MISSISSAUGA, ON, May 1 /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, today
announced its financial and operational results for the three months ended
March 31, 2008.
Key Corporate Developments:
- Pennsaid product sales more than tripled to $1.7 million;
- Successful launch continued in Greece with Pennsaid capturing over
30% of its market during the first quarter, placing it first in
its class by revenue;
- The Company continued to make substantial progress regarding the
studies to be provided to the FDA to address the conditions raised
in the Approvable Letter for Pennsaid, a topical non-steroidal
anti-inflammatory drug (NSAID) used to treat the pain and
stiffness associated with knee osteoarthritis (OA); and,
- The Company believes it will be in a position to file a complete
resubmission of its Pennsaid application to the FDA in early 2009
and be eligible to receive final marketing approval six months
"We are extremely optimistic about Nuvo's future. We have a post-Phase
III product that is unlicensed for the large and growing U.S. OA market and
we remain confident that we will be in a position to file a complete
resubmission of our application for Pennsaid approval in early 2009," said
Henrich Guntermann, President and Chief Executive Officer, "In addition,
our high throughput screening and MMPE technology is creating a promising
pipeline of transdermal drug candidates."
(thousands of Canadian dollars)
|SOURCE Nuvo Research Inc.|
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