Navigation Links
Nuvo Research and Paladin announce amendments to Pennsaid and Pennsaid Plus agreements
Date:7/8/2008

MISSISSAUGA, ON, July 8 /PRNewswire-FirstCall/ - Nuvo Research Inc. (TSX: NRI), a Canadian drug development company focused on the research and development of drug products delivered to and through the skin using its topical and transdermal drug delivery technologies, and Paladin Labs Inc. (TSX: PLB), a leading Canadian specialty pharmaceutical company, today announced modifications to their existing licensing arrangements for Pennsaid and its follow-on product, Pennsaid Plus.

Paladin's wholly owned subsidiary, Squire Pharmaceuticals Inc., has made a $2,500,000 payment to Nuvo in lieu of future payments relating to Canadian sales of Pennsaid accruing prior to January 1, 2011. In addition, Squire will pay Nuvo a royalty on future Canadian sales of Pennsaid occurring after January 1, 2011.

Squire has also invested $2,000,000 in Nuvo by way of a two-year convertible debenture. The new debenture bears interest at 8% per annum and is convertible into Nuvo common shares at a price of $0.1380. The conversion price is based on Nuvo's volume weighted average trading price on the TSX for the five-day trading period ending July 4, 2008.

The existing Canadian Pennsaid Plus license between Nuvo and Squire has been amended to grant Squire the right to market, distribute and sell Pennsaid Plus in South Africa and Israel and, if certain conditions are met, Central and South America. Nuvo will receive royalties in respect of any sales of Pennsaid Plus by Squire in these additional territories. Pennsaid Plus is an improved gel version of Pennsaid that requires less frequent dosing. Patent applications are pending. Pennsaid Plus has not yet been approved by Health Canada or the U.S. Food and Drug Administration (FDA).

"These amended arrangements provide us with additional cash that extends our financial runway beyond mid 2009 when we expect to receive FDA approval of Pennsaid," said John London, Nuvo's Vice Chairman. "We continue to complete the non-clinical studies to respond to the FDA's December, 2006 Approvable Letter, and have started to prepare our Pennsaid resubmission, which we expect to file with the FDA in early 2009. This would lead to an expected response from the FDA in the third quarter of 2009. The funds will also allow us to continue to develop our early stage transdermal pipeline."

"Pennsaid continues to be one of our most important products," said Jonathan Goodman, President and CEO of Paladin. "This transaction is an effective use of our existing cash and assists Nuvo towards completing its development of Pennsaid Plus. Consistent with our strategy of growing internationally, we have secured the rights to Pennsaid Plus for Israel, South Africa and, under certain conditions, Central and South America."

About Paladin Labs Inc.

Paladin Labs Inc., headquartered in Montreal, Canada, is a leading specialty pharmaceutical company focused on developing, acquiring or in-licensing innovative pharmaceutical products for the Canadian market. With this strategy, a focused national sales team and proven marketing expertise, Paladin has evolved into one of Canada's leading specialty pharmaceutical companies. Paladin's shares trade on the Toronto Stock Exchange under the symbol PLB. For more information about Paladin, please visit the Paladin web site at http://www.paladinlabs.com.

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(R), a topical non-steroidal anti-inflammatory (NSAID) used for the treatment of osteoarthritis. Nuvo intends to leverage its skin-penetrating technologies to create a portfolio of topical and transdermal products targeting a variety of indications.

Nuvo Research Inc. is a publicly traded, Canadian pharmaceutical company headquartered in Mississauga, Ontario, with manufacturing facilities in Varennes, Quebec and Wanzleben, Germany and a research and development Center in San Diego California. For more information, please visit http://www.nuvoresearch.com.

