Navigation Links
Nuvo Research announces early redemption of 5% convertible debentures
Date:2/4/2010

MISSISSAUGA, ON, Feb. 4 /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, and on the development of its immune modulating drug candidate WF10, today announced that it has issued a notice of redemption to holders of its 5% convertible debentures due November 16, 2010 (the "Debentures"), stating that it will redeem the outstanding $3,486,000 principal amount of Debentures for cash on March 12, 2010 ("the Redemption Date"). A redemption amount of $1,035.75 (the "Redemption Price") will be paid for each $1,000 of principal amount of Debentures, being an amount equal to the aggregate of i) $1,020 for each $1,000 principal amount of Debentures plus ii) all accrued and unpaid interest up to but excluding the Redemption Date.

Holders of the Debentures have the right to convert their Debentures into common shares at a conversion price of $0.138 at any time prior to the close of business on the business day immediately preceding the Redemption Date by duly completing the required notice of conversion and delivering same at the place of business of Computershare Trust Company of Canada, such that approximately 7,246.377 common shares shall be issued for each $1,000 principal amount of Debentures so converted. Holders converting their Debentures shall be entitled to receive, in addition to the applicable number of shares, accrued and unpaid interest for the period up to but excluding the date of conversion from the day immediately following the latest interest payment date, all in accordance with the trust indenture and supplemental indentures.

The maximum amount payable would be $3.61 million if all Debentures are redeemed. If all outstanding Debentures are converted 25.3 million common shares would be issued.

Further details concerning the Debentures including the rights of redemption and conversion are described in the trust indenture dated November 16, 2004 and supplemental indentures dated January 1, 2007 and September 17, 2008 made between the Company and Computershare Trust Company of Canada, as Trustee. Copies of the indenture and supplemental indentures can be found on SEDAR and hard copies can be obtained from the Trustee.

"We believe that our strong cash position allows us to make this prudent move that simplifies our capital structure and supports the long-term growth of Nuvo Research," said Jim Moulds, Executive Vice President and CFO of Nuvo.

About Nuvo Research Inc.

Nuvo is primarily focused on the research and development of drug products delivered to and through the skin using its topical and transdermal drug delivery technologies, and on the development of its immune modulating drug candidate WF10. Nuvo's lead product is Pennsaid, a topical non-steroidal anti-inflammatory drug (NSAID), which is currently sold in Canada and several European countries. Pennsaid was approved for marketing in the U.S. by the FDA on November 4, 2009. The commercial launch of Pennsaid in the U.S. by Nuvo's licensee, Covidien (COV), is scheduled for the first half of 2010. 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, Québec and Wanzleben, Germany, and research and development centers in San Diego, California and Leipzig, Germany. For more information, please visit www.nuvoresearch.com.

Forward-Looking Statements

This document contains forward-looking statements. Some forward-looking statements may be identified by words like "expects", "anticipates", "plans", "intends", "indicates" or similar expressions. 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. Nuvo considers 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 future events, many of which are beyond the control of the Company, 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 report, as well as in Nuvo's Annual Information Form for the year ended December 31, 2008. Nuvo disclaims any intention or obligation to update or revise any forward-looking statements whether a result of new information or future events, except as required by law. For additional information on risks and uncertainties relating to these forward looking statements, investors should consult the Company's ongoing quarterly filings, annual report and Annual Information Form and other filings found on SEDAR at www.sedar.com.

SOURCE Nuvo Research Inc.


'/>"/>
SOURCE Nuvo Research Inc.
Copyright©2010 PR Newswire.
All rights reserved

Related medicine news :

1. Stanford researchers find culprit in aging muscles that heal poorly
2. Children of depressed moms do better when dad is involved, SLU researcher finds
3. UCLA researchers identify markers that may predict diabetes in still-healthy people
4. Mayo Clinic researchers discover new diagnostic test for detecting infection in prosthetic joints
5. New research shows how chronic stress worsens neurodegenerative disease course
6. New research explores newborn in-hospital weight loss
7. Research may unlock mystery of autisms origin in the brain
8. Bipolar disorder relapses halved by Melbourne researchers
9. HIVs impact in Zimbabwe explored in new research
10. U.S. Research Funding Continues to Flatten as U.S. Health Costs Climb - in August 31 Science
11. Cell that triggers symptoms in allergy attacks can also limit damage, Stanford researchers find
Post Your Comments:
*Name:
*Comment:
*Email:
(Date:6/24/2016)... ... June 24, 2016 , ... A recent article ... people are unfamiliar with. The article goes on to state that individuals are now ... of these less common operations such as calf and cheek reduction. The Los Angeles ...
(Date:6/24/2016)... ... June 24, 2016 , ... Marcy was in a crisis. Her son James, eight, ... at his family verbally and physically. , “When something upset him, he couldn’t control his ... it. He would throw rocks at my other children and say he was going to ...
(Date:6/24/2016)... ... June 24, 2016 , ... ... micro-osteoperforation for accelerated orthodontic treatment. Dr. Cheng has extensive experience with all areas ... , AcceleDent, and accelerated osteogenic orthodontics. , Micro-osteoperforation is a revolutionary adjunct ...
(Date:6/24/2016)... ... June 24, 2016 , ... People across the U.S. are sharpening their pencils ... an essay contest in which patients and their families pay tribute to a genetic ... 2016 National Society of Genetic Counselors (NSGC) Annual Education Conference (AEC) this September. ...
(Date:6/24/2016)... ... June 24, 2016 , ... Puradigm® ... Group (TGIG), has initiated cultivation and processing operations at its production facility, and ... Nevada. , Puradigm is the manufacturer of a complete system of proactive air ...
Breaking Medicine News(10 mins):
(Date:6/23/2016)... , June 23, 2016 Research and ... News Issue 52" report to their offering. ... influenza treatment creates a favourable commercial environment for MedImmune to ... patient base that will serve to drive considerable growth for ... would serve to cap sales considerably, but development is still ...
(Date:6/23/2016)... NORTHBROOK, Ill. and BOGOTA, Colombia , June 23, 2016  Astellas today announced the ... joins Astellas Farma Brasil as the company,s second affiliate in Latin America . ... ... appointed General Manager of Astellas Farma Colombia ... ...
(Date:6/23/2016)... Research and Markets has announced ... Analysis (United States, China, Japan, Brazil, United Kingdom, Germany, ... offering. Surgical Procedure ... planners, provides surgical procedure volume data in a geographic ... in-depth analysis of growth drivers and inhibitors, including world ...
Breaking Medicine Technology: