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Nuvelo Shareholders Approve Issuance of Common Stock Pursuant to Merger Agreement With ARCA biopharma
Date:1/7/2009

cated at 201 Industrial Road, Suite 310, San Carlos, California to consider the proposal to approve the amendment of the Company's amended and restated certificate of incorporation to effect the reverse stock split.

Shareholders who need assistance with voting their shares should contact Nuvelo's proxy solicitor, Georgeson Inc., at 800-377-0321.

About Nuvelo

Nuvelo, Inc. is dedicated to improving the lives of patients through the discovery, development and commercialization of novel drugs for acute cardiovascular disease, cancer and other debilitating medical conditions. Nuvelo's development pipeline includes NU172, a direct thrombin inhibitor which has completed Phase 1 development for use as a potential short-acting anticoagulant during medical or surgical procedures; and NU206, a Wnt pathway modulator in Phase 1 development for the potential treatment of chemotherapy/radiation therapy-induced mucositis and inflammatory bowel disease. In addition, Nuvelo is pursuing research programs in leukemia and lymphoma therapeutic antibodies and Wnt signaling pathway therapeutics to further expand its pipeline and create additional partnering and licensing opportunities.

Information about Nuvelo is available at its website at http://www.nuvelo.com or by phoning 650-517-8000.

Forward-looking statements

This press release contains "forward-looking statements" which include, without limitation, statements regarding the completion of the proposed merger transaction between Nuvelo, ARCA and Dawn Acquisition Sub, Inc., the solicitation of proxies, the transaction's anticipated completion and the progress of Nuvelo's clinical stage and research programs, which statements are hereby identified as "forward-looking statements" for purposes of the safe harbor provided by the Private Securities Litigation Reform Act of 1995. Such
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SOURCE Nuvelo, Inc.
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