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

ree and nine months ended September 30, 2009, compared to $1.3 million and $3.6 million for the three and nine months ended September 30, 2008. The increase in the quarter is primarily attributable to executive management bonuses. For the nine months, the increase in SG&A is primarily attributable to costs relating to the U.S. Licensing Agreement, bonus payments and compensation expense incurred upon revaluation of the outstanding units in the Company's DSU Plan to their market value.

Net loss declined to $2.7 million for the three months ended September 30, 2009 compared to $3.0 million for the three months ended September 30, 2008 as the comparative period included a $0.3 million loss on the extinguishment of the convertible debentures. For the nine months ended September 30, 2009, the net loss declined to $7.3 million from $8.1 million compared to the nine months ended September 30, 2008.

Cash and cash equivalents were $29.5 million as at September 30, 2009, a substantial increase compared to $15.2 million as at December 31, 2008, primarily as a result of the $11.3 million Upfront Payment received from Covidien and $11.6 million in proceeds received upon the exercise of warrants.

Cash used in operations was $2.2 million for both the three months ended September 30, 2009 and 2008. Although the net loss in the 2009 quarter was lower, the improvement was entirely attributable to a non-cash charge related to the extinguishment of the convertible debentures such that cash used in operations was unchanged. For the nine-month period, cash used in operations decreased only slightly to $7.0 million compared to $7.1 million for the nine-months ended September 30, 2008.

Net cash used in investing activities totaled $130,000 and $333,000 for the three and nine months ended September 30, 2009 compared to $36,000 and $92,000 in the three and nine months ended September 30, 2008. The spending in 2009 was primarily for the purchase
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SOURCE Nuvo Research Inc.
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