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Nuvo announces first quarter 2008 financial results
Date:5/1/2008

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

later.

"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."

Financial Results:

(thousands of Canadian dollars)

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SOURCE Nuvo Research Inc.
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