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

1, 2008 an increase of 21% compared with $1.7 million for the three-months ended March 31, 2007. The majority of spending for the period related to the on-going studies to address the conditions raised by the FDA in the Pennsaid Approvable Letter and the costs of the Company's research facility in San Diego as it expands its capabilities. During the first quarter, the Company made excellent progress towards completing several of the Short and Long Term Studies required for its resubmission. The Company expects that it will spend approximately $12 million on external costs to address all approvable letter issues. However, as the FDA has agreed to allow the longest study to be completed post approval, a portion of these costs will be spent after the approval of Pennsaid. To date, the Company has spent approximately $5 million, of which $1 million was expensed in the quarter ended March 31, 2008.

SG&A expenses decreased by 22% to $1.1 million for the three-months ended March 31, 2008, compared to $1.4 million for the three-months ended March 31, 2007. The decrease is primarily attributable to activities undertaken during the third and fourth quarters of 2007 including the closure of the Company's international marketing office in Barbados and staff reductions at the corporate head office.

The net loss for the three-months ended March 31, 2008 declined by 35% to $2.3 million from $3.5 million for the three-months ended March 31, 2007. The Company was able to reduce the net loss as the increased margin generated from higher product sales, foreign currency gains and reductions in SG&A costs more than offset higher research and development expenditures.

Cash and cash equivalents were $19.1 million as at March 31, 2008, compared to $21.8 million as at December 31, 2007. The decrease is almost entirely attributable to cash used by operating activities.

Cash used in operations was $2.3 million for the three-months ended March 31, 2008 compared to $
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SOURCE Nuvo Research Inc.
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