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NUVO announces third quarter 2008 financial results

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

of 2008.

- 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

November 16,

SOURCE Nuvo Research Inc.
Copyright©2008 PR Newswire.
All rights reserved

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