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Nuvo announces 2009 third quarter financial results
Date:10/28/2009

r 30, 2008. The increase in gross margin is primarily attributable to higher Pennsaid sales, offset partially by higher material costs, the strengthening U.S. dollar and costs related to the capacity expansion at the Company's manufacturing facility.

Total operating expenses, excluding foreign currency losses, for the three months ended September 30, 2009 were $3.9 million, a decrease of 13% from $4.5 million for the three months ended September 30, 2008. The decrease in the quarter relates primarily to lower research and development expenses offset partially by increases in selling, general and administrative expenses. Total operating expenses, excluding foreign currency losses, for the nine months ended September 30, 2009 decreased to $11.8 million compared to $12.1 million for the nine months ended September 30, 2008. The decrease from 2008 relates to lower research and development expenses, stock-based compensation and amortization expense, partially offset by higher SG&A costs.

Research and development expenses were $1.8 million and $5.6 million for the three and nine months ended September 30, 2009, decreases of 29% and 18%, compared with $2.6 million and $6.8 million for the three and nine months ended September 30, 2008, respectively. The decrease in the three and nine-month periods relates to reduced spending on Pennsaid, as all studies necessary for filing the Company's Complete Response to the Pennsaid Approvable Letter were completed prior to filing in early 2009. In addition, under the terms of the U.S. Licensing Agreement, Covidien assumed responsibility for all Pennsaid and Pennsaid Plus development activities and costs subsequent to June 15, 2009. These declines were partially offset by severance costs and increased spending on research and formulation development activities at the Company's research labs in San Diego in the nine month period.

SG&A expenses increased to $1.6 million and $4.8 million for the th
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SOURCE Nuvo Research Inc.
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