Nuvo Announces 2009 second quarter financi...(States said Henrich Guntermann Presiden...),Health

Date:8/7/2009

States," said Henrich Guntermann, President and Chief Executive Officer of Nuvo Research. "We believe that once Pennsaid is approved by the FDA, our marketing partner Covidien will help Pennsaid become a best-in-class treatment for knee osteoarthritis in a rapidly expanding U.S. market."

    Financial Results:
    (thousands of Canadian dollars)

                                      Three      Three        Six        Six
                                     months     months     months     months
                                      ended      ended      ended      ended
                                    June 30,   June 30,   June 30,   June 30,
                                       2009       2008       2009       2008
    -------------------------------------------------------------------------
    Revenue                        $  2,706   $  2,085   $  5,753   $  4,321
    Net loss                       $ (1,664)  $ (2,864)  $ (4,532)  $ (5,135)
    -------------------------------------------------------------------------

Revenue, consisting of product sales, license fee revenue, and research and other contract revenue, for the three months ended June 30, 2009 increased 30% to $2.7 million compared with $2.1 million for the three months ended June 30, 2008. The increase was attributable to a $0.4 million increase in Pennsaid product sales, the recognition of additional licensing fee revenue and research revenue earned on a collaboration agreement with a Fortune Global 500 company that develops and markets skin care products. Revenue for the six months ended June 30, 2009 increased 33% to $5.8 million compared to $4.3 million for the six months ended June 30, 2008. This increase is attributable to a $0.7 million increase in Pennsaid sales to our Canadian licensee and Greek distributor, the recognition of additional licensing fee revenue and higher research revenue.

Gross margin on product sales decl
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SOURCE Nuvo Research Inc. Copyright©2009 PR Newswire. All rights reserved

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