Navigation Links
Nuvo announces proposed amendments to outstanding convertible debentures
Date:8/1/2008

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 http://www.nuvoresearch.com.

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 http://www.sedar.com.


'/>"/>
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:
*Name:
*Comment:
*Email:
(Date:12/8/2016)... , ... December 08, 2016 , ... ... planning services from offices headquartered in Jefferson County, is announcing the launch of ... in Birmingham. , The number of homeless women and children in Birmingham has ...
(Date:12/8/2016)... Payne, AL (PRWEB) , ... December 08, 2016 ... ... offering insurance and financial consulting services to residential and commercial clients in the ... awareness and support for Nobis Works. , Since 1977, Nobis Works has built ...
(Date:12/7/2016)... (PRWEB) , ... December 07, 2016 , ... ... celebrating the passage of the most comprehensive mental health systems reform legislation in ... support of the President, and the commitment of our elected officials to improving ...
(Date:12/7/2016)... LAKE CITY, UTAH (PRWEB) , ... December 07, ... ... productivity, today announced the release of Smart Device Remote Control through a new ... management across all platforms and strengthens its mobile solutions to help businesses maximize ...
(Date:12/7/2016)... ... December 07, 2016 , ... It is vital for any lab to ... analyzed data. The team at Beckman Coulter has designed Kaluza, templates with advanced analytical ... the need to operate in a GLP (Good Laboratory Practice) fashion. , With features ...
Breaking Medicine News(10 mins):
(Date:12/8/2016)... , 8 de dezembro de 2016  A Mederi Therapeutics Inc ... Stretta, um tratamento não cirúrgico para a doença do refluxo gastroesofágico (DRGE). ... ... Live Stretta procedure performed and broadcast ... Endoscopy at Wuhan Union Hospital ...
(Date:12/8/2016)... , Dec. 8, 2016  Valeant Pharmaceuticals International, ... VRX) ("Valeant") today announced positive results from a ... to assess the safety and efficacy of IDP-118 ... of plaque psoriasis. Within the ... moderate to severe psoriasis, IDP-118 showed statistical significance ...
(Date:12/8/2016)... AMSTERDAM , December 8, 2016 Information ... TM metrics in Scopus , the world,s largest ... free access to comprehensive metrics for journals from over 5,000 publishers. ... publish, which journals to subscribe to and when to adjust a ... , , ...
Breaking Medicine Technology: