2008 Guidance and Key Milestones
Nuvelo is reiterating its prior guidance for 2008 net cash used in operating activities to be in the range of $43.0 to $48.0 million. As a result of the goodwill impairment charge in the second quarter of 2008, the guidance for total operating expenses in 2008 has been revised to be in the range of $52.0 to $57.0 million.
Nuvelo anticipates accomplishing the following near-term milestones:
-- Trial completion and top-line data from the Phase 1b bolus plus infusion trial with NU172 within the next several weeks;
-- Initiation of a Phase 2 trial with NU172 in CABG procedures in the fourth quarter of 2008 or first quarter of 2009;
-- Initiation of a Phase 1 single ascending dose (SAD) trial with NU206 in healthy volunteers within the next several weeks;
-- Trial completion and top-line data from the Phase 1 SAD trial with NU206 in healthy volunteers in the second half of 2008;
-- Initiation of a Phase 1b multiple ascending dose (MAD) 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 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,
52257433. A telephone replay of the conference call will be available
through Saturday, July 26, 2008. To access the replay, please dial
800-642-1687 for domestic callers and 706-645-9291 for international
callers and reference conference passcode, 52257433. In addition, this call
is being webcast by Thomson/CCBN and can be accessed at Nuvelo's website at
|SOURCE Nuvelo, Inc.|
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