MISSISSAUGA, ON, Oct. 30 /PRNewswire-FirstCall/ - Nuvo Research Inc.
(TSX: NRI), a Canadian drug development company focused on the research and
development of drug products that are delivered to and through the skin
using its topical and transdermal drug delivery technologies, today
announced its financial and operational results for the three and nine
months ended September 30, 2008.
Key Corporate Developments:
- The Company remains on target to resubmit its Pennsaid application to
the U.S. FDA in early 2009 and to be eligible to receive final U.S.
marketing approval six months later. Nuvo has completed the majority
of the non-clinical studies that it is conducting to respond to
conditions raised in the FDA's Approvable Letter. No major issues
have been identified in the completed studies. The remaining studies
are ongoing and it is anticipated they will be completed by the end
- Revenue for the three months ended September 30, 2008 increased 29%
to $3.3 million compared with $2.6 million for the three months ended
September 30, 2007 primarily due to a $1.2 million increase in
licensing fee revenue. Revenue for the nine months ended
September 30, 2008 increased 53% to $7.6 million compared with
$5.0 million for the nine months ended September 30, 2007.
- The Company further strengthened its financial position by
restructuring its Canadian licensing agreement with Squire
Pharmaceuticals Inc. ("Squire"), a subsidiary of Paladin. On closing,
Nuvo received a $2.5 million payment related to Pennsaid and an
additional $2 million through the issuance of a convertible
- Nuvo executed an agreement with convertible debenture holders to
extend the maturity date of certain debentures by one year from
|SOURCE Nuvo Research Inc.|
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