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Nuvo announces second quarter 2008 financial results

dian Pennsaid sales and an

additional $2.0 million through the issuance of a convertible

debenture. These transactions extend the Company's cash financial

runway beyond mid 2009 when it expects to receive U.S. FDA approval of

Pennsaid, a topical non-steroidal anti-inflammatory drug (NSAID) used

to treat the pain and stiffness associated with knee osteoarthritis.

"Quarter by quarter, we are steadily moving closer to our goal of achieving Pennsaid's approval in the U.S., while ensuring we have suitable cash resources beyond this milestone," said Henrich Guntermann, President and Chief Executive Officer, "At the same time, we are excited about our expanding pipeline, which we strengthened in the second quarter through internal research and development activities and by our agreement to in-license the exclusive rights to develop and commercialize a novel, early stage topical pain formulation."

Financial Results

(thousands of Three months Three months Six months Six months

Canadian dollars) ended ended ended ended

June 30, June 30, June 30, June 30,

2008 2007 2008 2007


Revenue $ 2,085 $ 1,435 $ 4,321 $ 2,413

Net loss $ (2,864) $ (3,034) $ (5,135) $ (6,521)


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 and an increase in sales of WF10 based products. Revenue for the six-months ended June 30, 2008 inc

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

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