarter of 2008;

-- Initiation of a Phase 1 single ascending dose trial with NU206 in

healthy volunteers in the third quarter of 2008;

-- Trial completion and top-line data from the Phase 1 single ascending

dose trial with NU206 in healthy volunteers in the second half of 2008;

-- Initiation of a Phase 1b multiple ascending dose trial with NU206 in

healthy volunteers in the fourth quarter of 2008 or first quarter of

2009; and

-- Advancement of a new candidate from either the Wnt Therapeutics or the

Leukemia Therapeutics Program in 2008.

Conference Call Information

Nuvelo will hold a conference call and virtual webcast today at 4:30 p.m. Eastern Time (1:30 p.m. Pacific Time) to discuss this announcement. To participate in the conference call, please dial 866-854-8095 for domestic callers and 706-634-8567 for international callers and reference conference passcode 43639045. A telephone replay of the conference call will be available through Thursday, May 22, 2008. To access the replay, please dial 800-642-1687 for domestic callers and 706-645-9291 for internati
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SOURCE Nuvelo, Inc.
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