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Nuvo announces second quarter 2008 financial results
Date:7/31/2008

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

ongoing;

- 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

distributor;

- 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
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SOURCE Nuvo Research Inc.
Copyright©2008 PR Newswire.
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