MISSISSAUGA, ON, July 31 /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 and six
months ended June 30, 2008.
Key Corporate Developments:
- The Company remains on track to resubmit its Pennsaid application to
the U.S. FDA in early 2009 and to be eligible to receive final U.S.
marketing approval six months later. It has completed the majority of
the non-clinical studies that it is conducting to respond to
conditions raised in the FDA's Approvable Letter. No major issues have
been identified in the completed studies. The remaining studies are
- Revenue for the three-months ended June 30, 2008 increased 45% to
$2.1 million compared with $1.4 million for the three-months ended
June 30, 2007. The significant increase is due primarily to a
$0.6 million increase in Pennsaid product sales to the Company's Greek
- The Company in-licensed from Paladin Labs Inc. (TSX: PLB) ("Paladin")
the exclusive rights to develop and commercialize a novel topical pain
formulation with the potential to treat inflammatory and neuropathic
pain conditions. As part of the transaction, Paladin invested
$1.0 million in Nuvo by way of a private placement for common shares
and warrants; and,
- Subsequent to the end of the fiscal quarter, the Company further
strengthened its cash position by restructuring its Canadian
distribution agreement with Squire Pharmaceuticals Inc. ("Squire"), a
subsidiary of Paladin. The Company received a $2.5 million payment in
lieu of future payments related to Cana
|SOURCE Nuvo Research Inc.|
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