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

n offset the increased gross margin generated from higher product sales and operating efficiencies.

Cash and cash equivalents on hand at March 31, 2009 of $14.2 million were only $1.0 million less than the $15.2 million on hand at December 31, 2008. The decrease is attributable to cash used in operations, partially offset by $2.2 million in proceeds received from the 2009 Warrant Incentive Program.

Cash used in operating activities of $3.2 million was higher than the $2.9 million used in the three-month comparative period ended March 31, 2008. The $0.3 million increase in cash used in operations was primarily due to the larger loss in the quarter offset somewhat by a lower investment in non-cash working capital.

Cash provided by financing activities totaled $2.1 million for the three months ended March 31, 2009, compared with net cash used in financing activities of $44,000 for the three months ended March 31, 2008. During the current quarter, the Company received $2.2 million in net proceeds from the 2009 Warrant Incentive Program. These proceeds were slightly offset by scheduled debt repayments of $62,000 during the quarter versus $44,000 in 2008.

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, the Company's lead product, is used to treat the pain and symptoms associated with knee osteoarthritis. Pennsaid combines a transdermal carrier (containing dimethyl sulfoxide, popularly known a
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SOURCE Nuvo Research Inc.
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