Nuvo announces 2008 fourth quarter and year-end financi...(nses increased by 9% to $1.6 million for...),Health

Date:2/27/2009

nses increased by 9% to $1.6 million for the three months ended December 31, 2008 compared to $1.5 million for the three months ended December 31, 2007. During the quarter, the impact of lower ongoing personnel costs and the savings associated with closing the Company's international marketing office in Barbados were more than offset by increased spending on business development activities as the Company expanded efforts to sign a U.S. licensee for Pennsaid and higher professional fees related to the Squire Tax Reassessment. For the year ended December 31, 2008, SG&A costs decreased 5% to $5.2 million compared to $5.5 million for the year ended December 31, 2007. The decrease is primarily attributable to activities undertaken during the third and fourth quarters of 2007, including the closure of the Company's international marketing office in Barbados and staff reductions at the corporate head office, offset partially by additional severance costs incurred as the Company continued to strengthen its team, increased spending on business development activities, incurred higher professional fees and the costs related to the Squire Tax Reassessment.

For the three months ended December 31, 2008, the net loss decreased to $2.4 million from $3.3 million for the three months ended December 31, 2007. Included in the results for the quarter is a non-cash gain of $0.9 million from the change in the estimate of the amount of the liability related to the loans from Leadenhall. Excluding the impact of this item, the net loss would have declined slightly to $3.3 million in the current quarter compared to $3.4 million a year ago. For the year ended December 31, 2008, the net loss declined by 15% to $10.6 million from $12.4 million for the year ended December 31, 2007.

Cash and cash equivalents on hand at December 31, 2008 of $15.2 million were $3.7 million less than the $18.9 million at September 30, 2008. The decrease is almost entirely attributable to cash used
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SOURCE Nuvo Research Inc. Copyright©2009 PR Newswire. All rights reserved

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