Nuvo Research and Covidien sign U.S. license and development agreement for Pennsaid(R) and Pennsa...(anufacture and supply Pennsaid and Penns...),Health

Covidien is a leading global healthcare products company with revenues of nearly US$10 billion in 2008, and more than 41,000 employees in 59 countries worldwide. Its products are sold in more than 140 countries. A market study commissioned by Nuvo estimates that the market for topical NSAIDs will grow to US$2 billion annually within five years.

"Covidien is an ideal partner with the infrastructure, market reach, resources and commitment to maximize the commercial potential of Pennsaid and Pennsaid Plus," said Dan Chicoine, Chairman of Nuvo. "It is aggressively adding resources to maximize the value of the Pennsaid/Pennsaid Plus franchise and pursue its strategy of becoming a global presence in the treatment of pain."

About Pennsaid and Pennsaid Plus

Pennsaid, Nuvo's lead product, combines a transdermal carrier (containing dimethyl sulfoxide, popularly known as "DMSO") with diclofenac sodium, a leading non-steroidal anti-inflammatory drug ("NSAID"), and delivers the active drug through the skin directly to the site of pain. Pennsaid Plus is the follow-on product candidate to Pennsaid. Pennsaid Plus will feature a twice-daily dosing regime as a gel formulation.

About Nuvo Research Inc.

Nuvo is focused on the research and development of drug products delivered to and through the skin using its topical and transdermal drug delivery technologies. Nuvo's lead product is Pennsaid, a topical non-steroidal anti-inflammatory drug (NSAID). Nuvo intends to leverage its skin-penetrating technologies to create a portfolio of topical and transdermal products targeting a variety of indications.

Nuvo is a publicly traded, Canadian pharmaceutical company headquartered in Mississauga, Ontario, with manufacturing facilities in Varennes, Quebec and Wanzleben, Germany and a re
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