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Nuvo announces 2008 fourth quarter and year-end financial results

MISSISSAUGA, ON, Feb. 27 /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, today announced its financial and operational results for the year and the fourth quarter ended December 31, 2008.

    Key Corporate Developments:

    -   Presented positive Phase 3 study results for Pennsaid in a poster
        presentation at the 2008 American College of Rheumatology Scientific
        Meeting in San Francisco

    -   Initiated a warrant incentive program that has the potential to
        generate up to $9 million for the Company

    -   Successfully completed all Pennsaid(R) studies necessary to resubmit
        the application for Pennsaid approval to the United States Food and
        Drug Administration (FDA). The FDA confirmed that it has accepted
        this filing as a complete response to its Approvable Letter for
        Pennsaid dated December 28, 2006 and provided the Company with a date
        of August 5, 2009 (the "PDUFA Date") pursuant to the Prescription
        Drug User Fee Act by which the FDA intends to advise Nuvo on
        Pennsaid's approvability

    -   Announced that the Company's High Throughput Experimentation Platform
        was selected as a 2009 Edison Award Finalist

    "We are highly optimistic about Pennsaid's potential for approval and are
continuing discussions with potential United States licensing partners," said
Henrich Guntermann, President and Chief Executive Officer of Nuvo Research.

    Financial Results:

    (thousands of Canadian dollars)

                      Three months  Three months
                             ended         ended    Year ended    Year ended
                       December 31,  December 31,  December 31,  December 31,
SOURCE Nuvo Research Inc.
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