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

ed September 30, 2008 were $4.5 million and $12.1 million, an increase from $4.3 million and $11.5 million for three and nine months ended September 30, 2007. The increase in the three-month period is due to higher net interest expense, relating to higher debenture accretion charges and lower levels of interest income. The increase in the nine-month period is due to an increase in net interest expense and higher spending on research and development activities, offset partially by lower selling, general and administrative expenses. This highlights the impact of the Company's efforts during the third and fourth quarters of 2007 to focus its resources on research activities rather than administrative costs.

Research and development expenses decreased by 7% to $2.6 million for the three months ended September 30, 2008 compared to $2.7 million for the three months ended September 30, 2007. For the nine months ended September 30, 2008, research and development costs increased 9% to $6.8 million compared to $6.2 million for the nine months ended September 30, 2007. The majority of spending for the current three and nine month periods related to the on-going studies to address the conditions raised by the FDA in the Pennsaid Approvable Letter. During the first three quarters, the Company made excellent progress towards the completion of several of the Short and Long-Term Studies required for the Complete Response.

SG&A expenses increased by 5% to $1.3 million for the three months ended September 30, 2008 compared to $1.2 million for the three months ended September 30, 2007. During the quarter, the impact of lower ongoing personnel costs and the savings associated with closing the Company's international marketing office in Barbados were more than offset by severance costs incurred at the corporate office and increased spending on professional and consulting fees related to the Squire tax reassessment and other matters. For the nine-month period ended Septembe
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SOURCE Nuvo Research Inc.
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