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

reased 79% to $4.3 million compared with $2.4 million for the six-months ended June 30, 2007. The increase is primarily due to significantly higher sales of Pennsaid to our Greek distributor which launched Pennsaid in the first half of 2007 and higher sales to our Canadian distributor.

As a result of the increased sales volumes, gross margin on product sales improved significantly to $0.8 million and $1.7 million for the three and six-months ended June 30, 2008 compared to $0.1 million in both the three and six-month periods ended June 30, 2007.

Total operating expenses, excluding foreign currency gains and losses, for three and six-months ended June 30, 2008 were $3.9 million and $7.6 million, an increase from $3.6 million and $7.3 million for three and six-months ended June 30, 2007. The increase in the three and six-month periods is due to higher spending on research and development activities. This highlights the impact of the Company's efforts during the third and fourth quarters of 2007 to focus its resources on research activities rather than administrative costs. For the six-month period, research and development expenditures represented 56% of operating expenses (before currency gains and losses) versus 47% in the comparative six-month period of 2007.

Research and development expenses were $2.1 million and $4.2 million for the three and six-months ended June 30, 2008 an increase of 24% and 22% compared with $1.7 million and $3.5 million for the three and six-months ended June 30, 2007. The majority of spending for the current three and six-month periods is related to the on-going studies to address the conditions raised by the FDA in the Pennsaid Approvable Letter. During the first two quarters, the Company made excellent progress towards the completion of several of the Short and Long Term Studies required for the Complete Response.

SG&A expenses decreased to $1.2 million and $2.3 million for the three and six-months ended June
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SOURCE Nuvo Research Inc.
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