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Nuvo announces 2009 first quarter financial results
Date:4/30/2009

2008. The $1.1 million increase in operating expenses is due to higher research and development expenses, increases in selling, general and administrative costs and higher net interest expense, partially offset by lower amortization charges and stock-based compensation.

Research and development expenses increased by 39% to $2.9 million for the three months ended March 31, 2009 compared to $2.1 million for the three months ended March 31, 2008. In the quarter, the Company's expenditures related to the completion of the studies and preparation of all data and documents necessary for filing the Company's Complete Response to the Pennsaid Approvable Letter that occurred on February 4, 2009. The FDA accepted the resubmission for review and set August 5, 2009 as the PDUFA Date, the date by which they will advise Nuvo of their decision regarding Pennsaid's approvability. The Company also incurred expenditures for preclinical development of the Company's early stage pipeline candidates and costs relating to the recently expanded research and formulation development activities in San Diego.

SG&A expenses increased 21% to $1.4 million for the three months ended March 31, 2009 compared to $1.1 million for the three months ended March 31, 2008. The increase in the quarter was attributable to costs incurred from the ongoing licensing activities in the U.S. and $0.1 million recognized under the new Deferred Share Unit Plan, a share-based compensation plan for non-employee directors under which directors are allotted a portion of and can elect to receive a portion of their cash compensation in deferred share units.

For the three months ended March 31, 2009, net loss was $2.9 million, an increase over the $2.3 million net loss for the three months ended March 31, 2008. For the period, higher research and development costs to complete the Pennsaid resubmission, a reduced foreign exchange gain, higher SG&A costs and higher net interest expense more tha
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SOURCE Nuvo Research Inc.
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