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

3.1 million for the three-months ended March 31, 2007, a decrease of 26% that was the result of the significantly reduced net loss during the quarter. However, overall cash used in operating activities only decreased slightly to $2.9 million for the three-months ended March 31, 2008 versus $3.0 million for the three-months ended March 31, 2007. The improvement is small as the positive impact of the reduced net loss was almost entirely offset by an investment in non-cash working capital during the quarter to support higher sales volumes through increased levels of accounts receivable and inventory.

Net cash used in financing activities totaled $44,000 for the three-months ended March 31, 2008, compared with net cash provided by financing activities of $5.0 million for the three-months ended March 31, 2007. During the quarter financing activities consisted solely of scheduled long term debt and capital lease payments. In the comparable period last year, net cash provided by financing activities totaled $5.0 million and consisted of $5.3 million in proceeds from the exercise of warrants offset by $328,000 in debt repayments.

Detailed financial statements and the MD&A are available at http://www.nuvoresearch.com or http://www.sedar.com.

About Pennsaid

Pennsaid(R) is a topical non-steroidal anti-inflammatory drug (NSAID) used for the treatment of osteoarthritis and is currently approved for sale in Canada and several European countries. Pennsaid(R) allows the diclofenac solution to be delivered to a specific site via the surface of the skin and thus limits complications associated with systemic delivery. According to published clinical trials, Pennsaid(R) is as effective as the maximum daily dose of comparable oral medication at relieving pain and stiffness associated with osteoarthritis of the knee, as well as improving overall well-being.
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SOURCE Nuvo Research Inc.
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