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Nuvo Research announces 2009 fourth quarter and year-end financial results
Date:2/19/2010

ollow-on product, Pennsaid Plus(R), in the United States; - Awarded the bronze medal in the Science and Medical category of the 2009 Edison Awards for the Company's High Throughput Experimentation Platform for the research and development of topical and transdermal drug delivery formulations; and, - Finished the year with $42.1 million in cash and cash equivalents, which will be utilized to move Nuvo's internal pipeline of product candidates forward, and potentially to acquire complementary late stage products to fit within the Company's pipeline.

"In 2009, we laid the groundwork for Nuvo to mature into a profitable, diverse, drug development company with a focus on pain-related therapeutics," said Dan Chicoine, Chairman and Co-Chief Executive Officer of Nuvo Research. "We are eagerly anticipating Covidien's launch of Pennsaid in the first half of 2010. We believe that our best-in-class topical NSAID marketed by a partner like Covidien has the potential to generate significant revenue that will allow us to more aggressively invest in our pipeline and build our Company."

    Financial Results:
    (thousands of Canadian dollars)

    -------------------------------------------------------------------------
                                 THREE MONTHS ENDED          YEAR ENDED
                                     DECEMBER 31,            DECEMBER 31,
                              ----------------------- -----------------------
                                  2009        2008        2009        2008
                              ----------- ----------- ----------- -----------

    Revenue                    $  29,660   $   3,117   $  38,647   $ 
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SOURCE  Nuvo Research Inc.
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