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NUVO announces third quarter 2008 financial results
Date:10/30/2008

increased 29% to $3.3 million compared with $2.6 million for the three months ended September 30, 2007 primarily as a result of a $1.2 million increase in licensing fee revenue. This increase was due to the recognition of additional licensing fee revenue as a result of the agreement reached with Squire to amend and restate the Pennsaid licensing arrangements in Canada. Under the terms of the deal that closed on July 7, 2008, Squire paid Nuvo $2.5 million on account of past obligations and future Canadian sales of Pennsaid a portion of which were recognized during the third quarter. Partially offsetting this increase was a $0.4 million decrease in product sales for the three months ended September 30, 2008 to $1.8 million versus $2.2 million for the three months ended September 30, 2007. This decrease is primarily attributable to lower sales to the Company's Greek distributor, Vianex during the traditionally slower summer months and our agreement to provide a one-time discount of approximately $0.1 million. 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 increase is primarily due to significantly higher sales of Pennsaid to our Greek distributor which launched Pennsaid in the first half of 2007 and the increase in licensing fee revenue related to the Squire Deal.

As a result of the decreased product sales and the one-time discount that was given to Vianex, gross margin on product sales declined to $0.5 million for the three months ended September 30, 2008 compared to $0.9 million for the three months ended September 30, 2007. For the nine months ended September 30, 2008, gross margin increased to $2.2 million compared to $1.0 million for the nine months ended September 30, 2007. This increase is primarily due to higher product sales to Vianex.

Total operating expenses, excluding foreign currency gains and losses, for three and nine months end
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SOURCE Nuvo Research Inc.
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