NUVO announces third quarter 2008 financi...(2009 to November 16 2010. The debentures...),Health

principal amount outstanding of $4.136 million. The resolution

supports the Company's efforts to conserve its cash resources as it

moves toward Pennsaid's anticipated approval by the FDA, the

consummation of a U.S. licensing agreement and the commercialization

of Pennsaid in the U.S.

- Subsequent to quarter end, Nuvo presented Phase 3 Pennsaid data at

the 2008 American College of Rheumatology Annual Scientific Meeting

in San Francisco showing that Pennsaid is an effective treatment

option for the symptoms of osteoarthritis of the knee, with an

improved safety profile compared to oral diclofenac while providing a

similar degree of symptom relief.

"The third quarter was productive for Nuvo Research in terms of the Company's product development and financial management," said Henrich Guntermann, President and Chief Executive Officer. "We moved closer to the resubmission of Pennsaid's application to the FDA, partnering discussions moved forward, and we made significant strides towards solidifying our financial position, which will help us execute on our milestones in the coming quarters."

Financial Results

Three months Three months Nine months Nine months

ended ended ended ended

(thousands of September 30, September 30, September 30, September 30,

Canadian dollars) 2008 2007 2008 2007

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Revenue $ 3,289 $ 2,558 $ 7,610 $ 4,971

Net loss $ (3,004) $ (2,523) $ (8,139) $ (9,044)

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Revenue for the three months ended September 30, 2008
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