Nuvelo Reports Second Quarter 2008 Financi...(08 or first quarterof 2009. 2008 Gui...)

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 '/>"/>