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Nuvo announces 2009 third quarter financial results

MISSISSAUGA, ON, Oct. 28 /PRNewswire-FirstCall/ - Nuvo Research Inc. (TSX: NRI), a Canadian drug development company focused on the research and development of drug products that are delivered to and through the skin using its topical and transdermal drug delivery technologies and on the research and development of its immune modulating drug candidate, WF10, today announced its financial and operational results for the quarter ended September 30, 2009.

    Reent Corporate Developments:

    -   Received funding commitments from the Development Bank of Saxony in
        Germany for two co-operative drug development projects with the
        Fraunhofer Institute in Leipzig, Germany. These two projects will
        focus on the preclinical and clinical development of WF10 as
        potential treatments for allergic rhinitis and rheumatoid arthritis;
    -   Announced that the U.S. Food and Drug Administration (FDA) set a new
        action date of November 4, 2009 under the Prescription Drug User Fee
        Act (PDUFA) for the FDA's response to the Company's application for
        U.S. marketing approval of Pennsaid, the Company's topical diclofenac
        product for the treatment of the signs and symptoms of knee
        osteoarthritis; and,
    -   As at September 30, 2009, had $29.5 million in cash and cash
        equivalents, that included $6.1 million in proceeds from warrants
        exercised in July 2009.

"We remain optimistic that the FDA will approve Pennsaid for marketing in the U.S.," said Henrich Guntermann, President and Chief Executive Officer of Nuvo Research. "In addition, our early stage pipeline of topical pain products, the emergence of WF10 as a potential treatment for allergic rhinitis and rheumatoid arthritis, and our strong cash position put Nuvo on a path to achieving our goal of becoming a diversified, well capitalized, profitable drug development company."

    Financial Results:
SOURCE Nuvo Research Inc.
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