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

by operating activities.

Cash used in operating activities of $4.2 million was higher than the $2.7 million used in the three-month comparative period ended December 31, 2007 due primarily to a higher investment in non-cash working capital during the fourth quarter of 2008. The significant investment in non-cash working capital relates primarily to the significant increase in accounts receivable attributable to the achieving record quarterly sales of Pennsaid to Europe during the fourth quarter of 2008. For the year ended December 31, 2008 funds used in operating activities decreased to $9.1 million from $12.3 million.

Detailed financial statements and the MD&A are available at www.nuvoresearch.com or www.sedar.com.

Notice of Annual and Special Meeting

Nuvo will be holding its Annual and Special Meeting of Shareholders on Thursday, April 30, 2009 at 9:00 a.m. (EST) at the Gallery of the Toronto Stock Exchange (TSX) Broadcast & Conference Centre, The Exchange Tower, 130 King Street West, Toronto, Ontario, Canada.

About Pennsaid

Pennsaid is a topical non-steroidal anti-inflammatory drug used for the treatment of osteoarthritis. Pennsaid allows the active ingredient, diclofenac, to be delivered to a specific site via the surface of the skin and thus limits complications associated with systemic delivery. According to published clinical trials, Pennsaid is as effective as the maximum daily dose of comparable oral medication at relieving pain and stiffness associated with osteoarthritis of the knee, as well as improving overall well-being. There are more than 27 million Americans suffering from osteoarthritis, a very painful and debilitating condition, and the United States market for this condition is estimated at US$4 billion annually.

About Nuvo Research In
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