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

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
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SOURCE Nuvo Research Inc.
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