These forward-looking statements, by their nature, necessarily involve risks and uncertainties that could cause actual results to differ materially from those contemplated by the forward-looking statements. The Companies consider the assumptions on which these forward-looking statements are based to be reasonable at the time they were prepared, but caution that these assumptions regarding the future events, many of which are beyond the control of the Companies and their subsidiaries, may ultimately prove to be incorrect. Factors and risks, which could cause actual results to differ materially from current expectations, are discussed in the annual reports, as well as in the Companies' Annual Information Forms for the year ended December 31, 2007. The Companies disclaim any intention or obligation to update or revise any forward-looking statements whether a result of new information, future events, or except as required by law. For additional information on risks and uncertainties relating to these forward-looking statements, investors should consult the Companies' ongoing quarterly filings, annual reports and Annual Information Forms and other filings found on SEDAR at http://www.sedar.com.


'/>"/>
SOURCE Nuvo Research Inc.
Copyright©2008 PR Newswire.
All rights reserved

Related medicine news :

1. GRAS Proudly Announces Photometrica Version 2.0. Hailed as a Brilliant Solution for More Productive Astronomical Research by Those Engaged in Photometry Using the Global-Rent-a-scope Telescope Systems
2. Inaugural Big Expedition for Cancer Research Encounters Mountain As Challenging As Finding a Cure for Cancer
3. American Parkinson Disease Association Awards More Than $3.7 Million to Research
4. Stanford researchers find molecule that kills kidney cancer cells
5. TonerForAutism.com Strives to Fund Autism Research Through Online Sales
6. Signalife and Heart One Global Research Agree to Merge
7. Pioneering stroke researcher awarded Canadas highest honor
8. New research sheds light on the molecular basis of crib death
9. Pediatric researchers find possible master switch gene in juvenile arthritis
10. UC research shows employer-based weight loss programs are helpful
11. Researcher receives $4 million from RWJ Foundation to study health quality reform project
Post Your Comments:
*Name:
*Comment:
*Email:
(Date:6/25/2016)... ... 25, 2016 , ... Conventional wisdom preaches the benefits of moderation, whether it’s ... setting the bar too high can result in disappointment, perhaps even self-loathing. However, those ... goal. , Research from PsychTests.com reveals that behind the tendency to ...
(Date:6/24/2016)... ... ... was in a crisis. Her son James, eight, was out of control. Prone to extreme ... “When something upset him, he couldn’t control his emotions,” remembers Marcy. “If there was ... other children and say he was going to kill them. If we were driving ...
(Date:6/24/2016)... ... June 24, 2016 , ... Comfort Keepers® of San Diego, ... and the Road To Recovery® program to drive cancer patients to and from their ... to ensure the highest quality of life and ongoing independence. Getting to and ...
(Date:6/24/2016)... ... June 24, 2016 , ... The Haute Beauty Network, ... M. Weintraub as a prominent plastic surgeon and the network’s newest partner. ... the most handsome men, look naturally attractive. Plastic surgery should be invisible.” He ...
(Date:6/24/2016)... ... 2016 , ... Venture Construction Group (VCG) sponsors Luke’s Wings ... at the Woodmont Country Club at 1201 Rockville Pike, Rockville, Maryland, 20852. The ... members that have been wounded in battle and their families. Venture Construction Group is ...
Breaking Medicine News(10 mins):
(Date:6/24/2016)... N.J. , June 24, 2016  Collagen ... the design, development and manufacturing of collagen and ... regeneration announced today that Bill Messer ... and Marketing to further leverage the growing portfolio ... medical devices. Bill joins the Collagen ...
(Date:6/24/2016)... -- Dublin ... the " Global Markets for Spectroscopy Equipment" ... This report focuses on the global market ... its applications in various applications. The report deals with ... main industries: pharmaceutical and biotechnology, food and beverage, and ...
(Date:6/24/2016)... Dehaier Medical Systems Ltd. (NASDAQ: DHRM ) ... medical devices and wearable sleep respiratory products in ... with Hongyuan Supply Chain Management Co., Ltd. (hereinafter referred ... to develop Dehaier,s new Internet medical technology business. ... Hongyuan Supply Chain,s sales platform to reach Dehaier,s dealers ...
Breaking Medicine Technology: