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Nuvo announces 2008 fourth quarter and year-end financial results
Date:2/27/2009

d package Pennsaid and the strengthening US dollar. The overall gross margin percentage was 40% in 2008 versus 26% in 2007.

Total operating expenses for the three-month period ended December 31, 2008 increased to $4.9 million versus $4.2 million for the three-months ended December 31, 2007. The $0.7 million increase in operating expenses is due to higher research and development expenses, the $0.2 million impairment charge recorded against certain of the Company's intangible assets and increases in selling, general and administrative costs and net interest expense, partially offset by $0.1 million foreign exchange gain in 2008. Total operating expenses for year ended December 31, 2008 were $17.0 million, an increase of 8% compared to $15.7 million for the year ended December 31, 2007. The increase from 2007 relates to an increase in net interest expense and higher research and development spending, offset partially by lower SG&A costs. This highlights the impact of the Company's efforts during the third and fourth quarters of 2007 to focus its resources on research activities rather than administrative costs.

Research and development expenses increased by 17% to $2.5 million for the three months ended December 31, 2008 compared to $2.1 million for the three months ended December 31, 2007. For the year ended December 31, 2008, research and development costs increased 11% to $9.3 million compared to $8.3 million for the year ended December 31, 2007. The majority of the spending in the fourth quarter and the year related to the completion of the Short and Long-Term Studies required to address the conditions raised in the Approvable Letter, costs associated with the Phase 2 trial of WF10 as an adjuvant therapy for pancreatic cancer, the preclinical development of the Company's pipeline candidates and costs relating to expanding the Company's research capabilities in San Diego and a pain advisory conference hosted by the Company.

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SOURCE Nuvo Research Inc.
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