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

an Diego research facility that was financed through the use of capital leases and acquired a sublicense to a patent related to its topical and transdermal drug delivery pipeline in exchange for 961,538 common shares of the Company having a value of $125,000.

Net cash provided by financing activities totaled $0.9 million for the three-months ended June 30, 2008, compared to net cash used in financing activities of $0.2 million for the three-months ended June 30, 2007. During the quarter, the Company closed a private placement equity financing. At closing, a total of 7.7 million shares and 769,230 common share purchase warrants of the Company, each whole warrant entitling the holder thereof to acquire one common share at a price of $0.169 per share until May 29, 2010 were issued for gross proceeds of $1 million. Once expenses associated with the financing were deducted, net cash proceeds were $947,000. These proceeds were partially offset by scheduled long term debt and capital lease payments. In the comparable period last year, net cash used in financing activities related to scheduled debt repayments.

Net cash provided by financing activities totaled $0.9 million for the six-months ended June 30, 2008, compared to $4.8 million for the six-months ended June 30, 2007. For the current period, the net cash provided by financing activities relates to the financing discussed above and scheduled debt repayments. In the comparable period last year, net cash provided by financing activities totaled $5.0 million and consisted of $5.3 million in proceeds from the exercise of warrants offset by $328,000 in debt repayments.

Subsequent Events

On July 7, 2008 Paladin demanded repayment of the December 2006 Convertible debenture in the amount of $500,000 as per its rights under the terms of the debenture and the Company paid the amount in full. In addition, the Company repaid the $250,000 upfront payment for Pennsaid Plus received from Paladin as per th
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SOURCE Nuvo Research Inc.
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