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Nuvo Announces 2009 second quarter financial results

MISSISSAUGA, ON, Aug. 7 /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 quarter ended June 30, 2009.

    Recent Corporate Developments:

    -   Received correspondence from U.S. Food and Drug Administration
        ("FDA") on August 4, 2009 advising that it was extending the
        Prescription Drug User Fee Act date ("PDUFA date") for Pennsaid
        approval to November 4, 2009;

    -   Entered into a license and development agreement with Mallinckrodt
        Inc., a subsidiary of Covidien (NYSE: COV), a leading global provider
        of healthcare products, granting it exclusive rights to market and
        sell Pennsaid(R), and its follow-on product, Pennsaid Plus(R), in the
        United States;

    -   Pennsaid Phase 3 study results were published in June 2009 edition of
        PAIN, the world's leading publication on pain research and
        treatments, and the official journal of the International Association
        for the Study of Pain; and,

    -   Nuvo had $26.3 million in cash and cash equivalents at June 30, 2009
        following receipt of the US$10 million upfront payment received from
        Covidien respecting its U.S. license of Pennsaid and Pennsaid Plus.
        Subsequent to the quarter end, Nuvo received additional proceeds of
        $5.7 million from the exercise of warrants that otherwise would have
        expired on July 13, 2009.

"While a decision from the FDA on our submission for Pennsaid has been delayed, we remain optimistic that Pennsaid will ultimately be approved for marketing in the United

SOURCE Nuvo Research Inc.
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