Navigation Links
Nuvo licenses topical pain product from Paladin
Date:5/29/2008

- expands pipeline of topical analgesic products -

MISSISSAUGA, ON, May 29 /PRNewswire-FirstCall/ - Nuvo Research Inc. (TSX: NRI), a Canadian drug development company focused on the research and development of drug products delivered to and through the skin using its topical and transdermal drug delivery technologies, today announced that it has licensed the exclusive rights from Paladin Labs Inc. (TSX: PLB) to develop and commercialize a novel topical pain formulation with the potential to treat inflammatory and neuropathic pain conditions. The formulation is in the pre-clinical formulation development stage and is the subject of a pending patent application.

Nuvo will issue to Paladin 961,538 common shares having a value of $125,000 for the right to commercialize this topical pain product. As part of the transaction, Paladin may receive an additional payment of $250,000 upon achievement of a regulatory milestone and will have rights to market, distribute and sell the product in Canada, South America, Central America and South Africa. Nuvo will receive royalties on Paladin sales and will have exclusive rights to exploit the licensed formulation in all other territories, including the United States.

Paladin has also invested $1,000,000 in return for 7,692,307 Nuvo common shares and 769,230 warrants (representing 10% of the number of common shares issued) by way of a private placement. Each warrant entitles Paladin to acquire one Nuvo common share during the three year period following the closing at a price of $0.169. The value of the common shares issued to Paladin is based on Nuvo's weighted average trading price on the TSX for the five day trading period ending May 20, 2008. The proceeds of the private placement will be used by Nuvo for general corporate purposes, including expenses relating to development of the licensed product.

"We are pleased to expand both our relationship with Paladin and our topical analgesic drug pipeline," said John London, Nuvo's Vice Chairman. "Paladin's investment further strengthens our financial position as we continue to develop our early stage pipeline and move toward our resubmission of Pennsaid for US approval in early 2009."

"The topical pain market is growing at a rapid rate and Nuvo, with its San Diego based transdermal research centre, has established a global leadership position in terms of people, technology and infrastructure to successfully develop topical formulations and obtain regulatory approval for this promising pain product," said Jonathan Ross Goodman, President and CEO of Paladin. "We are pleased to license this technology to Nuvo and look forward to marketing and selling it in the future."

About Paladin Labs Inc.

Paladin Labs Inc., headquartered in Montreal, Canada, is a leading specialty pharmaceutical company focused on developing, acquiring or in-licensing innovative pharmaceutical products for the Canadian market. With this strategy, a focused national sales team and proven marketing expertise, Paladin has evolved into one of Canada's leading specialty pharmaceutical companies. Paladin's shares trade on the Toronto Stock Exchange under the symbol PLB. For more information about Paladin, please visit the Paladin web site at http://www.paladinlabs.com.

About Nuvo Research Inc.

Nuvo is focused on the research and development of drug products delivered to and through the skin using its topical and transdermal drug delivery technologies. Nuvo's lead product is Pennsaid(R), a topical non-steroidal anti-inflammatory (NSAID) used for the treatment of osteoarthritis. Nuvo intends to leverage its skin-penetrating technologies to create a portfolio of topical and transdermal products targeting a variety of indications.

Nuvo Research Inc. is a publicly traded, Canadian pharmaceutical company headquartered in Mississauga, Ontario, with manufacturing facilities in Varennes, Quebec and Wanzleben, Germany and a research and development Center in San Diego California. For more information, please visit http://www.nuvoresearch.com.

This release may contain forward-looking statements, subject to risks and uncertainties beyond management's control. Actual results could differ materially from those expressed here. Risk factors are discussed in the Companies' annual information form filed with the securities commissions in each of the provinces of Canada. The Company undertakes no obligation to revise forward-looking statements in light of future events.


'/>"/>
SOURCE Nuvo Research Inc.
Copyright©2008 PR Newswire.
All rights reserved

Related medicine news :

1. MedImmune Licenses Reverse Genetics Technology to GlaxoSmithKline for Use in Influenza Vaccine Development and Production
2. Sanofi-Aventis renews licenses for Genomatix chip analysis pipeline
3. NuVasive Licenses Its Insert and Rotate Technology
4. GeneGo Licenses MetaCore Data Analysis Suite to AVEO Pharmaceuticals
5. Optherion Licenses Worldwide Rights to Develop Age-Related Macular Degeneration Diagnostics Based on Chromosome 10 Genetic Variations
6. Quest Diagnostics Licenses Technology Underlying SensiTrop(TM) HIV Co-Receptor Tropism Test from Pathway Diagnostics
7. HealthTek Software Solutions Licenses First DataBanks OrderView Med Knowledge Base(TM) to Streamline Medication Selection, Management and Reconciliation
8. Elan Pharmaceuticals, Inc. Licenses Software and Databases From GeneGo
9. SuperArray Bioscience Corporation Licenses RNA Interference Patent From The Carnegie Institution
10. Cyberonics Licenses Obesity-Related Patents
11. Access Licenses MuGard(TM) to RHEI Pharmaceuticals, a Leading Specialty Pharmaceutical Company for Distribution in China and Certain Other Southeast Asian Countries
Post Your Comments:
*Name:
*Comment:
*Email:
(Date:10/13/2017)... BASKING RIDGE, N.J. (PRWEB) , ... October 13, 2017 , ... ... second annual Holly Day Market. Featuring a collection of specialty vendors and unique items ... myriad of personalized and quality-focused health and wellness services offered by the VNA. ...
(Date:10/13/2017)... ... , ... Yisrayl Hawkins, Pastor and Overseer at The House of Yahweh, has ... least understood books in the Holy Scriptures, Revelation. The Book of Revelation paints a ... centuries. Many have tossed it off as mere rubbish, but Yisrayl Hawkins says that ...
(Date:10/13/2017)... ... ... Journey: From the Mountains to the Mission Field”: the story of a missionary couple ... From the Mountains to the Mission Field” is the creation of published author, Carole ... and currently teaches a class of ladies at her church, which she has taught ...
(Date:10/12/2017)... ... October 12, 2017 , ... CitiDent and ... apnea using cutting-edge Oventus O2Vent technology. As many as 18 million Americans ... frequent cessation in breathing. Oral appliances can offer significant relief to about 75 ...
(Date:10/12/2017)... ... ... IsoComforter, Inc. ( https://isocomforter.com ), one of the Nation’s premier ... of the shoulder pad. The shoulder pad provides optimal support and full contact ... using cold therapy. By utilizing ice and water that is circulated from an insulated ...
Breaking Medicine News(10 mins):
(Date:10/12/2017)... AVACEN Medical , Inc. (AVACEN) announced that ... New Product Innovation Award for Its fibromyalgia pain management ... medical device market research by Frost & Sullivan,s industry experts. ... pain relief product, the AVACEN 100, offers a safe and ... pain. ...
(Date:10/11/2017)... 2017  BioPharmX Corporation (NYSE MKT: BPMX) researchers were ... innovative way to use nonlinear optical imaging to confirm ... drugs. A ... show how researchers from BioPharmX and the Wellman Center ... a suite of imaging techniques in what is called ...
(Date:10/11/2017)... Oct. 11, 2017  Hill-Rom Holdings, Inc. ("Hill-Rom") (NYSE: ... facility in Las Piedras, Puerto Rico ... blades. Following ... facility sustained minor structural damage, temporary loss of power ... have been completed, manufacturing operations have resumed, and the ...
Breaking Medicine Technology: