Navigation Links
Nuvo announces proposed amendments to outstanding convertible debentures

MISSISSAUGA, ON, Aug. 1 /PRNewswire-FirstCall/ - Nuvo Research Inc. (TSX: NRI), a Canadian drug development company focused on the research and development of drug products delivered to and through the skin using its topical and transdermal drug delivery technologies, today announced that it is proposing to amend the terms of its convertible, unsecured debentures (the "Debentures"), of which $4.136 million principal amount are outstanding. The Debentures were issued in November, 2004, pay interest at a rate of 5.0% per annum, currently mature in November, 2009 and are currently convertible into common shares of Nuvo at a price of $0.30 per share (except for certain Debentures held by directors and officers of Nuvo, which are currently convertible at a price of $0.39 per share).

The board of directors of Nuvo has determined that it would be prudent, and in the best interests of Nuvo, to extend the maturity date of the Debentures. As such, Nuvo is seeking the approval of the holders of the Debentures to extend the maturity date for one year to November 16, 2010. In consideration for the holders of the Debentures agreeing to such extension, Nuvo will reduce the conversion price of the Debentures to the current five-day volume weighted average trading price of the common shares, being $0.138. Nuvo intends to seek the approval of the holders of the Debentures over the next few weeks by way of a written resolution, which, to be effective, must be signed by holders of two-thirds of the outstanding principal amount of the Debentures.

"These debentures are potentially problematic in that they mature and would have to be repaid, if not converted, soon after the date by which we expect to receive the U.S. FDA's response to our application for Pennsaid approval, which we expect to submit to the FDA in early 2009," stated Jim Moulds, Nuvo's Chief Financial Officer. "Our focus over the past several months has been to extend our financial runway as far as possible beyond the expected response date by exploring means of raising and conserving cash. The proposed amendments to the convertible debentures, if accepted by holders of two-thirds of the outstanding principal amount, represent the removal of a potentially large cash outlay in November, 2009."

About Nuvo Research Inc.

Nuvo is focused on the research and development of drug products delivered to and through the skin using its topical and transdermal drug delivery technologies. Nuvo's lead product is Pennsaid(R), a topical non-steroidal anti-inflammatory (NSAID) used for the treatment of osteoarthritis. Nuvo intends to leverage its skin-penetrating technologies to create a portfolio of topical and transdermal products targeting a variety of indications.

Nuvo Research Inc. is a publicly traded, Canadian pharmaceutical company headquartered in Mississauga, Ontario, with manufacturing facilities in Varennes, Quebec and Wanzleben, Germany and a research and development Center in San Diego California. For more information, please visit

These forward-looking statements, by their nature, necessarily involve risks and uncertainties that could cause actual results to differ materially from those contemplated by the forward-looking statements. The Company considers the assumptions on which these forward-looking statements are based to be reasonable at the time they were prepared, but caution that these assumptions regarding the future events, many of which are beyond the control of the Company and its subsidiaries, may ultimately prove to be incorrect. Factors and risks, which could cause actual results to differ materially from current expectations, are discussed in the annual reports, as well as in the Company's Annual Information Form for the year ended December 31, 2007. The Company disclaims any intention or obligation to update or revise any forward-looking statements whether a result of new information, future events, or except as required by law. For additional information on risks and uncertainties relating to these forward-looking statements, investors should consult the Company's ongoing quarterly filings, annual reports and Annual Information Forms and other filings found on SEDAR at

SOURCE Nuvo Research Inc.
Copyright©2008 PR Newswire.
All rights reserved

Related medicine news :

1. Anpath Group, Inc. Announces Appointments of David V. Gilroy and Paul A. Boyer to Board of Directors
2. Weight Watchers Announces Second Quarter 2008 Results
3. Handa Pharmaceuticals Announces Submission of its First-to-File ANDA for AstraZenecas SEROQUEL(R) XR
4. Smart Balance Announces Marketing Organization Appointment
5. Stereotaxis Announces Second Quarter 2008 Earnings Release Date and Conference Call
6. Regence Foundation Announces Three Grants Totaling $195,000
7. Cyberonics Announces Conference Call to Discuss Fiscal Year 2009 First Quarter Financial Results
8. VA Announces New Nursing Academy Sites
9. AdCare Health Systems, Inc. Announces the Refinancing of a Nursing Home in Ohio
10. Nuvo announces second quarter 2008 financial results
11. NeoGenomics Announces Results for the Second Quarter of Fiscal Year 2008
Post Your Comments:
(Date:6/26/2016)... ... June 26, 2016 , ... Many women are confused ... endometriosis. These women need a treatment plan to not only alleviate symptoms and ... help for preservation of fertility and ultimately achieving a pregnancy. The specialists at ...
(Date:6/25/2016)... ... , ... "With 30 hand-drawn hand gesture animations, FCPX users can easily customize ... Pixel Film Studios. , ProHand Cartoon’s package transforms over 1,300 hand-drawn pictures into ... Simply select a ProHand generator and drag it above media or text in the ...
(Date:6/25/2016)... (PRWEB) , ... June 25, 2016 , ... On Friday, ... presented a Bronze Wellness at Work award to iHire in recognition of their exemplary ... part of the 7th annual Maryland Workplace Health & Wellness Symposium at the BWI ...
(Date:6/24/2016)... ... June 24, 2016 , ... June 19, 2016 is World Sickle Cell Observance ... and the benefits of holistic treatments, Serenity Recovery Center of Marne, Michigan, ... Disease. , Sickle Cell Disease (SCD) is a disorder of the red blood cells, ...
(Date:6/24/2016)... ... June 24, 2016 , ... Dr. Amanda ... orthodontic treatment. Dr. Cheng has extensive experience with all areas of orthodontics, including ... accelerated osteogenic orthodontics. , Micro-osteoperforation is a revolutionary adjunct to orthodontic treatment. ...
Breaking Medicine News(10 mins):
(Date:6/24/2016)... 24, 2016 ... the addition of the " Global Markets for ... This report focuses on ... updated review, including its applications in various applications. The ... which includes three main industries: pharmaceutical and biotechnology, food ...
(Date:6/24/2016)... , June 24, 2016 Research and ... Market for Companion Diagnostic Tests" report to their offering. ... for Companion Diagnostics The World Market for ... personalized medicine diagnostics. Market analysis in the report includes the ... Market (In Vitro Diagnostic Kits) by Region (N. America, EU, ...
(Date:6/23/2016)... June 23, 2016  MedSource announced today that ... e-clinical software solution of choice.  This latest decision ... value to their clients by offering a state-of-the-art ... relationship establishes nowEDC as the EDC platform of ... full-service clients.  "nowEDC has long been a preferred ...
Breaking Medicine Technology: